The global xylenes 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.
Xylenes are a aromatic hydrocarbons extracted from crude oil and coking coal and are a part of BTX (Benzene,Toluene and Xylenes). They are majorly used as a feedstock for producing terepthalic acid, pthalic anhydride and many other downstream derivatives. Xylenes market is segmented into o-xylene, m-xylene and p-xylene based on the chemical properties and application.
Rising demand from PET and polyester industry is likely to drive the p-xylene market. Terephthalic acid is a major feedstock for PET and polyester production which is in turn produced from p-xylene. Demand from PET and polyester market is expected to drive the growth of overall xylenes market. Demand from dimethyl terephthalate (DMT), di-paraxylene, herbicides and solvents markets will also drive xylenes market.
Drivers and Restraints of Xylenes Market
Growing investments in downstream industries in regions like the Middle East and the Far East are likely to offer tremendous possibilities for xylenes 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.
Xylenes are exposed to the probability of volatility in supply and price of crude oil. Xylenes have 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 xylenes. Existing and future regulations concerning the use of Xylenes and its derivatives in end products are likely to hinder the market growth.
Xylenes Market by Region
Asia was the largest consumer of xylenes 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 xylenes in this region, whereas India is likely to grow at a higher pace. Growing demand from textile, packaging and other industries will drive xylenes market in Asia. Consumption of xylenes 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 construction and automobile 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 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 Segments
- Global Market Size
- 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