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.
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.
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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.
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.
