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Global 5-Isopropyl-m-Xylene Market size worth over $235 million by 2026
- Published Date: January 5, 2021
According to a new research report by Global Market Insights Inc., the Global 5-Isopropyl-m-Xylene Market size is set to surpass USD 235 million by 2026 owing to rising demand for laboratory chemicals from the healthcare, life science and semiconductor industries.
Semiconductor laboratories increasingly require ample supply of reagents to conduct research in various fields such as artificial intelligence, biometrics and to enhance the performance of batteries. The life science sector is witnessing a tremendous rise in cell culture and DNA technologies in recent years. Increasing use of genetic manipulation technique for protein purification and phenotype determination may provide favorable opportunities for the growth of 5-isopropyl-m-xylene market.
Increasing requirement of durable packaging should accelerate the growth from terephthalic acid and related derivatives
5-isopropyl-m-xylene market demand from terephthalic acid (TPA) and related derivatives should surpass USD 175 million by 2026. Terephthalic acid is witnessing growing adoption in the production of engineering polymers, polybutylene terephthalate and serves as a raw material for pharmaceutical products. TPA is also ideal to produce polyethylene terephthalate, which is widely used in packaging solutions of food, beverages, personal care & cosmetics, pharmaceuticals, and household products.
Growing requirement of polyester staple fibers and yarns primarily from the textile sector should drive 3,5-dimethylcumene market growth. Terephthalic acid finds extensive usage to produce polyester staple fibers which help apparel manufacturers improve shrinkage, reduce production costs, enhance durability and wrinkling profile. Moreover, growing per-capita disposable income and significant rate of industrialization have resulted in growing food & beverage consumption which should stimulate terephthalic acid demand from packaging sector.
Browse key industry insights spread across 130 pages with 99 market data tables and 30 figures & charts from the report, “5-Isopropyl-m-Xylene Market By Application (Research, Organic Synthesis, Terephthalic Acid & Related Derivatives) Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Favorable government policies to boost research & development to stimulate 5-isopropyl-m-xylene requirement in Europe
5-Isopropyl-m-xylene market is likely to grow at a CAGR of 4% in Europe in the predicted timeframe. The region has witnessed an increasing demand for laboratory chemicals primarily from the healthcare sector on account of rise in government funding & support and substantial elderly population. Increasing focus of European scientific community to utilize the chemical sciences to address contemporary concerns such as adequate food production, climate change, energy and clean water availability should further drive market growth.
Favorable government policies to boost research & development such as rules proposed by the European Union in November 2020 seeking to provide companies with access to public and personal data should augment the growth of 5-isopropyl-m-xylene market in the region. The EU has adopted research & development and innovation as key policy components of the Europe 2020 strategy which aims to promote sustainable, inclusive growth in order to boost the regional economy, which should drive the demand for research chemicals.
Major manufacturers of 3,5-dimethylcumene are engaged in strategic initiatives such as acquisitions, mergers, partnerships and e-commerce to achieve market expansion or augment production capacity. In August 2020, Tokyo Chemicals Industry, announced the launch of a digital storefront which will help the company enhance the B2B customer experience and product sales covering around 20 countries globally.
The key players in the 5-isopropyl-m-xylene industry include Sigma Aldrich, TRC Canada, Spectrum Chemicals, J&K Scientific Ltd and Tokyo Chemicals Industry, Co., Ltd.