Benzene Toluene Xylene Market Is Estimated To Witness High Growth Owing To Rising Demand From Petroleum Industry
Benzene, toluene and xylene, commonly referred to as BTX, are aromatic hydrocarbons obtained during crude oil refining and gasoline production processes. BTX finds wide applications in various end-use industries including petroleum, polymers, coatings and pharmaceuticals. Within the petroleum industry, BTX is a critical component in gasoline blending to increase octane rating. It is also used as feedstock for various petrochemicals and polymers manufacturing. The global benzene toluene xylene market is highly dependent on crude oil refining activities and demand trends of end-use industries.
The global Benzene Toluene Xylene Market is estimated to be valued at Us$ 6.99 Bn or Mn in 2023 and is expected to exhibit a CAGR Of 35% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing petroleum refining industry is one of the key drivers for benzene toluene xylene market. As per recent data, global crude oil refining capacity is projected to increase by over 13% and reach 115 million barrels per day by 2030. This is expected to significantly boost BTX production globally during the forecast period. Further, expansion of polymers and coatings industry also contributes to the demand for benzene, toluene and xylene. Growth in automotive and construction sector drives coatings consumption while rising demand for plastics propels polymers industry growth. Both these end-use industries are major consumers of BTX.
SWOT Analysis
Strength: Benzene Toluene Xylene Market has strong presence in many end-use industries like petrochemicals, chemicals, plastics, coatings, elastomers and other. Rapid industrialization and urbanization in developing regions are driving its demand. Wide applications of these chemicals boosts the market growth.
Weakness: Stringent norms and regulations regarding emissions and exposure limits pose challenges. Toxic nature of benzene requires careful handling during transportation and storage. Dependence on crude oil prices makes the market volatile.
Opportunity: Increasing demand for polyester from textile industry offers new opportunities. Rising consumption of fibers, engineering plastics and other materials would spur the market. Promising applications in developing green technologies opens up avenues.
Threats: Growing environmental concerns about hazardous air pollutants prompt search for alternate materials. Shift towards electric vehicles reduces gasoline consumption lowering demand. Fluctuations in crude oil supply disrupt production.
Key Takeaways
The Global Benzene Toluene Xylene Market Demand is expected to witness high growth.
Regional analysis: Asia Pacific region dominates currently accounting for over 50% share due to large production volumes in China and India. It is also projected to report fastest growth during the forecast period supported by rising chemical industry and increasing demand for end-use applications.
Key players related content comprises Key players operating in the Benzene Toluene Xylene Market are Cobra Biologics and Pharmaceutical Services (Charles River Laboratories), VGXI, Inc., Aldevron (Danaher), Kaneka Corporation, Nature Technology, PlasmidFactory GmbH & Co. KG, Cell and Gene Therapy Catapult, LakePharma, Inc., MeiraGTx Limited, Eurofins Genomics, Vigene Biosciences, Luminous BioSciences (LBS), LLC, GenScript, GENEWIZ, Creative Biogene, Akron Biotech, Biomay, JAFRAL Ltd., WuXi Biologics, GeneImmune Biotechnology Corp., Lonza, Greenpak Biotech Ltd., Luina Bio (AcuraBio), Ajinomoto Bio-Pharma, Synbio Technologies, Genopis Inc., Altogen Biosystems, Puresyn, Inc., Cepham Life Sciences, Catalent, Inc., Biomiga, Waisman Biomanufacturing.
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