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.
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.
This research report analyzes this
market depending on its market segments, major geographies, and current market
trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for
upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints. It
provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review
of micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point
analysis for changing competitive dynamics
- It provides a forward looking
perspective on different factors driving or restraining market growth
- It provides a six-year
forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the
key product segments and their future
- It provides pin point analysis
of changing competition dynamics and keeps you ahead of competitors
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business decisions by having complete insights of market and by making
in-depth analysis of market segments
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graphics and exemplified SWOT analysis of major market segments
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