Xylene Market Potential Growth, Share, Demand, COVID-19 Overview and Industry Analysis of Key Players- Research Forecasts by 2023
Research Reports
Dec 29, 2020
Xylene is an organic compound obtained via coal carbonization and catalytic reforming during the production of coke fuel. Properties of rapid dissolution and quick evaporation can fuel its demand among end-use industries. The global xylene market report by Market Research Future (MRFR) identifies insights and opportunities for the period of 2017 to 2023 (forecast period). It also takes into account the sudden outbreak of the COVID-19 pandemic.
Market Scope
The global xylene market is expected for a huge windfall over the forecast period owing to its application in industries of automotive, oil & gas, rubber, leather, paints & coatings, textile, chemicals, and others. The use of o-xylene as a solvent in glues, paint thinners, correction fluids, and nail polish removers. The production of polymer resins is projected to fuel the xylene market growth till 2023. Production of p-xylene for development of pure isophthalic acid and polyethylene terephthalate (PET) owing to its use as an intermediate agent can bode well for the market.
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Segmentation
The global xylene market is segmented by type and application.
On the basis of the type, the market is segregated into o-xylene, m-xylene, and p-xylene segments. O-xylene or ortho-xylene is expected to command a huge share of the global xylene market owing to demand for phthalic anhydride. Its use in formulation of polyester resins with application in automotive and construction sectors can bolster the segment growth over the forecast period. P-xylene or PX can face heavy demand owing to the need for purified terephthalic acid (PTA) for production of solvents or herbicides.
The market by application is further categorized into automotive, textile, chemical, oil & gas, leather, paints & coatings, rubber, and others. The automotive segment is poised to drive the demand for xylene due to its need for sealing and coating of automotive components.
Regional Analysis
The report covers brief analysis of the major geographic regions namely Asia Pacific (APAC), Europe, North America, Latin America, and the Middle East & Africa (MEA).
APAC is set for massive growth owing to the use of polyester fibers for applications in apparel and home furnishings. The fusion of polyester with natural fibers to develop wrinkle resistance in drapes, curtains, and bed sheets can drive the demand for xylene during the forecast period. India, South Korea, Japan, and China are prime consumer of xylene due to the large number of end-use industries making developing countries their host for expansion purposes.
North America and Europe can experience a steady growth from the replacement of glass with PET bottles. The large food and beverages industry in these regions and the consumption of fast foods and drinks can drive the market demand exponentially. The latent potential in beer packaging can provide plenty of growth opportunities for the global xylene market. Developments in catalytic refining and use of xylene in paints and coatings and automotive industries can bode well for the market. France, Germany, and the U.K. are major regions driving the growth in the region.
Competition Outlook
The ExxonMobil Corporation, The Dow Chemical Company, Formosa Plastics Corporation, LG Chem, Huntsman Corporation, TORAY INDUSTRIES, INC., China National Petroleum Corporation, Chevron Philips Chemical Company, Eastman Chemical Company, and BASF SE are key players of the global xylene market.
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