Global Benzene-Toulene-Xylene (BTX) Market Size to Reach USD 9.87 Billion in 2032 | Emergen Research

Vancouver, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global Benzene-Toulene-Xylene (BTX) market size was USD 6.71 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.1% during the forecast period. This growth is attributed to increasing demand for benzene and toluene in various chemical applications, rising need for solvents and surfactants, and growing adoption in high-tech industries.

BTX, which stands for Volatile Organic Compounds (VOCs), is found in petroleum and petroleum products like gasoline, coal, and wood tar. These compounds have a common molecular structure consisting of a hexagonal ring of six carbon atoms with alternating double bonds. BTX plays a crucial role in industries such as plastics, synthetic fibers, detergents, pharmaceuticals, paints, and more. Additionally, the demand for BTX in dye industries has seen a recent upsurge.

Key drivers of growth in the global Benzene-Toulene-Xylene (BTX) market according to the report:

• Rising demand from the plastics industry: Benzene, toluene, and xylene are widely used as precursors and solvents in the production of various plastics and polymers. Increasing plastics consumption globally is expected to drive up demand for BTX.
• Growing automotive industry: The automotive industry is a major end-use sector of BTX, where they are used in the manufacturing of tires, rubber, automotive coatings, and other components. Rapid automotive production growth is boosting the BTX market.
• Increasing construction activities: The construction industry utilizes BTX compounds in applications such as concrete curing compounds, paints, adhesives, and sealants. Rising construction activities worldwide augur well for BTX demand.
• Expanding pharmaceutical sector: Benzene, toluene, and xylene derivatives find wide applicability in pharmaceutical drugs and medications. Growth of the pharmaceutical industry is propelling the BTX market.
• Favorable government policies: Governments across regions are supporting the growth of industries like plastics, chemicals, and automotive through funding, tax incentives, and regulations. This is positively impacting the BTX market.

However, the market faces challenges due to the toxicity of VOC compounds and their harmful effects, including health and environmental concerns. Stringent quality control measures also contribute to increased production costs, potentially affecting the market's competitiveness.

Type Insights: The xylene segment led the market in 2022, accounting for the largest revenue share. Xylene is in high demand as a chemical building block in petrochemical industries and is essential in the production of various products, including plastics, synthetic fibers, paints, and coatings.

Sales Insights: Offline retailing is expected to experience steady revenue growth due to increased demand from local industrial customers. BTX's ability to form strong intermolecular forces makes it a commonly used solvent.

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Application Insights: The chemicals segment is expected to grow moderately due to the rising demand for benzene in various chemical industries. BTX compounds are crucial in the production of pharmaceutical intermediates, synthetic rubber, pesticides, cellulose acetate, and formulations for paints and inks.

End-Use Insights: The pharmaceuticals segment is anticipated to experience the fastest revenue growth due to the increasing demand for synthetics in drugs like benzodiazepines. BTX's aromatic properties and solvent capabilities make it an ideal choice in pharmaceutical applications.

Regional Insights:

• In 2022, the Asia Pacific region dominated the global Benzene-Toulene-Xylene (BTX) market, securing the largest share of revenue which can be attributed to the widespread adoption of BTX in various applications, including plastics, synthetic fibers, resins, and rubbers, notably in countries like China, Japan, South Korea, and India.
• China, in particular, played a pivotal role as a global plastics manufacturer, contributing significantly to worldwide production. The country produced a staggering 80 million tons of plastic goods in 2021, marking a substantial 5.27% increase from the previous year. Xylene, a key component of BTX, found substantial use as a solvent in various industries, contributing to the overall market growth.
• Meanwhile, North America is poised to witness the fastest revenue growth in the BTX market during the forecast period. The region's surge is driven by increased demand for automobiles, pharmaceuticals, and textile products, particularly in the United States and Canada.
• In the U.S., the chemical industry plays a pivotal role, generating 25% of the country's GDP, amounting to a substantial USD 639 billion. Notably, the U.S. BTX sector experienced a significant upswing in domestic manufacturing investments, surpassing previous decades' cumulative investments.

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Scope of Research

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Major Companies and Competitive Landscape

The global Benzene-Toulene-Xylene (BTX) market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Benzene-Toulene-Xylene (BTX). Some of the major companies included in the global Benzene-Toulene-Xylene (BTX) market report are:

• BASF SE
• Chevron Philips Chemical Company LLC
• CNOOC Ltd.
• DOW
• Exxon Mobil Corporation
• INEOS
• IRPC Public Company Limited
• JX Nippon Oil and Gas Exploration Corp.
• Mitsubhishi Gas Chemical Company Inc.
• OCI Company Ltd.
• Shell Plc.
• Reliance Industries Limited
• China Petrochemical Corporation
• SABIC
• S-Oil Corporation
• Sk-innovation Co., Ltd.
• JFE Chemical Corporation
• Royal Dutch Shell Plc
• GS Caltex Corp.
• Formosa

Strategic Development

• On 19 September, 2023, ExxonMobil announced the launch of two new chemical manufacturing units at its Baytown, Texas manufacturing facility. The USD 2 billion expansion is a part of ExxonMobil's long-term growth plan to deliver higher-value products from its chemical and refining facilities on the U.S. Gulf Coast. The new performance polymer line will produce 400,000 tons of Vistamaxx and Exact brand polymer modifiers per year, which can improve the performance of a wide range of chemicals.
• On 14 December, 2020, Royal Dutch Shell Plc announced a partnership between Nayara Energy and Shell Lubricants, leveraging the combined strengths of both brands to deliver world-class products and services. world to meet the rising need of customers, while strengthening Nayara Energy. This partnership will enable Nayara Energy to enhance customer experience across the extensive network in India.

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For the purpose of this report, Emergen Research has segmented the global Benzene-Toulene-Xylene (BTX) market on the basis of type, sales, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Benzene
  • Toulene
  • Xylene

• Sales Outlook (Revenue, USD Billion; 2019-2032)

• • Online Retailing
  • Offline Retailing

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Paints and Coatings
  • Adhesives and Inks
  • Explosives
  • Chemicals
  • Solvents
  • Others

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Chemical Industries
  • Dye Industries
  • Pharmaceuticals
  • Plastics and Synthetic Fibers
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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