Xylene Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Xylene Market Analysis
The xylene market is projected to register a CAGR of less than 5% during the forecast period.
The COVID-19 pandemic moderately impacted the market. Xylenes are used in paint thinners as solvents. Construction activities were halted globally due to the COVID-19 outbreak. However, the use of face shields, transparent masks, food, and e-commerce packaging increased, thus, enhancing the demand for xylene derivatives, including purified terephthalate acid, dimethyl terephthalate, and polyethylene terephthalate. This factor stimulated the xylene demand. However, the market is projected to grow steadily, owing to growth trends in the end-user industries in 2022.
- Over the short term, the increasing demand from the rapidly growing end-user industries is driving the market.
- However, the toxic effects of xylenes and increased consumer awareness regarding plastic-free products are expected to hinder the market's growth.
- Nevertheless, cheaper feedstock through shale oil discoveries and a rising trend for the production of bio-based xylene are likely to act as an opportunity during the forecast period.
- Asia-Pacific is estimated to witness healthy growth over the assessment period in the xylene market due to the vast usage of xylene in end-use application segments, such as plastics, polymers, paints and coatings, adhesives, etc., due to their desirable properties.
Xylene Market Trends
This section covers the major market trends shaping the Xylene Market according to our research experts:
Solvent Application to Dominate the Market
- The majority of xylene is used as a solvent for rubber, leather, paints, and printing industries. Other applications of xylene include chemical intermediates and blending agents for high-motor and aviation fuels and breathing devices (inhalers).
- It is very good at dissolving compounds that dissolve poorly in water, owing to its properties and chemical structure. Xylene is volatile, which means it evaporates readily. For this reason, it is used in applications where the manufacturer needs to dissolve a compound but evaporate the solvent.
- It is a good cleaning agent for silicon wafers and steel and is also used to sterilize several substances. Xylene is used as a feedstock in the production of petrol, gasoline, and jet fuel.
- The use of xylene in the paints and coatings sector is increasing due to investments and expansions. For instance, according to the American Coatings Association, the paint and coatings industry in the United States produced around 1.36 billion gallons in 2022. In 2023, the industry's output is expected to exceed 1.38 billion gallons.
- Moreover, according to the American Coatings Association, architectural coatings accounted for 51% of the paint and coatings market value in the United States in 2022. OEM and special purpose coatings held 29 and 20% of the market, respectively. The worth of the US paints and coatings market was approximately USD 31 billion in the same year.
- Thus, due to these factors, the solvents segment of the market may register growth during the forecast period.
China to Dominate the Asia-Pacific Region
- In Asia-Pacific, China includes the biggest production houses in the world. It is also the largest manufacturer and consumer of paraxylene.
- China includes 20 planned and announced xylene capacity additions, with a total capacity of about 24.36 Mtpa by 2025. The country is expected to spend a capital expenditure (CapEx) of USD 10.69 billion. Major capacity additions are expected from Zhejiang Petrochemical Daishan Xylene Plant 2.
- Petrochemical companies in China are massively increasing their PTA capacities. In December 2022, INEOS and SINOPEC formed a joint venture to construct a new petrochemicals complex in Tianjin, China. The agreements will have a combined capacity of 7 million tonnes per year, with a total value of roughly USD 10 billion.
- INEOS agreed to acquire a 50% stake in Shanghai SECCO Petrochemical Company Limited ("SECCO"), a China Petroleum & Chemical Corporation subsidiary. SECCO presently includes a 4.2 million-tonne capacity for petrochemicals such as xylene, toluene, ethylene, propylene, polyethylene, polypropylene, styrene, polystyrene, acrylonitrile, butadiene, and benzene. It is a 200-hectare complex in the Shanghai Chemical Industry Park.
- China is a significant producer of PET resins, with the PetroChina Group and Jiangsu Sangfangxiang among the most prominent global manufacturers in terms of volume, with more than 2 million ton capacity. Thus, the rising demand for PET from end-user industries is driving the demand for paraxylene.
- DuPont decided to invest approximately USD 30 million in building a new manufacturing facility in the adhesive sector in Zhangjiagang, Jiangsu Province, in East China. Construction began in late 2021, and the facility is expected to be operational by early 2023.
- Therefore, the xylene market will likely grow with the increasing investments and demand from end-user industries during the forecast period.
