Xylene Market Trends to record substantial gains by 2026 | BASF SE, Sinopec, Dow Chemicals, Flint Hills Resources, LG Chem, Banner Chemicals Limited

Xylene is primarily used as a solvent for polymers, paints and coatings, adhesives and sealants industries. It is also a commonly used cleaning agent and a thinner in paints and varnishes. Xylene is utilized, to a lesser extent, as a material in plastics, chemicals, and synthetic fiber manufacturing, and as a key ingredient in the coating of papers and fabrics.

The organic compound is available in a variety of isomeric forms including meta-xylene (m-xylene), ortho-xylene (o-xylene), para-xylene (p-xylene), and mixed xylene. With extensive application in the formulation of paints, coatings, adhesives, sealants, and polymers, global xylene market size is slated to experience a commendable growth in the near future.

BASF SE, Sinopec, Dow Chemicals, Flint Hills Resources, LG Chem, Banner Chemicals Limited, and ConocoPhillips are some of the leading suppliers of the chemical.

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Growing need for food packaging solutions

With growing urbanization and associated lifestyle changes, the consumption of packaged food has increased rapidly over the past decade. Today, consumers have become highly conscious about food quality and prefer packaged foods over openly sold products, which has augmented the need for novel food packaging solutions. Future developments in smart packaging technologies and packaging standards to ensure healthy food quality will positively influence the demand for xylene, which is prominently used as a solvent in polymers used in the packaging sector.

Xylene manufacturers rely on different growth strategies, such as mergers, acquisitions, and partnerships to expand their revenue share. Citing an instance, in June 2020, INEOS Olefins and Polymers Europe announced plans to acquire BP’s global p-xylene, acetyls, and purified terephthalic acid (PTA) business for US$5 billion. The acquisition would provide INEOS a greater scope for expansion and integration into its existing business.

A sustainable approach to xylene manufacturing

In order to curb the ongoing climate change, it is critical to minimize carbon dioxide emissions from power plants and factories while implementing innovative technological options such as carbon recycling technologies. In June 2019, Japan’s Ministry of Economy, Trade and Industry (METI) had formulated the Roadmap for Carbon Recycling Technologies initiative for implementation of carbon recycling technologies to separate and collect carbon dioxide and reuse it for the manufacturing of chemical materials or fuels.

Against this backdrop, the New Energy and Industrial Technology Development Organization (NEDO) launched a new project in July 2020 for the development of the world’s most advanced technology for industrial p-xylene production from carbon dioxide. This would help reduce dependence on fossil fuel-based chemicals for p-xylene manufacturing.

Some of the country’s most renowned establishments including Mitsubishi Corporation, Nippon Steel Corporation, Nippon Steel Engineering Company, HighChem Company, Chiyoda Corporation, and the University of Toyama had been selected as contractors for the project. Para-xylene is a major raw material used in synthetic textiles, which is currently derived from petrochemicals.

Some major factors affecting xylene demand

Xylene is a toxic compound that can lead to skin or eye irritation on ingestion, inhalation, or accidental exposure. The Occupational Safety and Health Administration (OSHA) has regulated the level of xylene in workplace environments to up to 100 ppm for an 8-hour workday or 40-hour week. Health risks associated with product use and storage along with strict workplace safety regulations may impact overall xylene industry forecast slightly.

Related News:

https://www.marketwatch.com/press-release/europe-hydrochloric-acid-market-to-gain-traction-through-2026-decresearch-2020-08-04

https://www.marketwatch.com/press-release/isobornyl-acrylate-market-growth-is-driven-by-rising-demand-for-efficient-chemical-intermediaries-2020-08-03

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