Global Information, Inc. presents "Benzene Global Market to 2020 - Driven by the Styrene Monomer Market, Asian Consumption Will Continue to Dominate" by GBI Research.
Global Benzene Demand to Exceed 40 Million Tons by 2020
Global demand for benzene is expected to reach 42,292,167 tons in 2020; benzene demand stood at 29,109,204 tons in 2010. The Asia-Pacific region accounted for the majority of increase in demand for benzene and this trend is expected to continue over the next decade. Asia-Pacific is expected to account for 61.6% of the global benzene demand in 2020. Demand for benzene in North America and Europe is growing steadily as well, but at a slower rate than that of Asia-Pacific. While demand grows in Asia Pacific largely due to high per capita consumption of benzene, slow growth in North America and Europe is attributed to two major factors: a stagnant population and high manufacturing costs in developed markets.
Growth in the Benzene Market in the Middle East and Africa Driven by Capacity Additions in Saudi Arabia
In 2010, demand for benzene in Saudi Arabia represented 78.9% of the regional demand in the Middle East and Africa. The Middle East is emerging as a production hub for various petrochemical commodities because of the advantage of access to low cost natural gas and crude oil, the starting points for any such commodity. As a result there are plans to increase the capacity for benzene production in Saudi Arabia in the future. The production by volume of benzene in Middle East and Africa is expected to increase at a CAGR of 9.2% in the forecast period.
Low Operating Costs Increase Capacity Additions of Benzene in China
The low operating costs in China and the subsequent increase in capacity additions of Benzene are contributing to Chinas emergence as a global petrochemical product manufacturing hub. China also imports a considerable amount of benzene to produce ethylbenzene, cumene, nitrobenzene, cyclohexane and Linear Alkyl Benzene (LAB). Demand in China is driving the Asia-Pacific markets demand for benzene. South Korea and India also have high gross domestic product (GDP) growth rates and a rapidly rising demand for benzene.
Chinese Companies Dominate the Global Benzene Market
The dominance of the Chinese economy over the global benzene market is clearly visible from the competitive landscape of the global benzene market in 2010, with three of the top five companies being Chinese firms. The company with the largest global benzene capacity share is China Petroleum & Chemical Corporation followed by Shaanxi Yanchang Petroleum (Group) Co. Ltd. with a combined share of 12.3%. The market is fragmented and heavily competitive, with the remaining share divided amongst smaller players
End-Use Segments of Ethylbenzene/Styrene Monomer and Cumene/Phenol Account for Over 70% of Global Benzene Demand in 2010
The global benzene market was dominated by the Ethylbenzene/styrene monomer and cumene/phenol segments which accounted for demand shares of 52.6% and 18.3% of the global benzene market respectively, in 2010. Together they constitute more than 70% of the global benzene demand. Other uses such as cyclohexane, nitrobenzene and LAB collectively consumed less than 15% of the global benzene demand in 2010. With further evolution of the global market and more utilization of rubber products, coatings and adhesives the dominance of ethylbenzene and cumene is expected to strengthen, increasing their consumption share in the overall benzene demand.
About the Report
GBI Researchs new report, "Benzene Global Market to 2020 - Driven by the Styrene Monomer Market, Asian Consumption Will Continue to Dominate", provides an in-depth analysis of the global benzene industry. The research presents detailed analysis and forecasts of the major economic and market trends affecting the global benzene markets. It also contains demand, production analysis and forecasts, drivers and restraints, end use analysis and forecasts and market share analysis of the major producers in the major regions of the world. In addition, it includes demand and production as well as historic and forecast price trends for all the major countries. The overall report provides a comprehensive analysis of the global benzene market covering all major parameters.