Benzene is a colorless chemical having a sweet odor and a boiling point of 80 degree Celsius. It is mainly used as an industrial solvent and a gasoline additive. Xylene is also sweet smelling, flammable and colorless in nature. It is used as a solvent in printing, leather and rubber industries. It is also used to clean wafers and chips. Toluene is a byproduct of formation of gasoline and coke-fuel from coal. It is used in various industries like coatings, petrochemicals, petroleum and colorants. The global market for benzene and xylene had been hit by recession in 2009, which is recovering gradually. The toluene market has been on a steady growth curve for the past ten years.
The global market for benzene, xylene, and toluene is expected to grow steadily for the next few years. The healthy growth of the toluene market can be dedicated primarily to certain factors like increasing demand for pesticides, pharmaceuticals, paints and for laboratory purposes to produce benzene. The global expansion of the xylene market is driven by the huge demand for polyester fibers in China, partly due to the shortage in production of cotton fibers. The factors for the growth of the benzene market worldwide are the recovering demand of SBR and polycarbonates in automotive markets and the growing construction industry in developing countries. However, weakened carpet demand has been a hindrance to the xylene market. The major constraints faced by the toluene and benzene markets are government regulations which have been put in place to offset the risks that these markets pose to the environment and human health due to their toxic nature.
The global market for benzene, xylene and toluene seems to be highly fragmented with the U.S. in the driving seat. Asia-Pacific is projected to be the fastest growing global exporter with South Korea leading the pack. Some of the key players include BP, Chevron, Exxon Mobil, China National Petroleum Corp. (CNPC), Formosa Plastics Group (FPG), ConocoPhillips, JX Holdings, Flint Hills Resources, the Ineos Group, Saudi Basic Industries Corp. (SABIC), DOW Chemicals, Royal Dutch Shell, SINOPEC, LG Chem. Ltd., and Lotte Chemical.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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- Current market trends
- Market structure
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