The 2018 Global Benzene Market with Forecasts to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 26, 2018--The “The Global Benzene Market” report has been added to ResearchAndMarkets.com’s offering.According to a recently conducted research about the global benzene market, as an overall, it is projected to reach approximately 56,304 thousand tons by the end of 2023, increasing at a CAGR of around 3% per year in the period 2017-2023.The report focuses on both product and regional breakdown, offering a larger perspective on the market dynamics. Due to the comprehensive diversity of benzene’s application such as solvent, a chemical intermediate, a constituent in motor fuels and others, the analysis considers the application of benzene across various industries. In particular, the largest share of benzene consumption is for the production of ethylbenzene, which accounted for around 51% of the total in volume terms. Meanwhile, the chemical’s application for maleic anhydride has been growing with the highest rate of about 5.54% per year.Regionally, the largest global benzene market was North East Asia, which accounted for about 40% of the total in volume terms. In comparison, Africa was the smallest global benzene market during the analyzed period and is expected to remain such in the medium term.One of the leading trends is linked with the value chains increasingly move eastward, due to the economic growth and market opportunities in Asia. Due to the increased general consumption in Asia, the global demand for benzene and aromatics was mainly supported by markets such as China, which is a key driver for export material from rest of the world. In fact, China is the largest consumer and producer globally, with capacity dramatically increasing over the past few years. The increasing benzene demand was prompted by the downstream polyester value chain, as polyester fibers are in high demand in China.One of the strong trends observed on the North American benzene market is linked with the discovery of shale gas. Due to the shale gas boom, the North American aromatics market has been particularly impacted. Benzene, toluene, and xylenes (BTX) production and supply has been reduced, because of the steam crackers, particularly in the USA, which are increasingly using ethane rather than naphtha as feedstock. One of the distinct trends for the European petrochemical industry is the benefit from a prolonged golden age for naphtha crackers amid low oil prices. Petrochemical revenues have grown versus oil-based European cracker margins.
Another trend is connected with the fact that benzene is a petrochemical used as a fuel additive. Because of its high volatility, benzene acts as a good octane booster, which maintains the energy content of gasoline and is widely used in gasoline blends. In recent years, however, there has been a decrease in the demand for fossil fuels, especially in the developed countries. This was due to the development of new, more fuel-efficient vehicles, as well as the increased consumption of bio-based fuels such as ethanol. In addition, many of the larger oil companies switch their focus on chemicals, since they are now seen as a major driver of demand growth for use of crude oil, especially in mature regions such as Western Europe.
The increasingly competitive landscape globally forces the chemical companies to focus on innovation and particularly on the development of Green Chemistry, which is becoming crucial for the overall future development of the companies. There are several fast dynamic research areas that can be identified such as nanotechnology, biotechnology, the development of biofuels as a supplement to oil supplies, as well as the expansion of water-based paints and the replacements for chlorofluorocarbons (CFCs). So in order to increase their profit, it is important for manufacturers within the chemical industry not only to cut their costs, but also to ensure that their processes and products conform with the pressing environmental issues.
Key Topics Covered
2. Executive Summary
3. Characteristics of Benzene
4. State of the Global Demographics and Economy
5. Overview and Analysis of the Global Benzene Market
6. Overview and Analysis of the Global Production of Benzene
7. Characteristics and Analysis of the Global Prices of Benzene
8. Overview and Analysis of the Global Imports of Benzene
9. Overview and Analysis of the Global Exports of Benzene
10. Balance Between Supply and Demand On the Global Benzene Market
Companies FeaturedSonatrachAmeriya Oil Ref. Co.AnrpcEchemRutgers ChemicalsTotal BelgiumTotal Olefins AntwerpDezaRepsol QuimicaPetkim PetrokimyaAzerkhimijaMozyr Oil RfyAtyrau Oil Rfy.Angarsk PetrochemicalGazpromneft-OmskKinefLukoil Permnefteorgsynt.NizhnekamskneftekhimKian PetrochemicalTabriz PcGadiv Pc Ind.Kuwait AromaticsOrpicQatar PetroleumSeef LimitedIBN RushdPetrokemyaRabigh Refining and PcS.Aramco/Shell Jubail RefSaudi Chevron Phill. PcSaudi KayanYansabTosoh Corp.Gs Caltexand many more...
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Research and Markets
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PUB: 11/26/2018 08:08 AM/DISC: 11/26/2018 08:08 AM