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According to a recent report from Nexant Chem Systems, the aromatics industry has faced challenges in recent years due to oversupply and low prices, which have led to poor profitability. As a result, the sector hasn't received enough attention from industry professionals. However, with rising demand for aromatic hydrocarbons and slower capacity growth, global supply of pure benzene and para-xylene may fall short in the coming years.
Typically, aromatic hydrocarbons are produced as by-products of ethylene and gasoline refining. But as market demand increases, these by-product sources may no longer be sufficient. To meet future needs between 2006 and 2015, the world is expected to require an additional 16 million tons/year of para-xylene and 14 million tons/year of pure benzene.
A major challenge lies in the slowing growth of gasoline demand, especially in key regions like the U.S. and Western Europe. With rising crude oil prices, U.S. gasoline demand is projected to grow at just 1% annually, while European demand could decline by 2% per year due to the shift toward diesel engines. This will reduce the availability of aromatics from reformers, making it harder to meet growing market needs.
In the U.S. and Europe, the production of aromatics from refinery reformers is expected to increase, but limited new naphtha cracker capacity in Western Europe will constrain growth in the cracked gasoline segment. Existing facilities will need to rely on efficiency improvements to boost output. In contrast, Asia is expected to lead in new aromatics capacity, driven by rising car ownership and increasing gasoline demand at around 2% per year. The region is also set to build several new naphtha-based ethylene crackers, further boosting aromatics supply.
Meanwhile, the Middle East is preparing to expand its aromatics output through new export-oriented refineries and petrochemical plants. Countries like Saudi Arabia and Iran are investing in cracking units that process heavy feedstocks, which will increase pyrolysis gasoline production. Despite these developments, the report warns that even with these additions, global aromatic hydrocarbon supply will still struggle to keep up with rising demand in the years ahead.