Xylene Industry Overview
The xylene market is fragmented in nature. The major companies (not in any particular order) include Exxon Mobil Corporation, Reliance Industries Limited, INEOS, CNPC (China National Petroleum Corporation), and Mitsubishi Gas Chemical Company, Inc., among others.
Xylene Market Leaders
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Exxon Mobil Corporation
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Reliance Industries Limited
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INEOS
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CNPC (China National Petroleum Corporation)
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Mitsubishi Gas Chemical Company, Inc.
*Disclaimer: Major Players sorted in no particular order
Xylene Market News
- January 2023: Reliance Industries Limited (RIL) maintains Mixed Xylene (MX) prices unaltered in the Indian domestic market. Due to the current basic price of INR 78/kg (~USD 1/Kg) for mixed xylene, demand in the Indian market would continue to rise.
- April 2021: Tecnimont Private Limited was awarded an EPCC contract by Indian Oil Corporation Limited (IOCL) to set up an integrated paraxylene (PX) and purified terephthalic acid (PTA) plant in Paradip of Odisha for USD 450 million. It will be integrated with its Odisha-based Jagatsinghpur refinery facility. The petrochemicals complex will be commissioned by 2024 with an annual capacity of 800 kilotons of PX, which would be the feedstock for the manufacturing of PTA.
Xylene Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Usage of Xylene as Solvents and Monomers
4.1.2 Increasing Demand from the Rapidly Growing End-user Industries
4.2 Restraints
4.2.1 Toxic Health Effects and Regylations on Usage of Xylenes
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Type
5.1.1 Ortho-xylene
5.1.2 Meta-xylene
5.1.3 Para-xylene
5.1.4 Mixed Xylene
5.2 Application
5.2.1 Solvent
5.2.2 Monomer
5.2.3 Other Applications
5.3 End-user Industry
5.3.1 Plastics and Polymers
5.3.2 Paints and Coatings
5.3.3 Adhesives
5.3.4 Other End-user Industries
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Braskem
6.4.2 China Petroleum & Chemical Corporation
6.4.3 CNPC (China National Petroleum Corporation)
6.4.4 ENEOS Corporation
6.4.5 Exxon Mobil Corporation
6.4.6 Fujan Refining & Petrochemical Company Limited
6.4.7 Indian Oil Corporation Ltd
6.4.8 INEOS
6.4.9 Mangalore Refinery & Petrochemicals Ltd
6.4.10 Mitsubishi Gas Chemical Company, Inc.
6.4.11 Reliance Industries Limited
6.4.12 SK geo centric Co., Ltd.
6.4.13 S-Oil Corporation
6.4.14 TotalEnergies
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Trend for the Production of Bio-based Xylene
Xylene Industry Segmentation
Xylenes, namely, para-xylene, ortho-xylene, and meta-xylene, are extracted or distilled from gasoline refining. Xylenes are produced mainly as part of the BTX aromatics extracted from the product of catalytic reforming, known as reformate. They can also be produced from toluene using the disproportionation process. The xylene market is segmented into type, application, end-user industry, and geography. The market is segmented by type: ortho-xylene, meta-xylene, para-xylene, and mixed xylene. By application, the market is segmented into solvents, monomers, and other applications. By end-user industry, the market is segmented into plastics and polymers, paints and coatings, adhesives, and other end-user industries. The report also covers the market size and forecasts in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilotons).
| Type | |
| Ortho-xylene | |
| Meta-xylene | |
| Para-xylene | |
| Mixed Xylene |
| Application | |
| Solvent | |
| Monomer | |
| Other Applications |
| End-user Industry | |
| Plastics and Polymers | |
| Paints and Coatings | |
| Adhesives | |
| Other End-user Industries |
| Geography | |||||||
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Xylene Market Research FAQs
What is the current Xylene Market size?
The Xylene Market is projected to register a CAGR of less than 5% during the forecast period (2024-2029)
Who are the key players in Xylene Market?
Exxon Mobil Corporation, Reliance Industries Limited, INEOS, CNPC (China National Petroleum Corporation) and Mitsubishi Gas Chemical Company, Inc. are the major companies operating in the Xylene Market.
Which is the fastest growing region in Xylene Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Xylene Market?
In 2024, the Asia Pacific accounts for the largest market share in Xylene Market.
What years does this Xylene Market cover?
The report covers the Xylene Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Xylene Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Xylene Industry Report
Statistics for the 2024 Xylene market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Xylene analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Xylene Market Report Snapshots
