Benzene Global Market to 2020 - Driven by the Styrene Monomer Market, Asian Consumption Will Continue to Dominate

Additional Information

GBI Research’s report, “Benzene Global Market to 2020 - Driven by the Styrene Monomer Market, Asian Consumption Will Continue to Dominate”, provides an in-depth analysis of the global benzene industry. The research presents detailed analysis and forecasts of the major economic and market trends affecting the global benzene markets. It also contains demand, production analysis and forecasts, drivers and restraints, end use analysis and forecasts and market share analysis of the major producers in the major regions of the world. In addition, it includes demand and production as well as historic and forecast price trends for all the major countries. Overall, the report presents a comprehensive analysis of the global benzene market covering all major parameters.

The Global Benzene Market is Expected to Grow in the Forecast Period at a CAGR of 3.8%

The global demand for benzene has been growing slowly over the last decade. Global demand in 2000 was 27,337,573 tons. Global benzene demand increased to 29,109,204 in 2010. Much of the increase in demand for benzene came from the Asia-Pacific region and the same trend is expected to continue in the future. Asia-Pacific is expected to account for 61.6% of the global benzene demand in 2020 which is expected to grow to reach to 42,292,167 tons in 2020.

Benzene, Global Demand by Volume, Tons, 2000-2020

Source: GBI Research

China will Drive the Demand with Other Asian Countries

China has rapidly emerged as a global petrochemical product manufacturing hub. Production in China enjoys the advantage of low operating costs and as a result there is a huge capacity addition for benzene in China. China also imports a considerable amount of benzene to produce ethylbenzene, cumene, nitrobenzene, cyclohexane and Linear Alkyl Benzene (LAB). Demand in China is driving the Asia-Pacific market’s demand for benzene. South Korea and India also have high gross domestic product (GDP) growth rates and a rapidly rising demand for benzene.

Benzene, Global, Demand by Region, %, 2010

Source: GBI Research

Saudi Arabia will Drive Capacity Additions in the Middle East and Africa

The Middle East is also emerging as a production hub for various petrochemical commodities because of the advantage of access to low cost natural gas and crude oil, the starting points for any such commodity. As a result there are plans to increase the capacity for benzene production in Saudi Arabia in the future. The production by volume of benzene in Middle East and Africa is expected to increase at a CAGR of 9.2% in the forecast period.

Ethylbenzene/Styrene Monomer and Cumene/Phenol Lead the Demand by End-Use Segments for Benzene in 2010

Ethylbenzene/styrene monomer and cumene/phenol have demand shares of 52.6% and 18.3% of global benzene market respectively, leading end-use segments for benzene in 2010. Together they constitute more than 70% of global benzene demand. Other uses such as cyclohexane, nitrobenzene and LAB collectively consumed less than 15% of the global benzene demand in 2010. With further evolution of the global market and more utilization of rubber products, coatings and adhesives the dominance of ethylbenzene and cumene is expected to strengthen, increasing their consumption share in the overall benzene demand.

Benzene, Global, Demand by End-Use, %, 2010

Source: GBI Research