Global Benzene Market - Segmented by Derivatives and Region - Growth, Trends and Forecasts (2018 - 2023)
The global benzene market is expected to witness a CAGR of approximately 4.3% during the forecasted period, majorly driven by growing usage of synthetic polymers, such as polyester and polystyrene in the end-user industries, such as textile, packaging, building & construction, and electrical & electronics.
Ethyl Benzene is expected to dominate the benzene derivative market, owing to its usage in the production of styrene. The rising demand from construction and packaging industry for styrene derivatives is expected to propel the market for benzene.
Rapid Demand of Styrene Polymers for Various End-user Industries
Styrene polymers are used in various applications, like production of synthetic rubbers and expanded polystyrene. Styrene polymers are used in various every day products, like televisions, IT equipment, disposable medical products, like test kits, consumer electronics, like portable speakers, cassette tape housing, etc. Polystyrene in expanded form is used widely in packaging and construction. The growth of these end-user industries, especially in emerging markets, like China, India, and Russia is propelling the growth of styrene, which in turn is responsible for growth in usage of Benzene, as it is one of the key raw materials for styrene production.
Asia Pacific a Potential Market
Asia-pacific currently leads the consumption of benzene with ~50% share of global consumption. This region is also expected to be the fastest growing market during the forecasted period, with increasing markets for end-users like electronics and home appliances, packaging and construction in China, India, and ASEAN countries. United States and Western Europe are approaching a stage of maturity for this market.
November, 2017: Saudi Arabian oil giant Saudi Aramco and Saudi Basic Industries Corp (SABIC), petrochemical manufacturer signed a preliminary deal to build a twenty billion dollar complex for conversion of crude oil to chemicals like benzene, polyethylene, xylene, polypropylene and other products
Major Players: BASF SE, Chevron Phillips Chemical Company LP, Exxon Mobil Corporation, LG Chem, Ltd., PetroChina Company Ltd., Royal Dutch Shell PLC, amongst others.
Reason to Purchase this Report
To understand the impact of various process type on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating derivative used in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
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