Dow Chemical Company, INEOS Group Holding S.A., LyondellBasell Industries Holdings B.V., BASF SE, and Royal Dutch Shell Plc, among others, are the major players in the European benzene market.
The Europe benzene market reached a volume of about 8MMT in 2020. The industry is further expected to grow at a CAGR of roughly 1.3% in the forecast period of 2022-2027. As per the analysis by Expert Market Research, the market is expected to be driven by styrene and cumene.
Benzene is a basic petrochemical that is widely used in the industry as a feedstock for manufacturing various chemicals, further linked to multiple manufacturing industries. As a result, the European chemical sector is a significant part of the country's economy. Traditionally, the chemical industry in Europe is a world leader in chemical production.
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The benzene market in Europe is driven by the rising demand from segments like derivatives, styrene, and cumene. The increasing demand from the polyester industry, where styrene is widely used for manufacturing textiles, boosts the demand for benzene. The rising demand for ethylbenzene, which is widely used as a solvent in fuels and as a chemical intermediary, is another major factor driving up benzene demand. Benzene is frequently used in the food and beverage industries for packaging. It is commonly used as a solvent in personal and home care products. The market is also benefitting from increased demand from the paints and coatings industry.
Styrene is one of the significant derivatives segments globally, along with cumene. Styrene accounts for a considerable proportion of the global benzene demand. Cumene is also a substantial derivative of benzene, driving the significant need for benzene, especially in the European Union. Further, the European Union is expected to expand its capacity in the industry, specifically in the caprolactam and phenolic resin segment.
Headquarters: Michigan, United States
The Dow Chemical Company (TDCC) is an American multinational chemical corporation headquartered in Midland, Michigan, United States. The company is among the three largest chemical producers in the world. Dow manufactures plastics, chemicals, and agricultural products. With a presence in about 160 countries, it employs approximately 54,000 people worldwide. Dow has been called the "chemical companies' chemical company" as its sales are to other industries rather than directly to end-use consumers. The company is a member of the American Chemistry Council.
Headquarters: London, United Kingdom
Ineos Group Ltd is a British multinational chemicals company headquartered and registered in London, England. INEOS lies within the cosmos of the largest chemical companies. Its 160 product lines include ethylene oxide-based speciality and intermediate chemicals, fluorochemicals used as refrigerants and propellants, and phenol and nitrile chemicals. Its INEOS Chlorovinyls unit is one of the top makers of chlorine-based chemicals and Europe's largest PVC maker. The company operates more than 60 manufacturing sites in 13 countries worldwide.
BASF SE is a German multinational chemical company and the largest chemical producer in the world. The BASF Group comprises subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe, Asia, Australia, the Americas, and Africa. Its headquarters is located in Ludwigshafen, Germany. BASF has customers in over 190 countries and supplies products to a wide variety of industries.
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