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Diverse applications across distinctive verticals sum the Global Benzene Market value $42 billion during 2019 and market growth continues to emerge with 5.07% CAGR between 2019 and 2025. The market growth is accounted for the penetration of Benzene derivatives across wide range of industrial and consumer products from plastics and resins to drugs and pesticides.
Amidst the key application of Benzene, Ethylbenzene continues to emerge as the largest segment in Benzene applications and is set to hold more than half of the total market value during the estimated period.
In addition, growing number of applications of styrene in general-purpose polystyrene, EPS, and ABS have contributed to the positive trend which drives the Benzene market demand and growth.
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Further, increased demand for aromatic compounds in gasoline, crude oil, and petroleum industry, as well as large consumption of derivatives of Benzene across pharmaceuticals and detergent industry drives the market growth over the estimated period.
However, slump in the crude oil futures and prevailing macroeconomic uncertainty followed by oil refinery attacks in Saudi Arabia as well as downfall of supply across the Americas and Europe are among crucial challenges faced by Benzene market growth.
Asia Pacific accounts for more than one half of the global benzene market value followed by Europe and Americas
Asia Pacific is amid the prominent regional players across the Benzene market characterized by expanding oil & gas, polymer, and construction industries. China is the leading producer and consumer of benzene in the region and has become the largest benzene importing country in the world, overtaking the US. In addition, the U.S has to compete for benzene imports from global markets, as China increases its domestic demand.
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Further, new facilities in Southeast Asia, PETRONAS’ Pengerang Refinery and Petrochemical (PRef-Chem) benzene unit of 160,000 tonnes/year capacity in Johor and Brunei Hengyi Petrochemical’s 500,000 tonnes/year unit in Pulau Muara Besar have stoked speculation that supply and demand of Benzene market may grow ample in the near term.
In addition, increase production of Benzene is observed by the higher levels of exports from Indian producers. These volumes are expected to continue growing in 2019, targeting both Asia and Europe and pricing balance is unlikely to cause swings in export focus.
Pyrolisis gasoline process continues as the most adopted process of producing Benzene
Pyrolisis gasoline is the most dominant process opted worldwide due to availability of refining capacities. The pyrolysis gasoline based benzene market value is estimated at $14.2 billion market value during 2019 with forecast to increase at 5.8% CAGR.
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In addition, lessened supply from steam cracker maintenances will be offset downstream, as several styrene production plants have outlined turnaround plans for the year. A continuing low crude environment is encouraging greater cracking, while weak naphtha demand from the gasoline blend pool has seen more light naphtha grades heading into the petrochemical market.
Strategic agreements and upgrading of benzene production is observed by key market players and is set to target the long term benzene market opportunity
Promising market players are entering into strategic alliances to modernize benzene facilities for production of high-purity benzene with the lowest cash cost. For instance, in September 2019, Sulzer GTC Technology signed an agreement with JSC SIBUR-Neftehim (SIBUR) to provide its licensed pyrolysis gasoline (pygas) processing technologies, aromatics extraction and thermal hydrodealkylation technologies for the modernization of a benzene production.
In addition, in July 2019, South Korean refiner Hyundai Oilbank announced joint ventures with Lotte Chemical and Japan’s Cosmo Oil to expand its aromatics/benzene production capacity.
Further, key market OEMs are shifting the market trends towards green benzene production and are pursuing joint development projects for the same. Accordingly, six companies with European petrochemical operations composed of BASF, Borealis, BP, LyondellBasell, SABIC, and Total, will invest in research and development to produce base chemicals whilst significantly reducing carbon emissions. Base chemicals include ethylene, propylene, butadiene, and BTX (mixtures of benzene, toluene, and xylene).
B.A.S.F., BP Plc., CNPC, ExxonMobil Chemical, and Shell Chemicals among other key market players contributing to major market share.
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