Benzene-Toluene-Xylene (BTX) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Benzene-Toluene-Xylene (BTX) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Global Benzene-Toluene-Xylene (BTX) Market is projected to register a CAGR of more than 3.5% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is estimated to have reached pre-pandemic levels and is expected to grow steadily.

Key Highlights

• The growing significance of benzene and toluene in various chemical applications is expected to fuel the market growth during the forecast period.
• On the flip side, the harmful effects of benzene-toluene-xylene (BTX) are expected to hinder the market's growth.
• Moreover, the increasing usage of bio-based Benzene-Toluene-Xylene (BTX) is expected to create opportunities for the market in the coming years.
• The Asia-Pacific region is expected to dominate the market during the forecast period owing to its growing development in major countries such as India, China, and Japan.

Benzene Toluene Xylene (BTX) Market Trends

Ethylbenzene to Dominate the Benzene Application Segments

• Ethylbenzene is obtained through acid-catalyzed alkylation of benzene with ethylene. Ethylbenzene (EB) is the critical intermediate in the production of styrene, produced by the catalytic dehydrogenation of ethylbenzene, which gives hydrogen and styrene.
• Ethylbenzene is added to gasoline as an anti-knock agent to reduce engine knocking and increase the octane rating. Ethylbenzene is often found in other manufactured products, including pesticides, cellulose acetate, synthetic rubber, paints, and inks.
• Styrene is used primarily in polymer production for polystyrene, acrylonitrile-butadiene-styrene (ABS), styrene-acrylonitrile (SAN) resins, styrene-butadiene elastomers, and latexes, and unsaturated polyester resins.
• The major styrene industry markets include packaging, electrical and electronic appliances, construction, automotive, and consumer products. According to the China Association of Automobile Manufacturing, the production of New Energy Vehicles in the country witnessed a year-on-year increase of 96.9% in December 2022. Hence, impacting the market positively.
• In the fiscal year 2021, India produced around 12,720 metric tons of isobutyl benzene, representing an increase of 35% compared to 2021.
• Moreover, India is one of the major chemical industries in the world, producing more than 80,000 chemical products annually.
• Therefore, all factors above are expected to significantly impact the market's growth during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific dominated the market studied, with the largest share of the total market volume, and is estimated to be the fastest-growing region during the forecast period.
• In the Asia-Pacific region, the growing significance of benzene and toluene in various chemical applications and the growing usage of xylene as solvents and monomers are driving the growth of the market studied.
• Xylene is a component of BTX. Xylene's majority share is used as a solvent, followed by monomers (mainly used in plastics and polymers). Its powerful solvent properties are used in printing, rubber, and leather processing.
• China is the world's largest plastics manufacturer, accounting for approximately one-third of worldwide production. According to the National Bureau of Statistics of China, the country produced 80 million metric tons of plastic products in 2021, an increase of 5.27 % compared to the previous year, which in turn is fueling the market growth.
• According to IBEF, in India, the total value of plastics exported between April and September 2022 was USD 6.38 billion. Thus benefiting the market positively during the forecast period.
• Further, the largest export category in India was plastic raw materials, which accounted for 30.7% of all exports in 2021-2022 and increased by 26.5% from the previous year.
• Owing to all the factors above, the market for BTX in the region is projected to grow significantly during the forecast period.

Benzene Toluene Xylene (BTX) Industry Overview

The global benzene toluene xylene (BTX) market is partially consolidated in nature. Some of the major players in the market include China Petrochemical Corporation, Exxon Mobil Corporation, SABIC, Reliance Industries Limited, and PetroChina Company Limited, among others (in no particular order).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support