Aromatics Extraction System Market: Introduction
- Aromatics extraction system is used in refineries to separate a mixture of aromatics into pure benzene, toluene, and mixed xylene products. It is also called benzene-toluene-xylene (BTX) unit.
- This unit uses solvents of different polarities such as sulfolane and diethylene glycol/ triethylene glycol
Key Drivers and Restraints of Aromatics Extraction System Market
- Increase in industrialization and urbanization in developing countries is a major factor driving the market. China, India, and Brazil are the key economies that witnessed high industrialization in the last decade.
- Demand for new refineries has been rising owing to the growth in demand for refined products. This is also boosting the market. However, high initial investment is a prominent factor hampering the market.
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Liquid-liquid Extraction Type Segment to Offer Lucrative Opportunities
- In terms of type, the market can be divided into liquid-liquid extraction (LLE) and extractive distillation (ED). The Liquid-liquid extraction segment dominated the global aromatics extraction system market in 2018.
- LLE is the oldest type of aromatics extraction system. It consists of four major columns: extractor, stripper, water wash column, and recovery column. The solvent used in LLE must be stable, nontoxic, and simple to separate from aromatics in the recovery column.
- The ED segment is expected to expand at a fast-paced CAGR during the forecast period. ED is a relatively new type of aromatics extraction system, with less equipment and generally higher efficiency compared to LLE. ED was developed in the 1970s, and used over time with different solvents to enhance its performance.
Asia Pacific to Hold Major Share of Global Aromatics Extraction System Market
- In terms of region, the global aromatics extraction system market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global aromatics extraction system market in 2018. The market in the region is expected to expand at a rapid pace during the forecast period.
- Increase in disposable income of individuals and improvement in standard of living in China, Japan, and other major economies in Asia Pacific are driving the market
- Most companies across the globe are shifting their manufacturing base to ASEAN countries due to the availability of cheap labor and abundance of raw materials. Additionally, the number of refineries is increasing in ASEAN. This is augmenting the market in the sub-region. In December 2018, Indonesia’s state-owned energy producer, PT Pertamina, announced that it would co-operate with an Oman-based Overseas Oil & Gas (OOG) to develop a new oil refinery. The refinery is projected to become the biggest refinery, as it would be integrated with the petrochemical plant.
- North America is another vital region of the global aromatics extraction system market. The region is the major hub for key chemical and oil & gas firms. This positively influences the market. The U.S. is the prominent country in North America as well as the global aromatics extraction system market. According to the EIA’s Annual Refinery Capacity Report, as of January 2019, the operable atmospheric crude oil distillation capacity of the U.S. was a record-high 18.8 million barrels per calendar day (b/cd), an increase of 1.1% since the beginning of 2018.
- In terms of revenue, Europe and Middle East & Africa are expected to contribute significantly to the global aromatics extraction system market during the forecast period
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Key Players Operating in the Aromatics Extraction System Market:
The global aromatics extraction system market is highly concentrated, with top manufacturers accounting for approximately 40% to 45% share. Key players operating in the global aromatics extraction system market include:
- PR electronics
- Sulzer GTC Technology
- Honeywell International Inc
- Toyo Engineering Corporation
Key Developments of Aromatics Extraction System Market:
- In May 2018, GTC Technology licensed its GT-BTX process for a new aromatics recovery unit for PT Chandra Asri Perkasa (CAP2), a subsidiary of PT Chandra Asri Petrochemical Tbk. The unit is part of Chandra Asri’s second grassroots petrochemical complex to be built in Indonesia, and would extract benzene, toluene, and xylene from pyrolysis gasoline (pygas).
- In November 2016, GTC Technology signed an agreement with JG Summit Petrochemical Corp to provide its GT-BTX and GT-DWC licensed technologies for an aromatics extraction unit at JG Summit’s petrochemical complex in Batangas, the Philippines.
Global Aromatics Extraction System Market: Research Scope
Global Aromatics Extraction System Market, by Type
- Liquid-liquid Extraction (LLE)
- Extractive Distillation (ED)
Global Aromatics Extraction System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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