Global Benzene Market 2017-2021
Benzene is one of the natural components of crude oil. It is a highly flammable colorless liquid with a sweet odor. Benzene is primarily used as an intermediate to make chemicals such as styrene, ethylbenzene, cumene, cyclohexane, and nitrobenzene. More than 50% of the entire benzene produced is processed into styrene, which is used to make plastics and polymers. A small amount of benzene is used to make rubbers, detergents, explosives, lubricants, dyes, drugs, and pesticides.
Technavio’s analysts forecast the global benzene market to grow at a CAGR of 4.51% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global benzene market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Benzene Market 2017-2021
Technavio recognizes the following companies as the key players in the global benzene market: BASF, ExxonMobil, Reliance Industries Limited, Shell, and The Dow Chemical Company.
Other Prominent Vendors in the market are: China National Petroleum Corporation (CNPC), GS Caltex, Haldia Petrochemicals, Indian Oil Corporation, NAFTPRO Petroleum Products, Phillips 66, PTT Global Chemical, RÜTGERS, and Saudi Arabian Oil.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is declining crude oil prices. The basic raw material for manufacturing benzene is naphtha. Naphtha is derived from crude oil by its fractional distillation. Petrochemical prices are dependent on crude oil prices, which tend to fluctuate. The fluctuating crude oil prices affect the prices of the raw material, affecting the cost of production of benzene.”
According to the report, one driver in the market is increasing demand for benzene for various applications. Benzene is commonly used as a raw material for the industrial production of chemicals, such as phenol, styrene, cumene, and aniline. It is an important component of many paint products such as sealants, top coats, solvents, and spray paints lacquers. Auto repair facilities use products manufactured from benzene for cleaning hydraulic systems, brakes, and fuel system components. Benzene is also used to manufacture rubber tires and is a major component of asphalt and crude oil.
Further, the report states that one challenge in the market is fluctuating prices of benzene in the domestic markets of various countries. The fluctuating price of benzene has been one of the major factors hindering the growth of the benzene market in China. Being one of the top manufacturers and consumers of benzene, China saw price fluctuations for benzene in 2016. Major manufacturers such as Sinopec have increased their benzene prices in North China by 300 CHY ($45.39) per ton. The benzene price in China in 2016 was 6,900 CHY ($1,043.97) per ton. Benzene prices in China increased due to a prolonged tightness in cargo availability in the domestic market.
BASF, ExxonMobil, Reliance Industries Limited, Shell, The Dow Chemical Company, China National Petroleum Corporation (CNPC), GS Caltex, Haldia Petrochemicals, Indian Oil Corporation, NAFTPRO Petroleum Products, Phillips 66, PTT Global Chemical, RÜTGERS, and Saudi Arabian Oil.
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