DUBLIN, December 29, 2021--(BUSINESS WIRE)--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).
Chevron Phillips Chemical Company LLC
JX Nippon Oil & Energy (Eneos)
MITSUBISHI GAS CHEMICAL COMPANY INC.
China Petroleum & Chemical Corporation Limited (SINOPEC)
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.
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.
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)
4.4 Porter's Five Forces Analysis
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.3 Strategies Adopted by Leading Players
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/a4vicg
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