Benzene and its Derivatives Market Overview:
The market for benzene and its derivatives is vast with the chemicals finding their use in various end user industries. South Korea is the largest Exporter of benzene followed by India, while China is the largest Importer of benzene followed by America.
Benzene and its Derivatives Market Outlook:
Benzene is an aromatic compound consisting of 6 carbons in a ring formation. It is formed primarily from cracked crude oil by the catalytic reforming of Naphtha, it is also produced by other methods such as Delakylation of Toluene, recovery from ethylene plants through pyrolysis gasoline, selective toluene disproportionation and coke oven. Its primary use is in the production of the Styrene monomer and as an intermediate for the production of its intermediates Cyclohexane, Chlorobenzene, nitrobenzene, Cumene, maleic anhydride and other derivatives. These intermediates are used in various application such as the production of plastics, fibers, resins, films, detergents, chemical intermediate in the pharmaceutical industry, specialty chemicals, dyes, pesticides and various other consumer products.
Benzene and its Derivatives Market Growth drivers:
One of the major growth driver for the Benzene and its Derivatives Market is its use in the production of Styrene monomer which is the base for the production of polystyrene. Polystyrene is a widely used polymer in various household items due to which its demand has seen major growth in the previous years, this has been a major growth driver for the Benzene market.
Another Major growth driver for the benzene and its Derivatives market is the growing global population and improving world economic conditions. Benzene derivatives are used in the production of resins, films, rubbers, as industrial solvents, production of dyestuffs, pharmaceutical intermediaries among many others. All these products see an increase in demand with higher disposable income and increasing global population from the point of view of end user industries such as: Construction and Housing, textiles, automotive and medical and healthcare among many more. This has led to the increase in demand for benzene and its derivatives.
Benzene and its Derivatives Market Challenges:
One of the major challenges faced by the Benzene and Its Derivatives market is the dependency on crude oil for its production. In the present economic scenario the crude oil prices have increased and in general the crude oil prices are extremely volatile which is major constrain on the Benzene and its derivatives market as their cost is directly affected by the fluctuations.
Another major challenge in this industry is the hazardous nature of Benzene. Benzene is highly flammable and has a low flashpoint which makes it explosive. It also poses carcinogenic, mutagenic and toxic properties for humans in case of contact or inhalation. This has led to widespread disapproval of benzene in industrial uses despite it not being an end consumer product.
Benzene and its Derivatives Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Benzene and its Derivatives Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the electric vehicle market, and their specific applications in different types of vehicles.
Benzene and its Derivatives (SAP) Market Report: Industry Coverage
Benzene and its Derivatives Market– By Derivatives: Ethybenzene and Styrene, Cumene, Phenol and Acetone, Cyclohexane, Alkyl Benzene, Nitrobenzene and Aniline, Chlorobenzene, Maleic Anhydride and others.
Benzene and its Derivatives Market– By Processing Methods: Alkylation, Hydrogenation, Nitration, Oxidation, Chlorination and others.
Benzene and its Derivatives Market– By Raw: Crude Oil, Naphtha, Toluene, Ethylene, Bio-mass and others.
Benzene and its Derivatives Market– By Production Methods: Cracking Crude Oil, Catalytic reforming of Naphtha, Dealkylation of Toluene, Recovery from Ethylene plant pyrolysis Gasoline, Coke oven, Selective toluene Disproportionation, others.
Benzene and its Derivatives Market – By Applications: Cumene: Fuel Additive, Solvents for Paints and enamels, Synthesis of phenol and Acetone; Maleic anhydride: Unsaturated Polyester Resins, Chemical Reactant and others; Nitrobenzene: Aniline, Solvent, Lubricating Oils, Dyes, Drugs, Pesticides, Synthetic rubber and others; Cyclohexane: Derivatives, Solvent and others;Chlorobenzene: Lab Chemical, Solvent, Nitrochlorobenzene Production, Phenol production, DDT production; Linear Alkyl Benzene: Detergents, Industrial cleaners and others; Ethyl Benzene: Styrene, Fuel Additive, Lubricants, Chemical Synthesis, Solvent and others; Styrene production, Polyurethane production, Polycarbonate production, Fibers, Films, Plastics, Specialty chemicals, Resins, Epoxies, Glues, Cigarette, Explosives, Perfume and others.
Benzene and its Derivatives Market – By End User Industry: Agrochemical Industry, Rubbers and Plastics Industry, Oil and Gas Industry, Tobacco industry, Adhesives and Sealants Industry, Chemical Process Industries, Pharmaceutical Industry, Medical Industry, Petrochemical Industry and others.
The Benzene and its Derivatives Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Benzene and its Derivatives Market Key Players Perspective:
Some of the Key players in this market that have been studied for this report include: Aarti Industries, Reliance industries, Sigma Aldrich, Cheveron Phillips chemcials, Mitsubishi Chemicals, SABIC, Lotte Chemicals, Arsol Aromatics, Anellotech, Covestro and many more.
Market Research and Market Trends of Benzene and its Derivatives Market
- Due to increasing pollution levels and raiding environmental concerns the Chinese governments has clamped down on various chemical Industries in China. China is one of the largest consumers of benzene globally and the largest importer of Benzene as well. With Domestic production capacities tightening the market will see a rise in the demand for Benzene imports from China. This will be beneficial for the Benzene and its derivatives Market players in India and South Korea as the Leading Exporters of Benzene as the Chinese demand shifts outwards.
- With the increasing demand for greener and more sustainable solution the demand for bio-based Benzene has also seen an increase. Companies have started production of Bio-mass based Benzene and are increasing capacities as well as innovating to make new technologies for their production. Anellotech is a company that believes in sustainable technology and has designed a process for the production of 100% bio-based aromatic chemicals which include Benzene, Toluene and Xylene (BTX). This takes away the dependency from crude oil and its volatile prices and pushes the market towards a more sustainable future.
- The growing environmental concerns is also seeing a negative trend for the Market. In the United States there is a current movement for the complete ban of styrene and polystyrene products citing environmental concerns as it is non-biodegradable and is known to cause cancer to animals. This will have a negative impact on the benzene and its derivatives Market as a major use of Benzene is I the production of styrene for polystyrene application and US is a major importer of Styrene accounting for 14% of the world’s imports.