Benzene (C6H6) is one of the most consumed petrochemicals in the industry basically used for manufacturing various chemicals such as ethylbenzene, cyclohexane, cumene, nitrobenzene, and alkylbenzene, which are further put in use by the end-user industries like building & construction, textile, transportation, and electrical & electronics. Synthetic rubber industry is the largest consumer of benzene, where it is further processed in order to produce its derivatives such as ethylbenzene, cumene, etc. Due to the growing demand from the end-user industries for manufacturing processes, the market for benzene has grown considerably over the past few years, and will continue to do so in the near future as well.
Drivers for the Market
The global market for benzene is growing at a steady pace, mainly due to the following factors:
- Growing demand for benzene in Asia-Pacific
- Growth in end-user applications such as growing demand for styrenic polymers, increasing consumption of phenol, and growing demand for Methylene Diphenyl Diisocynate
Moreover, increased investments in Saudi Arabia downstream sector have created a lot of growth opportunities for the market. Furthermore, growing population, emerging economies, and favorable investment policies and increased government support and initiatives is fueling the growth of this market.
Market Forecasts
Projected to grow at a CAGR of 3.8%, the global benzene market is expected to reach 53,432.9 kilotons by the end of 2018. As of now, Asia-Pacific is the largest consumer of benzene, and consumed more than 45% of the total consumption in 2012. Among countries, China dominates the benzene market, followed by Japan and South Korea; however, India is expected to be the fastest-growing market for benzene. However, by the end of the forecasted period, although the consumption of benzene is low in RoW region, it poised to grow at the highest CAGR, followed by Asia-Pacific.
Based on application, the market for ethylbenzene holds the largest market share, while the market for cumene is the fastest-growing segment, expected to grow at a CAGR of 5.1% over the forecast period, owing to the growth in demand for phenol and acetone.
The major manufacturers of benzene include China Petroleum & Chemical Corporation (Sinopec, China), Exxon Mobil Corporation (U.S.), Royal Dutch Shell Plc. (The Netherlands), The Dow Chemical Company (U.S.), JX Holdings Inc. (Japan), China National Petroleum Corporation (China), Total S.A. (France), Saudi Basic Industries Corporation (Saudi Arabia), BP Plc (U.K), and BASF SE (Germany).
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Research Scope
The global market for benzene has been forecasted and analyzed by breaking it down into following segments and sub-segments:
- Applications: Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, Alkylbenzene
- Geography: Asia-Pacific, North America, Europe, RoW
