Benzene is an organic compound with molecular formula C6H6, which is among the most consumed petrochemicals used in the industry. It is an important feedstock to manufacture various chemicals that further serve diverse industries including building and construction, textile, electrical and electronics, and automotive.
The report “Benzene Market & Its Derivatives (Ethylbenzene, Cumene, Cyclohexane, Nitrobenzene, and Alkylbenzene) Market by Application & Geography – Trends and Forecasts to 2018”, defines and segments the benzene & its derivatives market with analysis and forecasting of the consumption volume and value.
Main applications of the products in benzene market include the manufacturing of ethylbenzene, cyclohexane, cumene, nitrobenzene, and alkylbenzene.
It is also utilized for manufacturing maleic anhydride and as a solvent.
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The Asia-Pacific – Biggest Market of Benzene
The Asia-Pacific is the most promising chemical market and is expected to be the same in the near future. The Asia-Pacific is the largest benzene market, which consumed more than 45.0% of the total demand in 2012, and also for most of its derivatives that include ethylbenzene, cyclohexane, cumene, nitrobenzene, and alkylbenzene.
The demand for benzene in the region is anticipated to grow at a CAGR of about 4.1% from 2013 to 2018. It is estimated that China and Japan were the biggest consumers of benzene in the region followed by South Korea in 2012, 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 favorable investment policies and government initiatives to promote industrial growth.
“Ethylbenzene –the Biggest and Cumene –the Fastest Growing” Benzene Derivative Markets
Benzene is a major feedstock to manufacture ethylbenzene, which was at the forefront in terms of volumetric consumption in 2012, mainly driven by the growing demand of styrene. Styrene is manufactured by employing ethylbenzene as a feedstock and the consumption growth of styrenic polymers is also accelerating the demand for benzene at a notable pace.
Ethylbenzene demand is witnessed to be quite high in China, followed by the U.S., South Korea, and Japan. After ethylbenzene, is the cumene production segment which is also expected to be the fastest growing end-use segment with an estimated CAGR of about 5.1% from 2013 to 2018.
Cumene is majorly employed to manufacture phenol and its co-product acetone, which are used in the production of phenolic resins, bisphenol A, caprolactam, alkylphenols, and other chemicals. Phenol consumption is growing at a considerable growth rate, which in turn is pushing the demand for cumene and hence driving the demand for benzene at a significant pace.
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