Dublin, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The "Benzene-Toluene-Xylene (BTX) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Benzene-Toluene-Xylene (BTX) Market size is evaluated at 121,822.57 kilotons in 2020 and is projected to register a CAGR of ~3.76% during the forecast period (2021-2026).
The market was negatively impacted by the COVID-19 pandemic in 2020. Thus, a slowdown or disruption in industrial activity and the economic crisis that outbroke due to COVID-19 affected the investments in certain end-user industries, which affected the demand for benzene, toluene, and xylene (BTX).
For instance, the plastics industry utilizes BTX in its manufacturing process, though in quite small quantities. The year 2020, witnessed a decline in the production of plastics by 0.3%, according to data provided by PlasticsEurope. The 2019 production stood at 368 million metric tonnes, while that of 2020 stood at 367 million metric tonnes.
Over the medium term, the factors driving the growth of the market studied are the growing significance of benzene, toluene in various chemical applications and the growing usage of xylene as solvents and monomers.
On the flip side, the harmful effects of benzene-toluene-xylene (BTX) and unfavorable conditions arising due to the COVID-19 pandemic may act as barriers to the growth of the market studied.
However, the increasing usage of bio-based Benzene-Toluene-Xylene (BTX) is expected to create opportunities for the market studied.
The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Key Market Trends
Ethylbenzene to Dominate the Benzene Application Segments
Ethylbenzene is obtained through acid-catalyzed alkylation of benzene with ethylene.
Ethylbenzene (EB) is the key intermediate in the production of styrene, which is produced by the catalytic dehydrogenation of ethylbenzene, which gives hydrogen and styrene.
Styrene is used mostly in polymer production for polystyrene, acrylonitrile butadiene-styrene (ABS), and styrene-acrylonitrile (SAN) resins, styrene-butadiene elastomers and latexes, and unsaturated polyester resins.
According to US Census Bureau, In 2019, the United States production volume of styrene amounted to a total of approximately 4.68 million metric ton. However, in 2020 the production might have dropped due to the impact of the COVID-19 in the region.
The major styrene industry markets include packaging, electrical and electronic appliances, construction, automotive, and consumer products.
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.
Therefore, the demand for ethylbenzene is likely to increase during the forecast period with the increasing usage in styrene production.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region dominated the market studied, with the largest share of the total market volume and estimated to be the fastest-growing region during the forecast period.
In the Asia-Pacific region, the growing significance of benzene, toluene in various chemical applications and the growing usage of xylene as solvents and monomers is 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.
According to the National Bureau of Statistics of China, in 2020, the total production of plastic products accounted for more than 78 million metric tons in the country. China is the global largest plastic producer, accounting for nearly one-third of the global plastics production. Moreover, the country produced 6.5 million tons to 7.5 million tons of plastic products from August 2020 to August 2021.
China accounts for more than one-fourth of the global coatings market presently. According to the China National Coatings Industry Association, the industry has been registering a growth of 7% through recent years. It was estimated that from 2019, the construction of at least ten large coatings investment projects in China had been reported publicly. Nippon has been tapping into this market situation by upgrading its coatings production process in its new plants in China.
India is the sixth-largest producer of chemicals globally and the fourth largest in Asia. The production volume of performance plastics in the fiscal year 2020 across India was around 1.7 million metric ton. The industry has a coverage of over 80 thousand products.
Owing to the massive potential in the country, adhesive manufacturers, such as Henkel, are still investing in India. For the last few years, Henkel has set up India's largest adhesive manufacturing site in a phased manner and invested INR 400 crore in setting up its first two phases in Kurkumbh, near Pune.
Additionally, according to the Ministry of Economy, Trade, and Industry (Japan), the production volume of synthetic resin paints in Japan amounted to approximately 984.3 thousand metric ton in 2020, making up an enormous production volume of paints. Overall, the production volume of paints added up to nearly 1.5 million metric ton in 2020.
Owing to all the aforementioned factors, the market for BTX in the region is projected to grow at a significant pace during the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Significance of Benzene, Toluene in Various Chemical Applications
4.1.2 Growing Usage of Xylene as Solvents and Monomers
4.2.1 Impact of the COVID-19 Pandemic
4.2.2 Harmful Effects of Benzene-Toluene-Xylene (BTX)
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Price Trend Analysis
4.6 Trade Analysis
5 MARKET SEGMENTATION
5.2 Product - By Application
5.2.1 Benzene By Application
184.108.40.206 Other Applications
5.2.2 Toluene By Application
220.127.116.11 Paints and Coatings
18.104.22.168 Adhesives and Inks
22.214.171.124 Chemical Industry
126.96.36.199 Other Applications
5.2.3 Xylene By Application
188.8.131.52 Other Applications
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 BP plc
6.4.3 Chevron Phillips Chemical Company LLC
6.4.8 GS Caltex Corporation
6.4.10 IRPC Public Company Limited
6.4.11 JFE Chemical Corporation
6.4.12 JX Nippon Oil & Energy (Eneos)
6.4.13 MITSUBISHI GAS CHEMICAL COMPANY INC.
6.4.14 OCI COMPANY Ltd
6.4.16 Reliance Industries Limited
6.4.17 Royal Dutch Shell plc
6.4.18 China Petroleum & Chemical Corporation Limited (SINOPEC)
6.4.20 S-OIL Corporation
6.4.21 SK Innovation
6.4.23 YEOCHUN NCC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Bio-based Benzene-Toluene-Xylene (BTX)
For more information about this report visit https://www.researchandmarkets.com/r/bq7w8n
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