NEW YORK, February 10, 2017 /PRNewswire/ --
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 USD 20.78 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.
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