Benzene and Its Derivatives Market to Expand with Significant CAGR During 2019
Benzene
is an aromatic hydrocarbon extracted from crude oil. Major
derivatives of benzene include cumene, ethylbenzene, alkylbenzene,
nitrobenzene, cyclohaxane, chlorobenzene, phenol, aniline and
toluene. Benzene & its derivatives are widely used as a feedstock
in manufacturing of various chemicals.
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Growing
demand of styrene polymers from various industries such as
automobiles, paints & coatings, foams and films is expected to
drive the benzene & its derivatives market. As ethylbenzene is a
major feedstock for styrene production, demand for styrene is
expected to fuel growth of this market. Demand from automobiles,
coatings & paints is raising owing to increasing population and
disposable income in developing countries. Further, demand for cumene
is expected to grow at higher pace owing to increase in demand from
specialty chemical production. Cumene is used in manufacturing of
acetone and phenols which are employed to manufacture phenolic
resins, alkylphenols, bisphenol A, caprolactam and other chemicals.
Phenol demand is growing at a higher rate, which in turn is expected
to boost consumption of cumene and subsequently of benzene. Phenolic
resins, bisphenol A are raw materials for various markets such as
foam, epoxy resins, polycarbonate, polyurethane among others.
Benzene
& its derivatives are subjected to risk of volatility in supply
and price of crude oil. Ethylbenzene has adverse effect on human body
if exposed to it for longer duration. Its traces are found in soil
and air which compells environmental regulatory agencies to implement
stringent regulations on usage of ethylbenzene in end products.
Existing and upcoming regulations regarding use of benzene & its
derivatives in end products is expected to hamper the market growth.
Rising investments in downstream industries in Middle East are
expected to provide immense opportunities for benzene & its
derivatives market in the near future. Due to proximity to raw
material, multinational companies are investing in Middle East in
order to reduce the overall production cost.
Asia
Pacific was the largest consumer of benzene & its derivatives and
this trend is anticipated to remain same in the next few years.
Consumption patterns in Asia Pacific are showing upward trend owing
to shift of manufacturing facilities to China and India due to
availability of cheap labour and raw material. China and Japan were
largest consumer of benzene in this region while, South Korea and
India are expected to grow at a higher pace. Rising demand from
automobile, coatings, textiles and other industries is expected to
drive the benzene & its derivatives market in Asia Pacific. In
addition, increasing production capacities in specialty chemicals are
expected to fuel the market growth. Consumption for benzene &
its derivatives in rest of the world was low but it is expected to
grow at a moderate pace followed by Asia Pacific. North America is
expected to grow at a substantial rate owing to demand from
construction and textiles industry. Demand from Europe was low
comparatively and is expected to remain same in the near future owing
to stringent environmental regulations.
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Some
of the key players in this market include ExxonMobil Corporation,
Royal Dutch Shell Plc., JX Holdings, Dow Chemical Company, CNPC,
China Petroleum & Chemical Corporation, Total S.A., BASF SE,
Saudi Basic Industries Corporation and China National Petroleum
Corporation among others.
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