Petrochemicals Is Fastest Growing Segment Fueling The Growth Of Benzene Toluene Xylene Market
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| Benzene Toluene Xylene Market |
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 4.1% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market Overview:
Benzene, toluene, and xylene,
commonly referred to as BTX, are aromatic hydrocarbon compounds that are
important industrial chemicals used as building blocks for thousands of
commodity and specialty chemical products. They are mainly used as solvents and
in blending with gasoline to manufacture other chemicals and fuels like
styrene. They offer advantages like providing flexibility, durability and
strength to products.
Market key trends:
One of the key trends driving the
growth of benzene toluene xylene market is rising demand from petrochemical
industries. Petrochemicals are fastest growing end use segment for BTX due to
increasing demand for plastics, resins and fibers. The global petrochemical
industry is growing steadily driven by increasing construction activities and
manufacturing sector growth globally. This growing demand from petrochemicals
is fueling the benzene toluene xylene market growth.
Segment Analysis
The global benzene toluene xylene
market is segmented into xylene, toluene, and benzene. The xylene segment
dominated the market in 2022 and is expected to grow at a higher CAGR during
the forecast period. Xylene finds wide applications in the production of
polyester fibers and polyethylene terephthalate (PET). It is used to
manufacture various plastic bottles and resins. The growing use of plastics in
packaging, construction, and automotive industries drives the demand for
xylene.
Key Takeaways
The Global
Benzene Toluene Xylene (BTX) Market Demand is expected to witness high
growth, exhibiting a CAGR of 4.1%
over the forecast period, due to increasing demand from the construction and
automotive industries.
Regional analysis
Asia Pacific dominates the global
benzene toluene xylene market and is expected to continue its dominance during
the forecast period. Rapid industrialization and growing construction
activities in China and India are fueling the demand for benzene toluene xylene
in the region.
Key players
Key players operating in the
benzene toluene xylene market are ExxonMobil, Chevron Phillips Chemical
Company, SABIC, China National Petroleum Corporation (CNPC), and BASF.
ExxonMobil is one of the largest producers and suppliers of benzene toluene
xylene globally. Chevron Phillips Chemical Company is a major manufacturer of
petrochemicals including benzene, toluene, and xylene in the United States.
Get More Insights Here
https://www.newsstatix.com/benzene-toluene-xylene-market-share-size-forecast-outlook-2023-2030/
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