Benzene Toluene Xylene Market Estimated to Record Highest CAGR by 2025
Benzene toluene xylene (BTX) is co-product formed during ethylene production process. These aromatic compounds are the main building blocks of essential petrochemical products. BTX are mainly produced from various processes of petrochemical industry which are used in manufacturing of chemicals, intermediates and consumer products such as paints, thinner, rubber product, adhesives, ink, cosmetics and pharmaceutical products. Benzene Toluene Xylene are present naturally in gasoline and also used as additives in gasoline. BTX are also used as additives in various simulation fluids to improve the flow of hydrocarbon during production.
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The cost of feedstock is considered to be the largest cost in the petrochemical industry. The estimated cost of feedstock to produce BTX accounts for 40-50% of total costs. Catalytic reforming represents the main source for aromatics, accounting for over half of the global production volume. Steam cracking of naphtha is the second main petrochemical source for aromatics. Thirdly, coke-oven light oil (COLO) represents an emerging source for aromatics from coal processing into coke.
Asia-Pacific is the largest, and fastest-growing market
Asia-Pacific is expected to be the largest region in the Benzene Toluene Xylene market. BTX is used as a polyester for the manufacturing of rubber, leather, as well as in textiles. Major manufacturers are now shifting their production units to the emerging economies of Asia Pacific and Latin America in order to capitalize on major economies of scale in these regions. The low feedstock cost and increasing industrialization in Asia Pacific are the major factors positioning it as the largest and fastest growing market for BTX. Also, benzene is majorly used in the production of SBR and polycarbonates. Thus, the growing automotive and construction industry in Asia-Pacific region is fueling growth of SBR and polycarbonates, which in turn is augmenting growth of benzene toluene xylene market. In North America, the availability of abundant and cheap raw material from exploiting shale gas reserves is expected to lend major growth traction to the petrochemical industry, which in turn will augment growth of the BTX market in the region.
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Benzene Toluene Xylene Market Challenge – Environmental Impact
Volatile organic compound content is one of the most commonly used terms in the solvent industry. Benzene Toluene Xylene is classified as an artificial VOC source, which lead to major health disorder and are strictly directed by stringent government regulations. Moreover, due to stringent government regulation on release of VOC emission to the atmosphere, end-use industries are actively opting for alternative to organic solvents and dispersing media.
There are various organic and inorganic growth strategies being followed by major players. For instance, China’s CNOOC Ningbo Daxie Petrochemical has announced a new 1.6 million MT/year para xylene plant at Ningbo, which is expected to be commissioned by 2018.
The major players in the benzene toluene xylene market are Exxon Mobil Corporation, UOP LLC Royal Dutch Shell Plc., Eastman Chemical Company, BASF SE, LyondellBasell Industries N.V. Chevron Phillips Chemical Company LLC. Ashland Inc. Celanese Corporation, DEZA a. s., Honeywell UOP, Huntsman Corporation , INEOS AG, Oil Refineries Ltd., and Petrochem Carless
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