|Base Year Market Size
|Forecast Year Market Size
|Fastest Growing Market
The global benzene-toluene-xylene (BTX) market size was valued at 128,619.10 kilotons in 2022. It is projected to reach 179,920.91 kilotons by 2031, growing at a CAGR of 3.80% during the forecast period (2023-2031).
There are numerous ways to produce benzene, toluene, and xylenes. However, most BTX is made by recovering aromatics from the catalytic reforming of naphtha in a petroleum refinery. Catalytic reforming typically uses feedstock naphtha comprising non-aromatic hydrocarbons with 6–12 carbon atoms. It typically yields a reformate product containing C6–C8 aromatics (benzene, toluene, and xylenes), paraffin, and heavier aromatics with 9–12 carbon atoms. The steam cracking of hydrocarbons, which often yields a cracked naphtha product known as pyrolysis gasoline, pyrolysis gas, or pygas, is another method for manufacturing BTX aromatics. The increasing importance of benzene and toluene in various chemical applications and expanding use of Xylene as solvents and monomers are the factors propelling the expansion of the market under study.
The two main substances that makeup BTX, together with Xylene, are benzene and toluene. Since it is used to make a variety of chemicals, such as ethylbenzene, chlorobenzene, and others, benzoin finds extensive use in the chemical industry. These products are subsequently utilized in producing other significant items, including styrene, cumene, and others. For instance, rubber, dyes, and herbicides use chlorobenzene as an intermediary. Growth in the rubber industry will impact the demand for chlorobenzene, which will then move the market for benzene.
Recent changes in the rubber industry are encouraging the need for benzene. For instance, in October 2020, China approved two innovative rubber projects. Shandong Yulong Petrochemical Co. Ltd. and the Petrochemical Research Institute of CNPC formally signed the "Technical License Contract for TBIR and Integrated Rubber.”
In the solvent industry, volatile organic compounds (VOCs) are the most frequently used terms. Since benzene, toluene, and Xylene are considered artificial VOC sources and cause serious health problems, they are controlled and regulated by strict government regulations. Additionally, end-user industries are actively looking for and selecting alternatives to organic solvents like these, which negatively impacts the global BTX market due to strict government regulations on releasing VOC emissions into the atmosphere. BTX (Benzene-Toluene-Xylene), which is combustible, is generally used to extract benzene. High exposure levels have the potential to harm the central nervous system. BTX is classified as a human carcinogen due to the presence of benzene, a significant component.
BTX contains the ingredient xylene. The primary solvent is Xylene, followed by monomers (mainly used in plastics and polymers). Printing, rubber, and leather manufacturing all use their potent solvent characteristics. In addition to being a component of motor oil, paints and paint thinners, polishes, waxes, antifreeze, sealants, adhesives, and even gasoline and cigarettes, Xylene is also used as a lubricant. Some glues and cleansers both include Xylene. Terephthalic acid and dimethyl terephthalate are primarily produced from Xylene. One of the engineering plastics, polyethylene terephthalate (PET), is utilized mainly in the food and beverage industries for packaging.
One or more of PET's characteristics, including portability, design flexibility, ease of cleaning, lightweight, and protection against moisture, make it an ideal packaging material. The demand for Xylene is rising due to the expansion of the food and medical packaging industries. Due to investments and developments in this industry, the use of Xylene in paints and coatings is increasing.
The global benzene-toluene-xylene (BTX) market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 4.10% during the forecast period. It took a little while to conclude that China was the most excellent and practical alternative for producing drugs, particularly active pharmaceutical ingredients (APIs). Businesses wanted to leave the nation and establish bases elsewhere. This could impact the market's demand for benzene, toluene, and Xylene throughout the projected period. China will play a significant role in the supply chain for the chemical industry as its proportion of global chemical exports rises from 6.9% in 2016 to 7.8% in 2020, as seen in the bar chart on the following side. The National Bureau of Statistics of China estimates that more than 78 million metric tonnes of plastic items were produced nationwide in 2020.
North America is expected to grow at a CAGR of 3.75% during the forecast period. One of the world's top producers of chemical goods is the United States. The 13,000 companies in the sector produce more than 70,000 goods. However, the chemical industry had a decline of -3.6% in 2020. The COVID-19 pandemic-related decrease in the chemical industry's output volume in 2020 was anticipated to be recovered by a 3.9% increase between 2020 and 2021. The paints and coatings business produced 1,337 million gallons in the book in 2020, which is anticipated to increase to 1,416 million gallons by 2022. This will probably increase the demand for BTX from the nation's paints and coatings industry.
Europe is expected to grow significantly over the forecast period. Political leaders may boost taxes and spending as they focus more on climate change and digitization, which could make them less concerned about the growing national debt. One of the top producers of paints and coatings in Europe is Germany. There is about 300 paint and printing ink factories, and many small and medium-sized businesses. When the number of Covid cases increased this summer, the French government decided not to impose widespread restrictions because it had intensified its vaccination campaign, resulting in over 77% of adults being fully immunized, which had a positive effect on economic growth.
