LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global benzene market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Benzene Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global benzene market into the following type of derivative segments:
- Styrene
- Cumene
- Cyclohexane
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The top three derivative segments are discussed below:
Styrene
In 2016, the most widely produced and used benzene derivative was styrene. Over the forecast period, there would be a marginal decrease in the market share of styrene. Polystyrene plastics and resins are primarily produced using styrene. Plastic packaging, disposable cups and containers, insulation materials, and other products are made using these resins. Apart from this, styrene is also used in the manufacture of rubbers, polymers, and copolymers.
According to Hitesh Bhatia, a lead analyst at Technavio for specialty chemicals research, “Cranberry, bilberry, currants, grape, vinegar, parsley, milk and dairy products, whiskey, cocoa, coffee, tea, roasted filberts, and peanuts are the natural sources of styrene. It is also utilized as a flavoring agent. During the forecast period, the styrene market is predicted to grow because of its utilization in the manufacture of rubber, polymers, and other products.”
Cumene
Isopropylbenzene, which is a flammable colorless liquid is commonly known as cumene. It is an organic compound based on an aromatic hydrocarbon with an aliphatic substitution. Approximately, all the cumene that is produced is converted into cumene hydroperoxide. This is an intermediate that is utilized in the synthesis of phenol and acetone that are other industrially important chemicals.
“A wide range of petroleum products make use of Cumene. The growing demand for phenol and its derivatives is expected to fuel the growth of the market for cumene. For the synthesis of phenolic resins, bisphenol-A, and other derivatives of phenol, one of the major raw materials that is used is cumene,” says Hitesh.
Cyclohexane
The cycloalkane that is used to produce adipic acid and caprolactam is known as cyclohexane. Cyclohexane has a distinctive detergent-like odor and is a flammable colorless liquid. Nylon and other chemicals are manufactured using it. Additionally, it is also used as a solvent and a paint remover.
Generally, cyclohexane is used as a recrystallization solvent. Occasionally, it is also used as a non-polar organic solvent. It exhibits good solubility in hot cyclohexane and poor solubility at low temperatures. Vacuum carburizing furnaces by heat treatment equipment manufacturers generally use cyclohexane vapor.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- BASF
- ExxonMobil
- Reliance Industries Limited
- Shell
- The Dow Chemical Company
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