Benzene Market Is Estimated To Exhibit At USD 74.32 Billion By 2030Posted by Neha Bora on July 27th, 2023 San Francisco, 27 July 2023: The Report Benzene Market Size, Share & Trends Analysis Report Derivative By End-use, By Production Process (Catalytic Reforming), By Region, And Segment Forecasts, 2022 - 2030 The global benzene market size is expected to reach USD 74.32 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2022 to 2030. The industry growth is majorly driven by the growing chemical industry and increasing demand for polymers, polyester fibers, increasing consumption of household cleaning products, and other derivatives of benzene in end-use industries such as automobile, textile, pharmaceutical, packaging, personal care, and others. Benzene is an essential feedstock that is used to further manufacture various chemicals and derivatives for serving different industries. These industries use benzene to manufacture other chemicals which are then further used to make plastic, nylon, resins, and synthetic fibers. It is also used to make rubbers, dyes, pesticides, lubricants, drugs, and detergents. The growing consumption of benzene derivatives in the automotive industry for the manufacturing of synthetic rubber to be used in tires and several other parts of the car has resulted in an increase in demand for benzene worldwide. This demand is further expected to grow due to the continuous growth of the automotive industry. The outbreak of COVID-19 has also had a negative impact on the benzene market as the shutting down of the economy due to the lockdown had a detrimental effect on the petrochemical industry. China which accounted for a significant market share in the production of petrochemicals was the epicenter of the pandemic which resulted in hugely impacting the production capacity of the country due to the lockdown. This reduction in production capacity has sent shockwaves throughout the supply chain, thus affecting the industries which relied on Chinese imports. During the early stage of the pandemic, crude oil prices plummeted putting oil producers such as Middle East and North America at a disadvantage. On the other hand, this price drop has provided oil-importing countries such as India, China, and South Korea the advantage to build crude oil reserves for their petrochemical industries. However, with the uplifting of lockdown and opening up of economies, the demand for benzene has again started to increase. Access Research Report of Benzene Market @ https://www.grandviewresearch.com/industry-analysis/benzene-market-report Benzene Market Report Highlights
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List of Key Players in Benzene Market
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