The new report by Expert Market Research titled, ‘Europe Benzene Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Europe benzene market, assessing the market based on its segments like derivatives, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): 8MMT
- Forecast CAGR (2021-2026): 1.3%
- Forecast Market Size (2026): 8.7MMT
In Europe, increasing demand from segments such as derivatives, styrene, and cumene is driving the benzene market. The growing demand for benzene is being fueled by the polyester industry, where styrene is widely used in the textile manufacturing process. Along with cumene, styrene is one of the most important derivatives segments in the world. Styrene is responsible for a large portion of the global benzene market. Cumene is a major benzene derivative that drives significant benzene demand, especially in the European Union. The European Union is also expected to increase capacity in the industry, especially in the caprolactam and phenolic resin segments.
Industry Definition and Major Segments
Benzene is primarily used as a feedstock or raw material for the production of ethylbenzene, cumene, and cyclohexane, among other industrial chemicals. In the chemical and pharmaceutical industries, benzene is also used as a solvent.
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The derivatives of the product can be divided into the following:
- Maleic Anhydride
Benzene finds its applications in the following segments:
- Chemical Intermediates
- Rubber Manufacturing
The Regions for the Europe benzene market include:
- United Kingdom
The rising use of cumene in the phenol and acetone manufacturing processes is driving up demand for benzene. Cumene demand is being aided by the strong growth in the market for these two compounds. The expansion of capacity in the European Union is expected to help the benzene demand in Europe expand as well. The rising demand for benzene is being aided by the booming styrene industry, which is seeing strong demand from a variety of end-use sectors. Polystyrene, styrene-butadiene elastomers, latexes, acrylonitrile-butadiene-styrene (ABS), styrene-acrylonitrile (SAN) resins, and unsaturated polyester resins are among the items made from styrene. Textile, manufacturing, packaging, electronics, medical devices, and IT equipment are only a few of the industries that use styrene polymers.
The demand for ethylbenzene, which is commonly used as a solvent in fuels and as a chemical intermediate, is another major factor driving up benzene demand. Benzene is also used in the food and beverage industry for packaging. It is commonly used as a solvent in personal and home care products. The business is also benefiting from increased demand from the paints and coatings industry.
Key Market Players
The major players in the market are Dow Chemical Company, INEOS Group Holding S.A., LyondellBasell Industries Holdings B.V., BASF SE, Royal Dutch Shell Plc, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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