Press release
Xylene Market 2024 - By Growth Rate, Sales, Production, Consumption Manufacturers, Shares And Outlook By 2033
Xylene Market
The xylene market size is expected to see strong growth in the next few years. It will grow to $292.08 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to green and sustainable alternatives, bio-based solvents, increased infrastructure projects, electronic industry expansion, stricter regulations. Major trends in the forecast period include technological advancements in formulations, shift towards bio-based xylene production, increased demand from end-use industries, focus on recycling and circular economy, technological innovations in xylene production.
Market Overview -
Xylene is a chemical compound composed of isomers derived from refined petroleum or liquid hydrocarbons. Xylene can also occur naturally in petroleum and coal tar. It is a colorless, insoluble, flammable liquid with a sweet odor.
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Rising Global Demand For Paraxylene Boosts The Xylene Market
The increasing demand for paraxylene across the globe contributes to the growth of the xylene market. Paraxylene is one of the isomers of xylene and is essential in the production of polyethylene terephthalate (PET). PET is used in industries such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction. The increase in the need for packaging materials has increased the demand for PET and hence contributed to the growth of the paraxylene market. To meet the increasing demand for paraxylene, new production plants have been set up. For instance, according to Jinlianchuang, a Chinese provider of comprehensive digital and intelligent services for bulk commodities, in 2022, China is expected to have 6 sets of paraxylene units in operation with a production capacity of 11.89 million tons/year with a 41.3% increase. The increase of production capacity will support the increasing demand for paraxylene. The growing demand for paraxylene thereby drives the xylene market.
Competitive Landscape -
Major companies operating in the xylene market report are Saudi Arabian Oil Co., China Petroleum & Chemical Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, BP plc, Indian Oil Corporation Ltd., Koch Industries Inc., ENEOS Corporation, Reliance Industries Ltd., BASF SE, Dow Inc., LG Chem Ltd., Honeywell International Inc., S-Oil Corporation, US Petrochemical Industries Inc., Merck KGaA, TORAY INDUSTRIES Inc., Braskem S.A., SK global chemical Co. Ltd., JX Nippon Oil and Energy Corporation, Mitsubishi Gas Chemical Company lnc., Chevron Phillips Chemical Company LLC, Formosa Plastics Corporation, Huntsman Corporation, Tosoh Corporation, INEOS Mangalore Refinery & Petrochemicals Ltd., UOP LLC, Samsung Total Petrochemicals Co.Ltd., Fujan Refining & Petrochemical Company Limited, Westlake Chemical Corporation, YPF S.A., Zhejiang Juhua Co. Ltd., LyondellBasell Industries Holdings B.V., Marathon Petroleum Corporation, Mitsui Chemicals Inc., Nan Ya Plastics Corporation, PTT Global Chemical Public Company Limited, Saudi Basic Industries Corporation (SABIC)
Manufacturers In The Xylene Market Ramp Up Production Capacity Expansion Efforts
The manufacturers in the xylene market are focusing on increasing their production capacity. The major players in the xylene market are investing in expanding the capacities of their existing plants and setting up new plants. For instance, in February 2022, Origin Materials, a US-based chemicals company launched its second plant in Geismar, Louisiana to make polyethylene terephthalate precursor p-xylene. In addition, in 2022, Iran will start the construction of a new 300,000 b/d refinery Shahid Soleimani which is expected to produce propylene, ethylene and paraxylene along with gasoline, diesel, jet fuel, and fuel oil. The project will be completed in next 5 years.
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Key Segments -
The xylene market covered in this report is segmented -
1) By Type: Ortho-Xylene, Meta-Xylene, Para-Xylene, Mixed Xylene
2) By Application: Automotive, Textile, Chemical, Oil and Gas, Leather, Paints and Coatings, Rubber
3) By End User: Plastics and Polymers, Paints and Coatings, Adhesives, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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