The Global Xylene Market size is expected to reach $52.3 billion by 2030, rising at a market growth of 8.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 24,288.0 Kilo Tonnes, experiencing a growth of 6.3% (2019-2022).
North America, particularly the United States, has seen periods of economic growth that drive demand for xylene across various industries. Therefore, the North American region registered $6,110.7 million revenue in the market in 2022. Economic stability and recovery play a significant role in the growth of the market. North America has a well-established manufacturing sector and a robust petrochemical industry. Xylene is a key raw material in producing various chemicals and plastics, making it integral to these sectors. These aspects will support the growth in the segment. Some of the factors impacting the market are reliance on xylene-based paints and coatings in the construction industry, rising usage of xylene in the petrochemical industry, and rising environmental concerns with the production and use of xylene.
As construction and infrastructure projects expand, the consumption of xylene-based paints and coatings increases. These coatings are preferred for industrial and architectural applications because of their resistance to adverse weather conditions. Xylene-based paints and coatings are known for their exceptional durability. They create a protective barrier on surfaces, preventing corrosion, rust, and deterioration. In the construction industry, where structures are exposed to the elements, coatings' longevity is paramount. The resistance of xylene-based coatings to corrosion is a key advantage, especially in applications such as bridges, industrial facilities, and marine structures. This resistance helps extend the structures' lifespan, reducing maintenance and replacement costs. Additionally, Xylene is a vital component in the production of TPA, a key intermediate used in manufacturing polyester fibers and resins. The polyester industry is a major consumer of xylene. As the demand for polyester products grows, the demand for xylene rises correspondingly. Polyester fibers are extensively used in textiles, including clothing, home textiles, and industrial applications. Polyester fibers are the material of choice for many consumer and industrial items because of their adaptability, toughness, and affordability. Xylene can play a role in recycling and producing high-quality polyester. Thus, these aspects will drive the expansion of the market in the coming years.
However, Compliance with environmental regulations often requires the implementation of costly technologies and processes to reduce emissions and minimize environmental impact. This can significantly increase the operational costs for xylene producers, potentially eroding profit margins. To meet emission control and environmental standards, xylene producers may need to invest in pollution control equipment and technologies. These investments, while necessary for environmental sustainability, can be capital-intensive and may strain the financial resources of companies. Meeting stringent environmental regulations requires rigorous monitoring and reporting to ensure compliance. This administrative burden can divert resources and attention away from core production activities. Thus, these aspects can hinder the growth of the market in the coming years.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Reliance Industries Limited, INEOS Group Holdings S.A., Mitsubishi Chemical Holdings Corporation, Sinochem Holdings Corporation Ltd (SASAC), Eastman Chemical Company, Honeywell International, Inc., Saudi Arabian Oil Company, Shell plc, Exxon Mobil Corporation, and Chevron Phillips Chemical Company LLC.
North America, particularly the United States, has seen periods of economic growth that drive demand for xylene across various industries. Therefore, the North American region registered $6,110.7 million revenue in the market in 2022. Economic stability and recovery play a significant role in the growth of the market. North America has a well-established manufacturing sector and a robust petrochemical industry. Xylene is a key raw material in producing various chemicals and plastics, making it integral to these sectors. These aspects will support the growth in the segment. Some of the factors impacting the market are reliance on xylene-based paints and coatings in the construction industry, rising usage of xylene in the petrochemical industry, and rising environmental concerns with the production and use of xylene.
As construction and infrastructure projects expand, the consumption of xylene-based paints and coatings increases. These coatings are preferred for industrial and architectural applications because of their resistance to adverse weather conditions. Xylene-based paints and coatings are known for their exceptional durability. They create a protective barrier on surfaces, preventing corrosion, rust, and deterioration. In the construction industry, where structures are exposed to the elements, coatings' longevity is paramount. The resistance of xylene-based coatings to corrosion is a key advantage, especially in applications such as bridges, industrial facilities, and marine structures. This resistance helps extend the structures' lifespan, reducing maintenance and replacement costs. Additionally, Xylene is a vital component in the production of TPA, a key intermediate used in manufacturing polyester fibers and resins. The polyester industry is a major consumer of xylene. As the demand for polyester products grows, the demand for xylene rises correspondingly. Polyester fibers are extensively used in textiles, including clothing, home textiles, and industrial applications. Polyester fibers are the material of choice for many consumer and industrial items because of their adaptability, toughness, and affordability. Xylene can play a role in recycling and producing high-quality polyester. Thus, these aspects will drive the expansion of the market in the coming years.
However, Compliance with environmental regulations often requires the implementation of costly technologies and processes to reduce emissions and minimize environmental impact. This can significantly increase the operational costs for xylene producers, potentially eroding profit margins. To meet emission control and environmental standards, xylene producers may need to invest in pollution control equipment and technologies. These investments, while necessary for environmental sustainability, can be capital-intensive and may strain the financial resources of companies. Meeting stringent environmental regulations requires rigorous monitoring and reporting to ensure compliance. This administrative burden can divert resources and attention away from core production activities. Thus, these aspects can hinder the growth of the market in the coming years.
Type Outlook
On the basis of type, the market is divided into ortho-xylene, meta-xylene, para-xylene, and mixed-xylene. In 2022, the ortho-xylene segment witnessed a substantial revenue share in the market. Ortho-xylene is a key component in producing phthalic anhydride, which, in turn, is used in manufacturing PVC, alkyd resins, and other plastics and polymers. With the growth of the plastics industry and the increasing demand for PVC-based products, the consumption of ortho-xylene has risen. It is used to improve the plasticity, flexibility, and durability of these materials. Ortho-xylene is utilized to formulate various solvents, including paint and coating solvents, ink solvents, and adhesives. These solvents are becoming more and more necessary as the building and industrial sectors have increased. Ortho-xylene's solvency properties make it valuable in these formulations, contributing to its segment's growth. These factors will boost the demand in the segment.
Additives Outlook
Based on additives, the market is segmented into solvents, monomers, and others. The solvents segment held the largest revenue share in the market in 2022. Solvents derived from xylene, such as mixed xylenes, are utilized as primary ingredients in formulating a broad spectrum of industrial and specialty solvents. These solvents find applications in sectors such as paints and coatings, adhesives, pharmaceuticals, printing inks, and agrochemicals. The diverse range of applications drives the demand for xylene-derived solvents. The paint and coatings industry are a significant consumer of xylene-based solvents. These solvents dissolve resins and additives, control the viscosity of coatings, and enhance their performance. With the construction and automotive industries experiencing growth, the demand for paints and coatings is growing, contributing to the growth of xylene-based solvents. These factors will boost the demand in the segment.Regional Outlook
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Asia-Pacific is home to some of the world's largest petrochemical producers. Xylene is a critical feedstock for producing various petrochemical products, including purified terephthalic acid (PTA), which is used in manufacturing polyester and plastic bottles. The region's expanding petrochemical industry has significantly increased xylene consumption. The region's increasing middle-class population has increased consumer demand for products made from xylene-derived materials, such as clothing, packaging, and consumer goods. This trend has stimulated the production of xylene-based products. As a result, the segment will witness increased growth in the upcoming years.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Reliance Industries Limited, INEOS Group Holdings S.A., Mitsubishi Chemical Holdings Corporation, Sinochem Holdings Corporation Ltd (SASAC), Eastman Chemical Company, Honeywell International, Inc., Saudi Arabian Oil Company, Shell plc, Exxon Mobil Corporation, and Chevron Phillips Chemical Company LLC.
Strategies deployed in the Market
- Sep-2023: Exxon Mobil Corporation opened a new facility in Baytown, Texas of two new chemical production units. The new facility would provide high-value materials for a variety of products that society depends on every day.
- Aug-2023: Mitsubishi Corporation signed an agreement with Suntory Holding Ltd, a consumer goods company, and ENEOS Corporation, an energy company. This agreement aimed to build a supply chain for the production of sustainable PET plastic bottles to be made from biomass. Additionally, Mitsubishi would produce bio-paraxylene (bio-PX) equivalent to approximately 35 million PET bottles, to be utilized as a raw material for Suntory’s sustainable PET bottles.
- Mar-2023: Mitsubishi Corporation collaborated with Nippon Steel Engineering Co., Ltd., a manufacturer and distributor of steel products, and Chiyoda, the University of Toyama. This collaboration aimed to producep-Xylene from CO2.
- Mar-2023: Saudi Aramco collaborated with NORINCO Group, a Chinese state-owned defense corporation, and Panjin Xincheng Industrial Group. This collaboration aimed to build a major integrated refinery and petrochemical complex in northeast China.
- Jul-2022: Ineos came into an agreement with Sinopec, a Chinese chemical company. Under this agreement, INEO bought 50% interest in Shanghai SECCO Petrochemical. Additionally, both companies would form ABS joint ventures and INEOS would broaden its reach in China.
- Jan-2022: Honeywell International, Inc. signed an agreement with Saudi Aramco, a leading producer of energy and chemicals. Under this agreement, Honeywell would open a new facility in the Kingdom of Saudi Arabia for oil and gas projects.
- Dec-2021: Reliance Industries Limited partnered with RSC Ltd, an Abu Dhabi Chemicals Derivatives Company. This partnership aimed to launch TA’ZIZ EDC & PVC, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
- Sep-2021: Mitsubishi Gas Chemical Company, Inc. expanded its business to Europe through the production of Meta-xylenediamine. Through this expansion, Mitsubishi Gas Chemical Company, Inc. would meet the market growth in the epoxy, polyamide, and isocyanate sectors.
- Jun-2020: INEOS Group Holdings S.A. acquired BP’s global Aromatics and Acetyls business, a British multinational oil and gas company. This acquisition aimed to offer a great scope for expansion and integration with INEOS' existing business.
Scope of the Study
Market Segments Covered in the Report:
By Additives (Volume, Kilo Tonnes, USD Million, 2019-2030)- Solvents
- Monomers
- Others
- Mixed Xylene
- Ortho-Xylene
- Meta-Xylene
- Para-Xylene
- North America
- US
- Canada
- Mexico
- Rest of North America- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Reliance Industries Limited
- INEOS Group Holdings S.A.
- Mitsubishi Chemical Holdings Corporation
- Sinochem Holdings Corporation Ltd (SASAC)
- Eastman Chemical Company
- Honeywell International, Inc.
- Saudi Arabian Oil Company
- Shell plc
- Exxon Mobil Corporation
- Chevron Phillips Chemical Company LLC
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Xylene Market, by Additives
Chapter 6. Global Xylene Market, by Type
Chapter 7. Global Xylene Market, by Region
Chapter 8. Company Profiles
Companies Mentioned
- Reliance Industries Limited
- INEOS Group Holdings S.A.
- Mitsubishi Chemical Holdings Corporation
- Sinochem Holdings Corporation Ltd (SASAC)
- Eastman Chemical Company
- Honeywell International, Inc.
- Saudi Arabian Oil Company
- Shell plc
- Exxon Mobil Corporation
- Chevron Phillips Chemical Company LLC
Methodology
LOADING...