Argentina's economy has been moving slowly over the past few years due to the inconsistent domestic policy framework, falling commodity prices, sluggish foreign demand, and the depreciation of the peso (ARS) (Argentine peso). In contrast, due to the new liberalization agenda, trade- and investment-friendly policies are anticipated to help the Argentine economy in the medium and long term. Furthermore, the COVID-19 pandemic, which has slowed economic growth, has made it more difficult for the government's objectives to reduce the country's inflation rates. The country's need for adhesives, paints and coatings is anticipated to increase as the building sector expands. Many residential and commercial projects are being undertaken in Saudi Arabia, which is expected to increase the country's construction activity.
|By Sales Channel
|End-Use Verticals Outlook
|BASF SE BP plc Chevron Phillips Chemical Company LLC CNOOC DOW ExxonMobil Formosa GS Caltex Corporation INEOS IRPC Public Company Limited JFE Chemical Corporation JX Nippon Oil & Energy (Eneos) OCI COMPANY Ltd Petrochina Reliance Industries Limited Royal Dutch Shell plc
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The global benzene-toluene-xylene (BTX) market is segmented by type and application.
Based on type, the global benzene-toluene-xylene (BTX) market is bifurcated into benzene, toluene, and Xylene.
The xylene segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.30% during the forecast period. Eyes, noses, throats, and skin might become irritated when exposed to Xylene. Para-, ortho-, and meta-xylenes are removed or distilled during refined gasoline. They can also be made via the disproportionation method from toluene. Although various procedures are employed to separate the individual isomers for different end purposes, Xylene is often delivered as a mixed stream. The majority of xylene production comes from BTX aromatics, also known as benzene, toluene, and xylenes, which are taken from the reformate, a byproduct of catalytic reforming. It is primarily utilized in the printing, rubber, and leather industries as a solvent (a liquid that may dissolve other substances). Xylene is a common solvent used in varnishes, paint thinners, and cleaning solutions.
One of the leading chemical building blocks for the petrochemical industry is aromatic hydrocarbon benzene (C6H6). At room temperature, benzene is a colorless or pale-yellow liquid. It smells pleasant and is quite explosive. Because its vapor is heavier than air and quickly evaporates into the air, it may sink into low-lying places. Both natural and artificial processes contribute to the formation of benzene. Volcanoes and forest fires are two examples of natural sources of benzene. As a natural by-product of the oil-refining process, benzene is also a component of gasoline and crude oil. It is used to produce a variety of petrochemical intermediates, including cumene for the manufacturing of phenol and acetone, cyclohexane, nitrobenzene, and ethylbenzene for the production of styrene.
Methylbenzene, another name for toluene, is a colorless, flammable liquid with a strong, pleasant smell. It is typically made from petroleum by catalytic reforming and pyrolytic cracking as an aromatic combination with benzene and Xylene. Along with the production of coke from coal and the production of gasoline & other fuels from crude oil, toluene is also created as a byproduct of the production of styrene. Toluene is used as a solvent in paints, lacquers, thinners, glues, correction fluid, and nail polish remover, as well as in the printing and leather tanning processes. It has several commercial and industrial uses.
Based on application, the global benzene-toluene-xylene (BTX) market is bifurcated into benzene by application (ethylbenzene, cyclohexane, others), toluene by application (paints and coatings, adhesives and inks, others), xylene by application (solvent, monomer, others)
The benzene segment owns the highest market and is estimated to grow at a CAGR of 3.40% during the forecast period. By alkylating benzene with ethylene under the influence of acid, ethylene becomes ethylbenzene. The catalytic dehydrogenation of ethylbenzene, which results in hydrogen and styrene, makes ethylbenzene (EB) a crucial step in synthesizing styrene. The process of hydrogenating benzene, which can occur in both liquid and gaseous phases in the presence of various metal-based catalysts, has historically been used to produce cyclohexane. Alkylbenzene is a substance made up of benzene and one or more alkyl radicals. Dehydrogenation of n-paraffins to internal olefins and alkylation with benzene employing a hydrofluoric acid (HF) catalyst have been used to make linear alkylbenzenes. Compacting propylene and benzene over an acid catalyst creates cumene (isopropyl benzene).
Toluene is a fast-drying chemical used as a solvent in the paint and coatings industry and is ideal for diluting paints, enamels, varnishes, and alkyl resins. Most of these items contain a toluene-based solvent that keeps them liquid until needed. Because it can be too powerful for many standard coatings, it is frequently employed as a thinner for specialty paints and coatings. Toluene is a suitable solvent and is inexpensive. Thus, it is primarily used in solvent-based adhesives and inks. Toluene, however, has toxicological effects that are dangerous. Toluene exposure can happen in two separate ways. Trinitrotoluene (TNT), a solid organic nitrogen molecule widely employed in explosives, was created via the sequential nitration of toluene. TNT is used in industrial applications, underwater blasting, explosives, grenades, and military shells.
The main applications of the colorless mixture of hydrocarbons known as Xylene are manufacturing paints, printing inks, leather, and rubber. It works wonders in removing old paint from various surfaces, which is why it is employed as a paint solvent. It is superior to other solvents since it is also good at dissolving adhesive, resin, and enamel. It is more successful at thinning chunks of paint and lacquer than other paint thinners, like toluene, because it does not evaporate as quickly as those other paint thinners. Additionally, Xylene is used in the biological and medical domains. The lab uses Xylene to create dry ice baths for cooling reaction vessels. Before staining, dried microscope slides with paraffin are removed using Xylene. Microscope slides are stained and then placed in Xylene before being mounted with a coverslip.