Global Benzene market is anticipated to surpass an overall valuation of US $111.1 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on type, Derivative and region.
Rapidly growing industrial sectors such as construction & building, packaging, automotive, bulk materials & chemicals, and textiles have significantly propelled applications for benzene derivatives globally, fostering benzene market growth. Growing population levels, coupled with increasing disposable incomes, has led the development of numerous bulk materials and consumer products. Low feedstock cost as well as economical-commodity product prices have promoted consumption of benzene derivatives.
Benzene is a commodity petrochemical product and an aromatic hydrocarbon. The material is produced as a byproduct in refineries and stream crackers, which is why its supply and demand is fueled by other products that are derived from it. Benzene is considered a basic chemical that acts like a building block for a plethora of other chemical synthesis across the global petrochemical and chemical value-chain.
The material is also used across a wide array of economic sectors, including transportation, electrical & electronics, medical, and other consumer products. The petrochemical product has many derivatives like nitrobenzene, ethyl benzene, cyclohexane, cumene, chlorobenzene, alkyl benzene, phenol, and aniline.
As benzene is considered a petrochemical derivative, it is subject to price volatility. Fluctuations in crude oil prices have a direct impact on the prices of byproducts derived from its hydrocarbon stream inside refineries. Moreover, the benzene market landscape is highly regulated with regards to policy framework as it is a toxic chemical that can lead to severe environmental implications when exposed at high levels.
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From a regional perspective, the Asia Pacific is considered to be the biggest regional market for benzene due to its high consumption across China. In fact, in spite of a slowing economy, China has experienced substantial benzene requirements over 2012-2017. The trend of increasing benzene consumption has shifted from Western Europe and North America to the Middle East and Asia over the past ten years.
The increasingly diverse needs of China’s growing middle class, substantial expansion of refinery capacities, and large-scale p-xylene facilities to feed the downstream petrochemical industry has driven benzene demand throughout the country. However, the overall performance of China’s economy in coming years is slated to be vital for driving benzene consumption further. Although at a slower rate, additional benzene capacities are projected to come on-stream by 2021, but only for producing ethylene.
The global benzene industry contains a large number of domestic and international producers. The industry has experienced a shift in its competitive landscape, wherein it has moved closer towards the refineries. Some prominent benzene market players include BASF, Sinopec, China National Petroleum Corporation, ExxonMobil Corporation, Dow DuPont, Royal Dutch Shell plc., and Saudi Basic Industries Corporation.