Benzene-Toluene-Xylene (BTX) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Market is segmented by Type (Benzene, Toluene, and Xylene), Product By Application (Benzene By Application, Toluene By Application, and Xylene By Application), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Benzene-Toulene-Xylene (BTX) in terms of volume (kilo tons) for all the above segments.

Market Snapshot

benzene-toluene-xylene market overview
Study Period: 2016-2026
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: 3.76 %

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Market Overview

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.

Scope of the Report

Benzene, Toluene, and Xylene (BTX) make up a mixture commonly used in the petrochemicals industry. BTX is essential for extracting and creating in-demand products such as benzene and nylon – used in the creation of everything from drugs to glues. Benzene (C6H6) is an aromatic hydrocarbon and one of the primary chemical building blocks for the petrochemical industry. The Benzene-Toluene-Xylene (BTX) market is segmented by type, product by application, and geography. By type, the market is segmented into Benzene, Toluene, and Xylene. By product by application, the market is segmented into Benzene By Application, Toluene By Application, and Xylene By Application. The report also covers the market size and forecasts for the Benzene-Toulene-Xylene (BTX) market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Type
Benzene
Toluene
Xylene
Ortho
Meta
Para
Product - By Application
Benzene By Application
Ethylbenzene
Cyclohexane
Alkylbenzene
Cumene
Nitrobenzene
Other Applications
Toluene By Application
Paints and Coatings
Adhesives and Inks
Explosives
Chemical Industry
Other Applications
Xylene By Application
Solvent
Monomer
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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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.
Benzene-Toluene-Xylene (BTX) Market - Ortho Nitro Toluene Production Trends

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.
Benzene-Toluene-Xylene (BTX) Market - Regional Trends

Competitive Landscape

The global benzene toluene xylene (BTX) market is partially consolidated in nature, with cut-throat competition among the major players to increase their share in the studied market. Some key players in the BTX market include Sinopec, ExxonMobil Corporation, SABIC, Reliance Industries Limited, and PetroChina, among others.

Recent Developments

  • In January 2021, INEOS completes the acquisition of BP’s global Aromatics & Acetyls business. The acquisition consists of 15 sites across the world (5 in the Americas, 2 in Europe, and 8 in Asia) as well as ten leading joint ventures. However, BP will retain xylenes production at its Gelsenkirchen, Germany, petrochemicals site that is heavily integrated into its 265,000 b/d refineries. The site includes 175,000 t/yr PX, 65,000 t/yr orthoxylene and 175,000 t/yr mixed xylene units.
  • In August 2020, Oil major Royal Dutch Shell announced its plan to buy a 50% stake in Indian-based Naraya Energy's up to USD nine billion planned petrochemical project. The project will also have an aromatic complex and capacity to produce 10.75 million tons of a variety of petrochemicals, according to Nayara's proposal to the environment ministry.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Significance of Benzene, Toluene in Various Chemical Applications

      2. 4.1.2 Growing Usage of Xylene as Solvents and Monomers

    2. 4.2 Restraints

      1. 4.2.1 Impact of the COVID-19 Pandemic

      2. 4.2.2 Harmful Effects of Benzene-Toluene-Xylene (BTX)

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Price Trend Analysis

    6. 4.6 Trade Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Benzene

      2. 5.1.2 Toluene

      3. 5.1.3 Xylene

        1. 5.1.3.1 Ortho

        2. 5.1.3.2 Meta

        3. 5.1.3.3 Para

    2. 5.2 Product - By Application

      1. 5.2.1 Benzene By Application

        1. 5.2.1.1 Ethylbenzene

        2. 5.2.1.2 Cyclohexane

        3. 5.2.1.3 Alkylbenzene

        4. 5.2.1.4 Cumene

        5. 5.2.1.5 Nitrobenzene

        6. 5.2.1.6 Other Applications

      2. 5.2.2 Toluene By Application

        1. 5.2.2.1 Paints and Coatings

        2. 5.2.2.2 Adhesives and Inks

        3. 5.2.2.3 Explosives

        4. 5.2.2.4 Chemical Industry

        5. 5.2.2.5 Other Applications

      3. 5.2.3 Xylene By Application

        1. 5.2.3.1 Solvent

        2. 5.2.3.2 Monomer

        3. 5.2.3.3 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 BP plc

      3. 6.4.3 Chevron Phillips Chemical Company LLC

      4. 6.4.4 CNOOC

      5. 6.4.5 DOW

      6. 6.4.6 ExxonMobil

      7. 6.4.7 Formosa

      8. 6.4.8 GS Caltex Corporation

      9. 6.4.9 INEOS

      10. 6.4.10 IRPC Public Company Limited

      11. 6.4.11 JFE Chemical Corporation

      12. 6.4.12 JX Nippon Oil & Energy (Eneos)

      13. 6.4.13 MITSUBISHI GAS CHEMICAL COMPANY INC.

      14. 6.4.14 OCI COMPANY Ltd

      15. 6.4.15 Petrochina

      16. 6.4.16 Reliance Industries Limited

      17. 6.4.17 Royal Dutch Shell plc

      18. 6.4.18 China Petroleum & Chemical Corporation Limited (SINOPEC)

      19. 6.4.19 SABIC

      20. 6.4.20 S-OIL Corporation

      21. 6.4.21 SK Innovation

      22. 6.4.22 TOTAL

      23. 6.4.23 YEOCHUN NCC

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Bio-based Benzene-Toluene-Xylene (BTX)

**Subject to Availability

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Frequently Asked Questions

The Benzene-Toluene-Xylene (BTX) Market market is studied from 2016 - 2026.

The Benzene-Toluene-Xylene (BTX) Market is growing at a CAGR of 3.76% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2020.

SABIC, ExxonMobil Corporation, Reliance Industries Limited, PetroChina, Sinopec are the major companies operating in Benzene-Toluene-Xylene (BTX) Market.

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