New York, NY 06 Oct 2020: 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.
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.
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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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