Analysis of the 2024-2033 Xylene Market: Size, Restraints, Drivers, and Trends

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Overview and Scope

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.

Sizing and Forecast

The xylene market size has grown strongly in recent years. It will grow from $211.19 billion in 2023 to $225.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to paints and coatings industry, adhesive and sealant applications, expanding printing industry, polymer production, textile industry demand.

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.

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the xylene market in 2023. Middle East was the second-largest region in the global xylene market share. The regions covered in the xylene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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)

The xylene market report table of contents includes: