The "Xylene Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
Xylene is an aromatic hydrocarbon obtained by catalytic reforming and coal carbonization process during the production of coke fuel. The compound has highly beneficial characteristics including– quick evaporation and good dissolving ability. Solvent xylene often contains a small percent of ethyl benzene. Beneficial characteristics of the product as a solvent are favoring its usage in multiple end-user industries such as – printing, automotive, chemical, rubber, paint, and leather industries. Increasing demand for the product in several end-user industries is expected to drive the market at a high CAGR during the forecast period.
Growing polymer and petrochemical sectors coupled with increasing demand for PET, leather, and rubber are expected to drive the global xylene market. Besides, increasing the use of polyesters in the textile industry is anticipated to augment the xylene market growth over the forecast period. According to the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC), in 2000, polyester demand in clothing was only 19.2 million tons globally and by 2014 demand is put at 46.1 million tons.
However, favorable government regulations supporting bio-based chemicals in agriculture are expected to hamper the market demand in the next six years.
Based on the type, the global xylene market is broadly segmented as ortho xylenes, para xylenes, meta xylenes, and mixed xylenes. Among all these para xylenes segments accounted for major market share and are expected to grow at a high CAGR of XX% during the forecast period. Para-xylene is used to manufacture chemicals which are used in the production of polyester fibers and PET. Packing industry is considered as the major end-user for the paraxylene market with applications like mineral water and carbonated soft drink bottles. Additionally, para-xylenes are used in the manufacture of PTA (purified terephthalic acid), a basic petrochemical majorly used in the textile industry for the production of polyester.
The global xylene market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is accounted for a major market share and is expected to grow at a high CAGR of XX% over the forecast period. It is owing to the shift in xylene manufacturing bases to emerging economies of India and China owing to the availability of inexpensive labor. Additionally, China & India is anticipated to be major consumer of xylene on account of the growing demand for pesticides in the agricultural sector over the forecast period. Also, growth in end-user industries is expected to propel the global xylene market in this region.
Significant players of the global xylene market are Royal Dutch Shell Plc., Total SA, Exxon Mobil Corporation, JX Nippon Oil & Energy Corporation, BP p.l.c, China Petroleum & Chemical Corporation, Braskem, and others. The product launches, collaboration, and product agreements, and other key developments are the dominating strategies adopted by the majority of the market players to enhance their product portfolio in the global xylenes market. For instance, in March 2019, BP has signed an agreement to commercialize technology Virent has been developing with Johnson Matthey for making bio-based p-xylene. In May 2017, ExxonMobil Chemical Company agreed with Jurong Aromatics Corporation Pte Ltd to acquire one of the world's largest aromatics plants.
Get your free sample proposal with a single click!