Mixed Xylene Market

Mixed Xylene Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Mixed Xylene Market was worth US$ 26,340.9 Mn and is expected to grow at a CAGR of 4.6% over the forecast period. The market is expected to hit US$ 41,299.8 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 3.9%, the market underwent significant growth.

The market is expanding owing to the growing demand from the rise of the mixed xylene market can be attributed to plastics and polymers, paints and coatings, adhesives, and other end-user industries. Furthermore, with emerging applications, the demand for mixed Xylene by the rubber manufacturing sector is increasing, fueling the market’s growth pace. Another element driving growth in the composite xylene market value is the rise of the paints and coatings sector and other end-user verticals.

Market Dynamic

THE GROWTH IN THE  AUTOMOBILE SECTOR FUELS THE MARKET

Xylene is a volatile chemical that evaporates rapidly and is commonly used to dissolve substances while evaporating the solvent. The automobile sector uses high-octane gasoline oil to improve the efficiency of cars. Therefore, mixed Xylene is added to increase octane numbers for this purpose. Technical advances in the production of bio-based mixed Xylene for adhesives, paints, and coatings are projected to provide profitable prospects for market players.

HARMFUL EFFECT ON HEALTH AND ENVIRONMENT RESTRAINS THE GROWTH

If consumed more than a certain amount, mixed Xylene is harmful to human health and even fatal. Depending on the medium’s makeup, it is toxic if swallowed or inhaled. It may cause eye irritation due to an allergic reaction and skin and respiratory system irritation.

In the upcoming years, it is also anticipated that the growth of the demand for mixed Xylene will be somewhat constrained by environmental worries about the use of plastic and strict government regulations for chemical products.

GROWING DEMAND FOR RUBBER INDUSTRY CREATES MORE OPPORTUNITIES

Demand for mixed Xylene in the rubber manufacturing industry is growing, fueling the market growth. Rising industrialization and increasing research and development expenditures will benefit its growth rate. In addition to the above facts, another factor promoting growth in the composite xylene market’s value is the rise of the paints and coatings sector and other end-user verticals.

Enhanced manufacture of polyethylene terephthalate (PET) plastic bottles by industrial verticals and increased use of blended Xylene in bio-based applications such as textiles will increase consumption opportunities for mixed Xylene.

Market Segments Covered in Report

By Grade:

• Isomer Grade Mixed Xylene
• Solvent Grade Mixed Xylene

By Application:

• Fuel Blending
• Solvents
• Thinners
• Raw Materials

By End Use:

• Paints & Coatings
• Pesticides
• Chemicals
• Gasoline
• Printing, Rubber & Leather

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is Isomer grade Mixed Xylene projected to have the highest market share?

Isomer grade mixed xylene accounts for more than 70.0% of the global mixed xylene market share and is projected to have a strong position through the forecast period. Compared with most industrial applications, Isomer grade mixed Xylene is expected to maintain its dominant position in the global mixed xylene market. Its wide usage as a solvent and high volatility makes it one of the most important products in the paint & coatings industry.

Why is it predicted that the paints and coatings industry would grow the quickest throughout the projected period?

Increasing demand for mixed Xylene is expected to be a notable trend over the forecast period. Mixed Xylene is utilized as a fuel blender to increase overall efficiency for better performance and improve the octane number of fuel. Increasing expenditure on research and development of bio-based fuels. And the increasing use of mixed Xylene as a solvent in industries such as paints, coatings, adhesives, sealants, etc., is expected to drive growth within the hybrid xylene market over the forecast period.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• The Asia Pacific is anticipated to have a 52.9 % market share between 2022 and 2032. The demand for Mixed Xylene has increased due to its ability to provide better antiknock and antistatic properties than gasoline. Additionally, it helps in giving high spraying efficiency and high uniform drying, among other benefits. China is the leading manufacturer of MX in the Asia Pacific Region, followed by the United States and Saudi Arabia
• Increasing gasoline use in the U.S. has majorly influenced the demand for mixed Xylene. Mixed Xylene is used as a fuel blender to improve the octane number of fuel and increase overall efficiency for better performance. Increasing spending on research and development of bio-based fuels in the U.S. as consumer awareness of the environment increases is expected to drive the mixed xylene market in this nation.

Competition Analysis

To remain competitive in the industry, key market players are investing in expanding their market footprint. Key players invest in mergers and acquisitions, new product development, and expansions. Key players are investing significantly to apply the borohydride compound in various emerging fields to bolster their revenue growth.

Some of the key developments that have taken place in the Mixed Xylene Market include:

• In January 2021, ExxonMobil, for instance, declared an extended halt to production at its Jurong Aromatics Recovery (JAR) plant in Singapore due to overstock and thin profit margins.
• In June 2020, Europe came together with BP’s global businesses for paraxylene (PX), acetyls, and Ineos have acquired purified terephthalic acid (PTA). With this acquisition, Ineos hopes to develop its petrochemical business further and expand its product line for the polyester market. For $5 billion, Ineos Solution will purchase the BP assets.
• In July 2019, About US$ 222 million was spent by Hyundai Chemical, a joint venture between Hyundai Oilbank and Lotte Chemical. Using this investment, the experience intends to increase its annual aromatics production from 1,200 KT to 1,400 KT. This capacity can be found at the Hyundai Oilbank refinery complex in Daesan, South Korea.

A list of some of the key suppliers present in the market are:

• Exxon Mobil Corporation
• TOTAL S.A., GS Caltex Corporation
• Idemitsu Kosan Co. Ltd.
• LOTTE Chemical CORPORATION
• Royal Dutch Shell plc
• China National Petroleum Corporation
• Chevron Phillips Chemical Company LLC
• China Petroleum & Chemical Corporation
• Flint Hills Resources LLC
• YPF Sociedad Anónima
• SK global chemical Co. Ltd.

Global Mixed Xylene Market 2022-2032: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies