Benzene and its Derivatives Market Size, In-Depth Qualitative Insights, Explosive Growth Opportunity, Regional Analysis by Fortune Business Insights
The global benzene and its derivatives market size was USD 25.4 billion in 2020. The market is projected to grow from USD 34.6 billion in 2021 to USD 53.5 billion in 2028 at a CAGR of 6.4% during the 2021-2028 period.

This information is provided by Fortune Business Insights, in its report, titled, “Benzene and its Derivatives Market, 2021-2028.”

According to our expert analysts, the increasing chemical industry and surging demand for polymers is expected to drive the benzene and its derivatives market growth.


Segmentation:

On the basis of derivatives, the market is classified into ethylbenzene, cumene, chlorobenzene, alkyl benzene, and others.

In terms of application, the market is categorized into industrial chemical, oil & gas, rubbers & plastics, pharmaceutical, and others. The industrial chemical is likely to be responsible for a majority share during the forecast period.

Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Regional Insights:

Asia Pacific is responsible for a major benzene and its derivatives market share in terms of domestic usage and trade of benzene and its derivatives.

North America is anticipated to register a noticeable growth rate owing to growing demand from the escalating petrochemical sector.

Europe is expected to extend sturdily as a consequence of tight guidelines governing the usage of benzene and its derivatives in consumer goods. Demand for styrene and phenol is growing owing to the increase in demand from the pharmaceutical, automotive, as well as plastics industries.

Competitive Landscape:

New Procurements by Vital Players to Spur Market Growth

Important players in the market are incessantly scheduling approaches to expand their business effectively and to preserve their principal position in the market. One such stratagem is initiating products for better reach among end-users.

With each day passed, several principal players are inaugurating partnerships with companies from a different as well as same domain in order to amplify their businesses and develop technologically groundbreaking products for their customers.

Browse Summary:

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