New York City, 07 February 2019: The global Benzene Market is
anticipated to reach USD 111.1 billion by 2026 according to a new study
published by Polaris Market Research.
Benzene is
an aromatic hydrocarbon and a commodity petrochemical product. It is produced
as by-product in stream crackers and refineries, thus its supply and demand is
driven by other products derived from it. Benzene is a basic chemical and a
building block for many other chemical synthesis of the global chemical and
petrochemical value chain.
Benzene is
used in a broad range of economic sectors such as electrical & electronics,
construction, consumer products, transportation, and medical. This
petrochemical product has many derivatives such as ethyl benzene, nitrobenzene,
cumene, cyclohexane, alkyl benzene, chlorobenzene, aniline, and phenol.
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The rapidly
growing industries such as packaging, construction, bulk chemicals &
materials, automotive, textiles and building & construction have
substantially driven the applications for the benzene derivatives globally
influencing the benzene market growth. Rising population in tandem with the
increase in disposable incomes has led to growth of many consumer products and
bulk materials. Low cost of the feedstock and economical commodity product
prices have also contributed to the higher consumption of benzene derivatives.
Benzene is a
petrochemical derivative and thus is subjected to price volatility. The
fluctuations in the prices of crude oil directly affect the prices of the by-products
derived from its hydrocarbon stream in refineries. The benzene industry is
highly regulated in terms of policy frameworks as benzene is a toxic chemical
where its highlevel exposure can lead to serious environmental implications.
The diverse
needs of a growing middle class in China, significant expansion in refinery
capacities, large-scale p-xylene plants to feed the downstream petrochemical
sector has majorly driven the benzene demand in the country. However, the
performance of the China’s economy in the near future is expected to be a vital
driver for benzene consumption. Albeit a slower pace, additional benzene
capacities are expected to be on-stream by 2021, but just for the production of
ethylene.
Competitive Landscape and Key Vendors:
Asia Pacific
is the largest regional market for the benzene market due to high consumption
in China. Despite a gradually slowing economy, China has witnessed all the
additional benzene requirements in the past five years (2012-2017). The
consumption has shifted from North America and Western Europe towards Asia and
Middle East over the past decade.
The global
benzene market comprises of large number of international and domestic
producers. Global benzene industry has witnessed a shift in competitive
landscape towards closer proximity of the refineries. Some of the major benzene
market players include Sinopec, BASF, China National Petroleum Corporation,
Saudi Basic Industries Corporation, Dow DuPont, ExxonMobil Corporation, and
Royal Dutch Shell plc.
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