The global mixed xylene market size isexpected to rise remarkably owing to the increasing demand for polyethylene terephthalate (PET) bottles by Resistance Temperature Detector (RTD) beverage manufacturers. Mixed xylene is the second-most consumed aromatic product in the globe used for manufacturing chemicals. It is a highly volatile colorless liquid with a sweet odor. Mixed xylene is generally used in gasoline blends for increasing the octane number of the blend and serves as a feedstock for the isolation of three xylene isomers. A recent report by Fortune Business Insights™ titled, “Mixed Xylene Market Size, Share & Industry Analysis, By Grade (Isomer Grade, Technical Grade), By Application (Chemical Synthesis, Solvent, Gasoline Blend, Lubricant, Cleaning Agent, Others) Others and Regional Forecast, 2022-2029,” provides an elaborate analysis of the market.
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What are the Highlights of the Report?
The report is based on a thorough analysis of the market and its prime growth trajectories such as drivers, restraints, challenges and upcoming opportunities. It also discusses the table of segmentation of the market based on factors such as grade, application, and geography. The report focusses primarily on major industry developments, current mixed xylene market trends, and other interesting insights into the market that will help investors make investment decisions accordingly. Furthermore, the report lists the names of market players and the strategies adopted by them to earn high revenue and gain a competitive position in the market during the forecast years.
Market Drivers
Increasing Demand from Paint and Coating Industries will Add Impetus to Market
The increasing demand for paraxylene to manufacture PET products is a major factor in promoting mixed xylene market growth. Paraxylene is used for making a chain of polyester products, fibers, and films as well. The demand for these products will ultimately augment the demand for mixed xylene, thereby augmenting growth. Apart from this, various end-use industries such as rubber and leather, printing, pesticides, paints and coatings, and others use xylene as a solvent. The increasing demand from these industries will also bode well for the market in the forecast period.
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Regional Segmentation:
Increasing Demand from Various Industries will Help North America Dominate Market
Geographically, Asia Pacific is holding the largest mixed xylene market share with China leading the market, followed by South Korea. This growth is owing to the flourishing polymer manufacturing hubs in the region. Besides this, the market in North America will witness a significant rise in terms of the increasing demand from various industries to extensively use mixed xylene as a solvent. On the other side, the market in Latin America will grow steadily while the Middle East and Africa market will grow remarkably in the forecast period due to improvement in the packaging industry and increasing demand from the same. Furthermore, the Europe market will witness sound growth with rising demand for mixed xylene to be used for making lubricants.
Competitive Landscape:
Key Emphasis on Geographical Expansion will Serve Well for Players
Mixed xylene market manufacturers are engaging in collaborative efforts such as mergers and acquisitions, joint ventures, and contracts and agreements for increasing their overall production capacity, thereby gaining momentum in the market. Besides this, companies are also investing massively for expanding their production capacity across other geographies. This will help players earn high mixed xylene market revenue in the coming years.
List of Significant Players Operating in Mixed Xylene Market are the following:
- Idemitsu Kosan Co. Ltd.
- Yeochun NCC Co. Ltd.
- Chevron Phillips Chemical Company
- Lotte Chemical
- GS Caltex Corporation
- SK Global Company
- Galp Energia
- Cosmo Energy Holdings Co. Ltd.
- Exxon Mobil Corporation
- Sumitomo Chemical Company
- YPF S.A.
- Taiyo Oil Company Ltd.
- Marathon Petroleum Corporation
- Royal Dutch Shell
- Mangalore Refinery & Petrochemicals Ltd.
- CITGO Petroleum Corporation
- Other Players
Significant Industry Developments of the Mixed Xylene Market include:
August 2018 – Idemitsu Kosan started the manufacturing of mixed xylene at their Aichi Refinery located in Japan producing about 170 KT on an annual basis. This will help the company cope up with the demand for its PET manufacturing consumers in Asia Pacific.
July 2019 – Lotte Chemical and Hyundai Oilbank entered into a joint venture to form Hyundai Chemical and recently invested an estimate of USD 222 Mn for expanding the production capacity of aromatics located in Daesan, South Korea from 1200 KT to 1400 KT on an annual basis.
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