Benzene Market to Grow at a CAGR of 2.9% by 2030
According to ChemAnalyst report, “Global Benzene Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Benzene market has shown considerable growth in historic period and is anticipated to achieve a CAGR of 2.9% during the forecast period. As the demand of Benzene is rapidly increasing for the production of aromatics from petrochemicals industry is likely to propel the benzene market in upcoming years. Due to the increased urbanization, the demand of benzene for consumer products such as furniture wax, thinners, detergents, industrial solvents, paints and others have also increased. The production of benzene is highly associated with safety standards on human health as well as environment which further enhances the compliance standards.
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Benzene with a molecular formula, C6H6, is an organic compound which is a colorless and highly flammable aromatic Hydrocarbon and parent compound of many other important aromatic compounds. It is widely used as a feedstock in four chain of petrochemicals including Isocyanates, Phenolics, Nylon and Styrenics. It is produced by oil refining process as a by-product and can be found in gasoline, crude oil and cigarette smoke. Long term exposure to Benzene can result in detrimental health effects as a potential carcinogen and environmental effects. The chemical processes that are involved in the industrial manufacturing of Benzene are Toluene Hydrodealkylation, Catalytic reforming, Toluene disproportionation, and steam cracking. Catalytic reforming process is frequently used in the US as a major source of Benzene.
Benzene has numerous domestic and Industrial applications as they are extensively used in the manufacturing of plastics, resins, rubber lubricants, synthetic fibers, dyes, drugs, pesticides, detergents and others. It is primarily used as a solvent in chemical and pharmaceutical industries. Consumption of Benzene in various sectors including automotive and aerospace is expected to boost the Benzene market in the upcoming years. Several companies that manufacture Benzene and its derivatives such as ethylbenzene, cumene, alkylbenzene, aniline, cyclohexane etc are expanding their sales and production as it is used as a key solvent in several commercial, industrial and research operations. Owing to the growing urbanization, derivatives such as Cyclohexane is likely to boost the textile industry as it is required as a raw material to produce Nylon. Demand of Benzene derivates in paint and coating industry is further expected to witness a growth in Benzene market worldwide. Due to the diving demand, the prices of benzenes and its derivatives hit 18-year record low at the end of final quarter of 2020. Improved performance of crude oil can help in achieving a complete recovery in petrochemical derivatives. Additionally, surging demand for its derivatives, Acetone and Styrene from pharmaceutical and packaging sector is anticipated to push the demand recovery for Benzene during the forecast period. In Asia Pacific and Middle East, the demand of Styrene is continuously growing due to increased demand for rubber tires in both regions.
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In 2020, due to the onset of COVID-19, the Benzene market was negatively impacted during the pandemic. Due to government restrictions and nationwide lockdowns, Automotive industry halted their operations which minimized the demand of Benzene and its derivatives. Several companies that manufacture Benzene underwent indefinite turnarounds in order to recover the loss in their revenues and to idle the excessive inventories in Q4 of 2020 on severe demand disruption and global supply chain pressured by Coronavirus. Thai company IRPC Pcl delayed a project of expanding the Benzene capacity of around 400KTPA as a response.
Region wise, APAC region holds the largest share of Benzene market worldwide. Due to increasing capacity of downstream para-xylene in China, it is driving the consumption of Benzene in Asia Pacific. In China, India and ASEAN countries, the demand of Benzene is driven by the increased markets for end-users like packaging, electronics and home appliances, and construction.
According to ChemAnalyst report, Global Benzene Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030.
Key Players:
some of the major players operating in global Benzene market include Royal Dutch Shell Plc., China National Petroleum Corporation (Sinopec), ExxonMobil Corporation, Saudi Basic Industries Corporation, Haldia Petrochemicals Limited, JX Holdings, Inc., GS Caltex, Reliance Industries Limited, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Others.
“Being linked to the downstream applications in automotive, adhesives, paint and coatings, detergents and others, the global Benzene Industry has shown significant growth along with increased macro-economic factors and changing in the consumer preference. It is expected that India is going to become the world's fifth largest consumer market in the upcoming years. In addition, growing per capita income in various Countries poised a stronger outlook to the country’s Benzene demand. The government restrictions on travel ban due to the global crises affected the global supply chain logistics and caused immediate shortage of key feedstock chemicals hence increased the prices of Benzene Meanwhile, China serves as the key growth region as well with sufficiently installed capacities and developing technologies. With new competitors emerging across the Asian Benzene market, it is extremely important to keep a focus on which region will grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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