Global benzene and its derivatives market is expected to witness strong growth over the forecast period owing to increasing demand in coating & paints and automotive industries. Benzene is an aromatic hydrocarbon which is extracted from crude oil through refinery processes. They are mainly consumed by petrochemical industries. Key benzene derivatives include alkyl benzene, chlorobenzene, cumene, toluene, ethyl benzene, cyclohexane, aniline, nitrobenzene and phenol. Ethyl benzene, which is one of the major benzene derivatives, is an important styrene feedstock. Increasing styrene demand in foam & films and paint & coatings industries are expected to augment global benzene and its derivatives demand over the forecast period. . Other major applications which are expected to positively impact global benzene and its derivatives market include construction, electrical & electronics and textiles industries across the globe. Increasing styrenic polymers demand coupled with high methylene diphenyl diisocyanate and phenol consumption are expected to propel global benzene and its derivatives market over the forecast period. Rising downstream sector investment initiatives in Saudi Arabia is expected to emerge as major opportunity for global benzene and its derivative market. In order to reduce overall production cost, multinational companies are investing in Middle East owing to proximity to raw material. Ethyl benzene show adverse effects on human health and environment. Long exposure to ethyl benzene is harmful for human while ethyl benzene traces in soil can cause environmental issues. Such severe environmental effects are expected to hinder global benzene and its derivatives market growth. Stringent government policies mainly in North America and Europe is expected to further restrict global benzene and its derivatives market over the forecast period. Volatile crude oil price is also expected to emerge as restraint as well as opportunity for global benzene and its derivative market on account of benzene dependency on it as sudden increase in crude oil prices negatively impacts raw material prices while decrease in crude oil prices helps in expanding overall profits. In current scenario, fall in crude oil prices have boosted global benzene and its derivative production globally.
Global benzene and its derivatives market is segmented on the basis of products and application. Product segment is sub segmented on the basis of benzene derivatives which includes chlorobenzene, toluene, nitrobenzene, cyclohexane, cumene, phenol, ethyl benzene, alkyl benzene and aniline. Cumene is used for acetone and phenol production. Increasing acetone and phenol demand from chemical industries is expected to boost cumene market which is anticipated to have a direct impact on global benzene derivative demand over the forecast period. Polycarbonate, foams and epoxy resins markets uses phenol in huge amount as a raw material which is further expected to drive global benzene derivative market. Application segment includes textile, specialty chemicals, building & construction and transportation.
Asia Pacific covered major benzene and its derivatives market share in the global market. Rise in manufacturing facilities in countries such as India and China coupled with cheap labor is expected to increase regional benzene and its derivatives demand over the forecast period. Japan and China were biggest regional benzene and its derivatives consumer followed by South Korea and India. North America and Europe market are expected to grow at a stagnant rate owing to stringent government regulation by REACH and EPA.
Major players in benzene and its derivatives market include BASF, Sinopec, Royal Dutch Shell Plc., China National Petroleum Corporation, Dow Chemical Company, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation, JX Holdings, Total and Bp Plc. In order to reduce the adverse effect of ethyl benzene and to cope up with stringent government policies, companies are expected to continue their research and development activities.
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