- Global Benzene Market Projected to Expand at a CAGR of 3.98% during 2020-2028
- Concerns for the cause of several health-related issues owing to exposure to benzene is one of the factors expected to act as a barrier to the growth of the global benzene market.
- Benzene is used in tire or rubber manufacturing, plastics, polyester, paint, coatings, printing, styrene and polystyrene to produce various consumer goods.
International Trade Centre, in one of its statistics stated that exports of saturated polyesters reached $9.680 billion in the year 2018 from $7.764 billion in the year 2016. The statistics portray the growing exports of saturated polyesters around the globe as a raw material for end-user industries.
Polyester polymers are made from an acid and an alcohol, namely benzene-1,4-dicarboxylic acid and ethane-1,2-diol. Benzene acts as a key component for the production of the polymer.
Similarly, benzene is also known to be a large volume petrochemical commodity. Several forms of the hydrocarbon, such as ethylbenzene, cumene, cyclohexane and others are further known for displaying a diverse range of applications across varied end user industries which include tire or rubber manufacturing, plastics, paint and coatings and printing among others.
Additionally, several other prime derivatives of benzene, such as styrene or polystyrene also are used massively for the production of various consumer goods. The increasing versatile applications of benzene across end user industries is anticipated to raise the demand for greater consumption of the aromatic hydrocarbon as a raw material. Such a factor is anticipated to contribute towards the growth of the global benzene market.
The global benzene market is anticipated to record a CAGR of 3.98% during the forecast period, i.e. 2020-2028. The market is segmented by applications into textile, specialty chemicals, building & construction, transportation and others. Among these segments, specialty chemicals segment is anticipated to hold the largest market share on account of the hydrocarbon being used increasingly as a specialty chemical across industries to manufacture plastics, resins, synthetic fibers, drugs and pesticides, dyes, rubber lubricants and others.
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Geographically, the global benzene market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Asia Pacific is anticipated to hold the largest market share on account of rising manufacturing facilities in the region across nations such as China, India and ASEAN countries, which is raising the demand for procurement of several raw materials for the production of goods in the end user industries including electronics and home appliances, packaging and construction and others.
However, concerns for the cause of several health-related issues owing to exposure to benzene along with governments of various nations implementing a ban on the hydrocarbon are some of the factors expected to act as a barrier to the growth of the global benzene market.
This report also studies existing competitive scenario of some of the key players of the global benzene market, which includes profiling of BASF SE (ETR: BAS), Braskem (BVMF: BRKM5), China Petrochemical Corporation (SHA: 600028), Eastman Chemical Company (NYSE: EMN), Exxon Mobil Corporation (NYSE: XOM), LG Chem (KRX: 051910), JXTG Nippon Oil & Energy Corporation, Reliance Industries Limited (NSE: RELIANCE), Mitsubishi Chemical Corporation (TYO: 4188), SK global chemical Co. Ltd.