February 29, 2024

The Benzene Toluene Xylene Market Is Driven By Growing Chemical Production

The global benzene toluene xylene market represents a multi-billion dollar industry annually. Benzene, toluene, and xylene (BTX) are aromatic hydrocarbons that are crucial feedstocks used in the production of numerous chemical derivatives and end products. BTX find widespread application in the production of styrene monomer, which is used to make polymers and plastics like polystyrene. They are also used as solvents and in the production of gasoline blending components, consumer products, and various chemicals. Given the importance of BTX for the chemical industry, the demand for these aromatic hydrocarbons remains inextricably linked to overall chemical manufacturing activity worldwide.

The global Benzene Toluene Xylene Market is estimated to be valued at Us$ 6.99 Bn 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 key trends:

One of the key trends observed in the benzene toluene xylene market is the shifting production patterns for meeting growing demand in Asia Pacific. China dominates global BTX production capacity. However, several new BTX plants are being established across other Asian countries like India, Indonesia, and Malaysia to capitalize on the region’s growing chemical manufacturing base and meet rising local demand. For instance, Reliance Industries in India is doubling its BTX production capacity to 1.5 million tons per year by 2023. Similarly, Chandra Asri in Indonesia and Hengyi in Brunei are building grassroots BTX plants with a combined capacity of over 1 million tons. This production diversification across Asia aims to ensure security of domestic BTX supplies for the region’s chemical industry.

 

Porter’s Analysis

Threat of new entrants: The Benzene Toluene Xylene market has moderate threat of new entrants due to high capital requirements.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many suppliers.

Threat of new substitutes: Threat of new substitutes is low as there are limited substitutes for Benzene Toluene Xylene.

Competitive rivalry: The competition in the market is high given the presence of large global players.

Key Takeaways

The Global Benzene Toluene Xylene Market Demand is expected to witness high growth. Regional analysis comprises

Regional analysis:

 

North America is currently the largest market for Benzene Toluene Xylene owing to strong demand from end-use industries in the region such as chemical, petrochemical and oil & gas industries. Asia Pacific is expected to be the fastest growing market over the forecast period supported by increasing industrial activities and production facilities in emerging economies of China, India.

Key players: 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.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it