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Impact of Covid-19 on Benzene and its Derivatives Market

Benzene and its Derivatives Market - Overview

Expanding demand of styrene polymers from a number of end-use industries such as paints and coatings, automobiles, foams, and films is expected to continue to bode well for benzene and its derivatives market over the 2020- 2030 forecast timeframe. Exponential growth of automobile sector and paints and coatings industry is providing impetus to the benzene and its derivatives market. Benzene and its derivatives are predominantly used as a raw material in manufacturing of various chemicals.

Benzene and its Derivatives Market - Competitive Landscape

The benzene and its derivatives market is competitive due to the presence of several small and large players. Small regionally operating players mostly serve local demand, whereas large players that operate globally serve global markets.

Key players in the benzene and its derivatives market include ExxonMobil Corporation, JX Holdings, CNPC, Total S.A., Saudi Basic Industries Corporation, Royal Dutch Shell plc. Dow Chemical Company, and BASF SE among others.

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Benzene and its Derivatives Market - Key Trends

R&D for the development of bio-based products is expected to expand the growth horizon of benzene and its derivatives market. Risk of volatility of supply of benzene and its derivatives due to availability and price of crude oil is compelling the need for bio-based alternatives. Adverse effect of some benzene derivatives on the human body in the event of longer exposure is also compelling the need for bio-based benzene and its derivatives.

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Benzene and its Derivatives Market - Regional Assessment

Asia Pacific stood as the leading consumer of benzene and its derivatives in the recent past and is expected to continue to stay at the lead over the forecast horizon. Shift in manufacturing facilities from western countries to China and India due to availability of cheap labor is indirectly fuelling the benzene and its derivatives market. Furthermore, rising demand of benzene and its derivatives from coatings, textiles, and automobile industries is expected to stimulate the benzene and its derivatives market in the region in the forthcoming years. North America benzene and its derivatives market is expected to rise at a substantial rate due to consistent growth of construction and textiles industry.

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