Global benzene market is
segmented on the basis of derivatives, application and geography. Benzene is a
basic petrochemical that is obtained as a by-product during production of
ethylene and propylene. Steam cracking of naphtha followed by its extractive distillation
is a conventional route for producing benzene. Benzene is also produced from
hydroalkylation of toluene.
Synthetic rubber industry is
the largest consumer of benzene, wherein it is processed for producing
derivatives such as ethylbenzene, a precursor to styrene used to manufacture
Styrene-Butadiene Resins (SBR), Styrene Butadiene Latex (SB Latex), etc.
Benzene is a hydrocarbon that contains six carbon and six hydrogen atoms.
Benzene is one of the constituents of crude oil. Its chemical structure is
cyclic with atoms joined by continuous pi-bonds. It is a colourless, highly
flammable liquid with a sweet odour. It is basically used as a predecessor to
heavy chemicals such as ethylbenzene and cumene. Thus, it is an essential
chemical to gasoline as its high octane number enhance the anti-knocking
characteristics of gasoline. Hence, benzene being carcinogenicin nature is thus
not used for non-industrial purposes.
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Globally, the benzene market
rapidly increasing due to the rapid growth in automotive industry, heavy demand
for ethylene and paraxylene and gasoline has increased direct supply of
benzene. The benzene market is therefore expected to grow during the forecast
period.
On the basis of derivatives,
the benzene industry is segmented into alkylbenzene, chlorobenzene, aniline,
cumene, cyclohexane, ethylbenzene, maleic anhydride, and nitrobenzene and so
on.
“Ethylbenzene” derivatives are
extensively used across automotive industry to manufacture tyres and other
automotive components. Hence, the growth in automotive industry is the prime
driver for benzene market. Cumene, cyclohexane and nitrobenzene are other
derivatives of benzene which are used mainly for manufacturing of protective
coatings, nylon fibers and detergents. It is estimated that China and Japan
were the biggest consumers of benzene in the region followed by South Korea in
the past while India is expected to be the fastest growing market of benzene.
The continuous rise in the
production of end products for use within the region and for exports derives a
huge demand for chemicals. A few of the reasons for the high growth in this
region are growing population, vast economies developed as well as developing
and favourable investment policies and government initiatives to promote
industrial growth.
The global key players in
benzene market are Exxon Mobil Corporation, China Petroleum & Chemical
Corporation, Royal Dutch Shell Plc., The Dow Chemical Company, JX Holdings
Inc., China National Petroleum Corporation, Total S.A., Saudi Basic Industries
Corporation, BP Plc, BASF SE, Shell Global, Amreya Petroleum Refining, Chevron
Philips Chemical, Flint Hills Resources, Fujian Refining & Petrochemical,
Sunoco Chemicals and Sinopec.
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