Global Benzene Market to Cross 46 MMT by 2020
Growing demand for synthetic rubber in tyre industry to drive global benzene market through 2020
According to recently published TechSci Research report,“Global Benzene Market Forecast and Opportunities, 2020”, global benzene market is expected to surpass 46Million Metric Tons by 2020. Benzene finds application across various downstream sectors,with major end-use application being production of derivatives used for manufacturing synthetic rubber. Synthetic rubber is rapidly being adopted as a substitute for natural rubber, particularly in automotive industry, thereby escalating benzene demand, globally. Increasing demand for benzene for the production of prominent derivatives including ethylbenzene and cumene, among others, is the key factor driving growth in global benzene market.
The report reveals that majority of benzene is processed for the production of ethylbenzene, a precursor to styrene,which is used for producing polystyrene plastics, engineering plastics, and synthetic rubber. These products find application in manufacturing of tyres, paper coatings, footwear, etc. Production of ethylbenzene is anticipated to account for majority of benzene consumption over the forecast period as well. Ethylbenzene, is followed by cumene, cyclohexane and nitrobenzene, in terms of volume consumption of benzene, globally.
“With growing application in automotive, paper coatings, electronic appliances and plastics industry, the demand for benzene is continuously increasing. However, the use of lighter feedstock for steam cracking is gradually resulting in a tightened demand/supply scenario, owing to which global players are either expanding their existing capacities or adding new facilities for production. Global benzene market is anticipated to exhibit promising growth over the next five years on the back of increasing demand worldwide.”, said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
“Global Benzene Market Forecast and Opportunities, 2020” has analyzed the future growth potential of benzene market across the globe, and provides statistics and information on market size, share and trends. The report is intended 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 major drivers, challenges and opportunities in global benzene market.