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Xylene Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3747

The xylene market is slated to observe significant growth over 2022-2028 globally. The market growth can be driven by the increase in the use of xylene for its solvent properties along with rising demand and production of polyethylene terephthalate (PET) in major industries.
 

Xylene is a chemical compound made from liquid hydrocarbons and refined petroleum with properties like colorlessness and greasiness in nature. It can occur naturally in coal tar and petroleum and can quickly dissolve and evaporate rising its demands in major industries.
 

Growing demand for xylene as solvent usage is rising pertaining to its widespread use in various products like paint thinner, nail polish remover, lacquers and pesticides. It is a volatile solvent and is used to dissolve compounds that poorly dissolve in water, thus making it a staple component used by the manufacturers in dissolving compounds but later evaporating the solvent.

 

The product is also finding major applications as a blending agent for aviation and motor, chemical intermediates and breathing instruments like inhalers. That apart, it is widely used as a cleaning agent for steel, silicon wafers and to disinfect various substances.
 

Based on type, global xylene market is segmented into meta-xylene, ortho-xylene, para-xylene and mixed xylene. Among these, paraxylene is anticipated to drive market growth. This is due to its capability of being an essential chemical building block for the production of polyethylene terephthalate (PET), a type of plastic. PET is widely used as a packaging material in the food and beverages industry pertaining to its properties to be shatter-resistant, lightweight and strong. It has become the most preferred packaging material across the world pertaining to its unique properties.  The rising demand for packaging material worldwide has accelerated the demand for PET, contributing to the increased demand for paraxylene.

 

Geographically, Asia Pacific xylene market is estimated to gain traction owing to the presence of xylene manufacturing refineries in China. The producers of xylene are focusing to increase their market presence by focusing on expanding their existing plans and setting up new in countries like China, Indonesia and India. Less feedstock cost and rapid industrialization in these regions will drive the growth of market size. For instance, in 2019, China Petroleum and Chemical Corporation began 800,000 ton per year production of paraxylene units situated in Hainan to boost the production leading to expansion of market segment.
 

The global xylene market includes various industry players like Mitsubishi Gas Chemical Company, Exxon Mobile Corporation, Chevron Philips Chemical Company, Total SA (Total Energies) and others. These market players focus on various strategies like mergers, acquisitions, product launch, campaigns to improve their competitive edge.

 

COVID-19 impact on the overall xylene market forecast

The COVID-19 pandemic has severely impacted various industries across the world. Xylene industry has not been an exception to this due to a steep decline across the construction and automotive industries. However, the rising demand across packaging sector for sanitary, food, medical applications and others will create a positive impetus on the market trends. The expanding packaging industry is anticipated to contribute to the market growth due to widespread stocking of products during the pandemic along with rise in the healthcare-oriented activities.
 

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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