Benzene Market Trends

Growth Drivers

• Increasing Versatile Applications Of Benzene: Benzene is a large volume petrochemical commodity. As such, the hydrocarbon shows diverse applications to produce various chemicals in the chemical industry. Ranging across varied end user industries, for instance, tire or rubber manufacturing, plastics, paint and coatings, printing and others, several forms of benzene including ethylbenzene, cumene, cyclohexane and others are used. Moreover, rising demand for another prime derivative of benzene, known as styrene or polystyrene to be used across the end user industries is also anticipated to contribute towards the growth of the market during the forecast period.
• Rising Demand For Polyesters: A polyester polymer is made from an acid, benzene-1,4-dicarboxylic acid and an alcohol, ethane-1,2-diol. Owing to many desirable qualities of the polymer, polyesters are used across a wide array of applications. Ranging from knitting fabrics to making bottles, films, dielectric film for capacitors and others, polyesters are widely consumed across manufacturing industries.
  
  Benzene is one of the key components (benzene-1,4-dicarboxylic acid) used in the chemical process for the formation of a polyester polymer. Increasing demand for polyesters is anticipated to raise the demand for greater consumption of benzene hydrocarbon. Moreover, increasing exports of saturated polyesters around the globe is also anticipated to contribute towards the growth of the market. According to the statistics by International Trade Centre, exports of saturated polyesters increased from USD 7.764 billion in the year 2016 to USD 9.680 billion in the year 2018.

Challenges

• Detrimental Effects On Exposure To Benzene: Exposure to benzene is known to cause several health-related issues, such as cancer of the white blood cells, blood disorders and abnormalities of genetic material. Owing to such a factor, government of various nations around the globe have come across with stringent norms that recommends ban of benzene for the manufacturing of certain products. For instance, the U.S. Consumer Product Safety Commission (CPSC) endorses the ban of benzene in consumer products. Such a factor is anticipated to hinder the growth of the market during the forecast period.