Benzene (C6H6) Market Size Market Size USD 110200 by 2026 at a CAGR 3.4% | Valuates Reports
BANGALORE, India, Nov. 23, 2020 /PRNewswire/ -- The Benzene Market is Segmented by type (Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, Alkylbenzene), by application (Plastics, Polymers, Others). This report is published on Valuates Reports in the Chemical Industry Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global (Trifluoromethoxy) Benzene market size is projected to reach USD 110200 Million by 2026, from USD 90380 Million in 2020, at a CAGR of 3.4% during 2021-2026.
Major factors driving the growth of Benzene market size are the rising demand for methylene diphenyl diisocyanate (MDI, the increasing demand for benzene as solvents in manufacturing chemicals and plastic products.
This report focuses on Benzene volume and value at the global level, regional level and company level. This report represents the overall Benzene market size by analyzing historical data and prospects from a global perspective.
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TRENDS INFLUENCING THE BENZENE (CAS 71-43-2) MARKET SIZE
Increased demand for styrene polymers combined with high consumption of methylene diphenyl diisocyanate and phenol is expected to fuel the Benzene market size. Growing downstream sector investment initiatives in Saudi Arabia are expected to emerge as a major market opportunity for global benzene and its derivatives markets. In order to reduce the total cost of production, multinational firms are investing in the Middle East due to proximity to raw materials.
Rising demand for methylene diphenyl diisocyanate (MDI) in the production of polyurethane foam is expected to drive the benzene market size. Polyurethane foam is used majorly in the furniture and construction industries. In addition, ethylbenzene is commonly used as an anti-knocking agent, which in turn is expected to drive the benzene market size.
Benzene's key driver is the demand for benzene in the manufacture of various derivatives such as ethylbenzene, cumene, phenol, styrene, nitrobenzene, and aniline. In 2018, ethylbenzene, cumene, cyclohexane and nitrobenzene accounted for the majority of the benzene market share. Furthermore, the growing demand for benzene as solvents in the manufacture of chemicals and plastic products is likely to propel the Benzene market size.