The Global Benzene Toluene Xylene Market Continues To Grow Owing To the Increased Demand from Manufacturing and End-Usage Sectors for Industrial and Commercial Applications

 

Benzene Toluene Xylene (BTX) is a co-product extracted during the production process of ethylene. These compounds are aromatic and are mainly used as the main building blocks of petrochemical products. BTX is mainly produced from the various petrochemical industrial processes and is used in chemical manufacturing and intermediate products such as pharmaceutical products, cosmetics, ink, adhesives, rubber product, thinner, and paints. Benzene Toluene Xylene is naturally present in gasoline and is utilized as an additive in gasoline. It is also used as an additive in multiple simulation fluid during production to boost the flow of hydrocarbon.

Market Dynamics                                  

When using products with Benzene Toluene Xylene, the user should always be careful and ensure that these products are not abused and that they do not pose a health hazard to the user. This chemical is widely used in the United States as an antifungal agent and can be found in numerous personal care products such as nail polishes, shampoos, soaps, hair dyes, and deodorants. It is known to cause irritation of the eyes, skin, or mucous membranes and if misused can also result in severe irritation, burning, itching, and swelling.

The main driving factor influencing the growth of the Benzene Toluene Xylene market is the significant rise in demand for BTX in various commercial and industrial applications. The continued expansion of polymeric applications, cleaning agents, paints and coatings, fuel additives, etc., are some of the widely used applications of Benzene Toluene Xylene. According to the U.S. Economic Development Administration, in 2020, there were approximately 8739 paint stores in the United States 2020, which generated total revenue of approximately US$ 12 billion.

Benzene Toluene Xylene is also used in the manufacture of spermicidal strips, deodorant, perfumes, and industrial lubricants. If these chemicals are not properly handled or used, they can cause a wide range of health hazards. An accidental intake can result in vomiting, burns, and nausea, diarrhea, and breathing difficulties. Long term exposure can result in irritability, depression, dizziness, headaches, skin rash, hearing problems, depression, increased rate of the pulse, and high blood pressure. Long-term contract with these compounds can lead to cancer, liver disease, eczema, birth defects, convulsions, reproductive disorders, and a range of other health problems. These are the main restraining factors hindering the growth of the market.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin America. Among these, Asia Pacific is estimated to hold a bigger share of the Benzene Toluene Xylene market, owing to the major manufacturers who are shifting their businesses to the developing economies with an aim to establish a major BTX market in the region. The rapid industrialization and low feedstock cost are also the factors that are encouraging the growth of the market here. The Benzene Toluene Xylene market in North America is estimated to witness significant growth owing to the availability and abundance of cheap raw materials from shale gas reserves.

Competitive Analysis

The key players in the Benzene Toluene Xylene market include Petrochem Carless, INEOS AG, Huntsman Corporation, Honeywell UOP, DEZA a. s., Celanese Corporation, Ashland Inc., Chevron Phillips Chemical Company LLC., LyondellBasell Industries N.V., BASF SE, Eastman Chemical Company, Shell Plc., Royal Dutch UOP LLC, and Exxon Mobil Corporation.

In June 2019, Hyundai Chemical, which is a 60:40 joint venture between Hyundai Oilbank and Lotte Chemical, increased the production of xylene to 1.4 million tons per year from 1.2 million tons per year. Hyundai Chemical has announced that the production of paraxylene will also increase from 1.18 million tons per year to 1.36 million tons per year.