India Benzene Market to Surpass $1.5 Billion by 2025
Growing applications
in various downstream industries and increasing demand for benzene derivatives
for manufacturing of various chemicals to drive demand for benzene in India
through 2025
According to
recently published TechSci Research report “India Benzene Market Study, 2011 - 2025”, benzene market in India is forecast
to cross USD1.5 billion by 2025. Rising demand for benzene derivatives and robust
expanding manufacturing sector are major factors driving demand for benzene in
India. Benzene derivative are used for production of number of chemicals,
plastic, pharmaceutical, dyes & pigments, rubber and pesticides. Moreover, growing
population, thriving economy, rising urbanization and increasing government
initiatives to promote growth of industrial sector are further anticipated to
boost demand for benzene in India through 2025.
Plastic industry
is one of the major demand generators for benzene derivatives in the country. During
2011-2015, India plastic industry exhibited a CAGR of 13% in value terms, as the
industry garnered a total revenue of around USD20.78 billion in 2015. Moreover,
the industry is anticipated to grow at a much higher rate during 2016-2025, which
is expected to positively impact demand for benzene in the country during the
forecast period. Reliance Industries Limited, IOCL, Haldia and BPCL are the
leading companies operating in India benzene market. Furthermore, RIL and IOCL
are highest producers of benzene in India, and these companies accounted for a
production capacities of 720000 TPA and 125000 TPA, respectively in 2015. Thus,
increasing the production capacities for benzene by various leading players in
the market is anticipated to significantly influence demand for benzene in
India through 2025.
“Ethylbenzene
end use industry dominated India Benzene market in 2015, owing to increasing
production of various downstream chemicals, as these chemicals are extensively
used in automotive and construction sector, coupled with rising application in
packaging industry and manufacturing of styrene. Moreover, growing utilization
of various benzene derivatives in production of rubber, paint & coatings,
etc., are further forecast to propel demand for benzene in India through 2025.”
said Mr. Karan Chechi, Research Director, with TechSci Research, a research
based global management consulting firm.
“India Benzene Market Study, 2011 - 2025” has analyzed
the potential of benzene market in India and provides statistics and
information on market sizes, shares and trends. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers and key challenges faced by India benzene
market.
About TechSci Research
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