The global orthoxylene market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Orthoxylene is an aromatic hydrocarbon extracted from crude oil and coking coal and is a type of xylenes. They are majorly used as a feedstock for producing phthalic anhydride (PA). PA is used in making phthalate plasticizers, primarily dioctyl phthalate (DOP) and for polyvinyl chloride (PVC), unsaturated polyesters and alkyd resins. Other uses of orthoxylene include solvent applications and in making bactericides, soya bean herbicides and lube oil additives. Minor uses in the high-performance polymer, polyethylene naphthalate (PEN) are some of the new demand outlets for orthoxylene.
Rising demand from plastics industry is likely to drive the p-xylene market. phthalic anhydride (PA) is a major raw material for plastics production which is in turn produced from p-xylene. Demand from plastics market is expected to drive the growth of overall orthoxylene market. Demand from solvent applications, bactericides, soya bean herbicides and lube oil additives markets will also drive orthoxylene market.
Drivers and Restraints of Orthoxylene Market
Growing investments in downstream industries in regions like the Middle East and the Far East are likely to offer tremendous possibilities for orthoxylene market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Orthoxylene is exposed to the probability of volatility in supply and price of crude oil. Orthoxylene has an adverse effect on human body if exposed to it for a longer duration. Its remnants are normally found in soil and air which often makes environmental regulatory institutions to implement strict regulations on usage of orthoxylene. Existing and future regulations concerning the use of orthoxylene and its derivatives in end products are likely to challenge the market growth.
Orthoxylene Market by Region
Asia was the largest consumer of orthoxylene and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were largest consumers of orthoxylene in this region, whereas India is likely to grow at a higher pace. Growing demand from plastics and other industries will drive orthoxylene market in Asia. Consumption of orthoxylene in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from the plastics industry. Demand from Europe was low relatively and is likely to stay same in the next few years due to strict environmental regulations.
Top players in this market include JX Nippon Oil & Energy Corp., BP, PetroChina, Thai Oil Company, Shell, Reliance, Bayer, SABIC, BASF, Flint Hills Resources, Dow Chemical, LG Chem. Ltd, LyondellBasell, The Ineos Group, DuPont, Lanxess, Formosa Plastics Group, ConocoPhillips, SINOPEC, JX Holdings and CNPC.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth