BTX Market Size 2027: Increase in Demand in the Manufacture of Surfactant & Chemical Solvent are Drives Growth

The Global BTX Market Size is Expected to Grow USD 162.66 Billion in 2018, Growth - CAGR of 5.9% During Forecast Period

NEW YORK CITY, NEW YORK, UNITED STATES, August 18, 2022 /EINPresswire.com/ -- The Global BTX Market is forecast to reach USD 274.78 Billion by 2027, according to a new report by Reports and Data. BTX or commercially known as Hydrogenated Pyrolysis Gasoline (HPG) is the mixture of three simplest aromatic hydrocarbons namely Benzene, Toluene, and Xylene. Most of these aromatic hydrocarbons comes in the liquid form with an aromatic odor. BTX aromatic hydrocarbons are typically produced from double hydrogenation of the Raw Pyrolysis Gasoline (RPG) or debutanized aromatic concentration process, deriving from the catalytic reforming of naphtha in the petroleum refinery plant. The continuous expansion of the fuel additives, paints & coatings, cleaning agent, foams, and polymeric applications, others are some of its widely used end-usages. Use of these hydrocarbons as the chemical solvent or chemical intermediate in the manufacture of plastics, surfactant, rubber, adhesives, detergent, explosives, lubricants, drugs, and pesticides, to name a few are expected to primarily drive the demand of this market throughout the forecast period.

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Further key findings from the report suggest

Chemical processing industries sub-segment dominated the market in 2018 with about 36.4% of market share and expected to propel at a growth rate of 4.9% during the period 2019 to 2027. Chemical solvent or chemical intermediate in various industries like lubricant, petroleum production, functional fluids, paint additives, and surfactant are some of the most common applications under this sub-segment.
Benzene is a commodity petrochemical and an aromatic hydrocarbon product. It is manufactured as a by-product in refineries and steam crackers. Styrene, produced from benzene, is a liquid hydrocarbon that is important mainly for its tendency to undergo polymerization. Styrene is produced from industrially produced or naturally extracted ethylbenzene, which is dehydrogenated in the presence of a catalyst to produce styrene. It is a key chemical ingredient in the production of polymers and synthetic rubbers.
Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in the Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, due to the non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing distribution channel. The online retailing is expected to gain a market share of 26.2% by 2027.
The European chemical industry is a major part of the country's economy. Europe's chemical industry is a world leader in chemical production. Approximately, more than half of the chemical sales in the region are of polymers and petrochemicals, which in turn propels the demand for benzene and xylene hydrocarbons. The European region is growing at a CAGR of 4.6% throughout the period 2019 to 2027.
Key participants include BASF SE, Dow DuPont, ExxonMobil Corporation, China National Petroleum Corporation, Royal Dutch Shell PLC, Borealis AG, Covestro AG, Saudi Basic Industries Corporation, Mitsubishi Gas Chemical Company, Inc., and Reliance Industries Limited, among others.

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For the purpose of this report Reports and Data has segmented global BTX Market on the basis of type, application, and region:

Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)

Online Retailing
Offline Retailing

Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)

Solvent
Additive

End-Use Verticals Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)

Chemical Processing Industries
Dye Industries
Pharmaceuticals & Consumer Goods
Plastics & Synthetic Fibers
Others

Key Regional Markets Covered in the Report:

North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)

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Key Questions answered by the Report:

What is the expected year-on-year growth of the BTX market during the forecast period?
What key trends are expected influence revenue growth of the market going ahead?
Which region is expected to account for largest revenue share over the forecast period?
Which key companies are profiled in the report?

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