Meta-Xylene Market Trends, Business Strategies, Regional Outlook, Challenges and Future Scope

Xylene refers to a volatile and colorless liquid hydrocarbon derived from coal, petroleum, and wood. Meta-xylene (m-xylene), an isomer of para-xylene and ortho-xylene, is an aromatic hydrocarbon with two methyl substituents attached at the meta positions of the benzene ring. The hydrocarbon is primarily used for producing isophthalic acid, an organic compound used in the production of reinforced plastics, unsaturated polyester resins, inks, and alkyd resins. Thus, the burgeoning need for such products in the packaging and construction industries will augment the need for m-xylene in the coming years.

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Additionally, the soaring demand for paints and coatings, owing to their extensive use in the infrastructure and construction sectors, will help the m-xylene market demonstrate a CAGR of 4.4% during 2018–2023. According to P&S Intelligence, the market revenue will reach $1,341.7 million by 2023. Large quantities of m-xylene, also known as m-dimethylbenzene, m-xylol, 1,3-xylene, and 1,3-Dimethylbenzene, are heavily used in the production of paints and coatings, which are extensively required in the development of retail centers, hotels, offices, residential apartments, and civic infrastructure in India, the U.S., China, and Eastern Europe, due to the mounting focus on infrastructure development in these countries.

Nowadays, m-xylene produced by Mitsubishi Gas Chemical Company Inc., Formosa Chemicals & Fibre Corporation, CEPSA, and Lotte Chemical Corporation is being increasingly used in the production of isophthalic acid, owing to the expanding polymer and plastics industries. Additionally, m-xylene produced by such companies is also being used by the paints and coatings industry as an intermediate in dyes and resins. The other major application area of the chemical is the production of 2,6-xylidine, 2,4-xylidine, 2,4-dimethylbenzophenone, and solvents.

In the coming years, developing countries such as South Africa, India, Brazil, Indonesia, and China will utilize a significant volume of m-xylene, due to the rapid growth of the packaging and automobile industries in these nations, owing to their exponential economic growth. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), the automobile industry in India produced a total of 26,362,282 vehicles in the financial year 2019–2020. Furthermore, the International Organization of Motor Vehicle Manufacturers (OICA) states that 19,994,081 cars and 5,231,161 commercial vehicles were sold in China in 2020.

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According to P&S Intelligence, the APAC m-xylene market will witness the fastest growth in the forthcoming years, due to the expanding packaging, automotive, and aerospace industries in the region. Moreover, the surging consumption of coating resins and formulations in South Korea and China, owing to the flourishing construction industry in these countries, will also escalate the adoption of m-xylene in the coming years. Besides, the increasing production of polyethylene terephthalate (PET) plastic, due to the rising preference for alcoholic beverages and carbonated drinks, will also create a huge requirement for m-xylene in the region in the foreseeable future.

Thus, the booming demand for paints and coatings and expanding petrochemical industry in APAC will boost the production of m-xylene in the coming years.

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This release was published on openPR.