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Xylene Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Xylene Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072035
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the xylene market are Braskem S.A., ExxonMobil Corporation, Honeywell International Inc., BP PLC, Chevron Phillips Chemical, Merck KGaA, Mitsubishi Gas Chemical Company, US Petrochemical Industries Inc., Braskem, JX Nippon Oil and Energy Corporation.

The global xylene market is expected to grow from $30.39 billion in 2020 to $34.43 billion in 2021 at a compound annual growth rate (CAGR) of 13.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $31.46 billion in 2025 at a CAGR of -2%.

The xylene market consists of the sales of xylene and related services used in printing, rubber and leather industries.Xylene is a chemical compound having isomers made from refined petroleum or liquid hydrocarbons.

Xylene can also occur naturally in petroleum and coal tar.It is a colourless, insoluble, flammable liquid with a sweet odor.

Xylene is used as a cleaning agent, paint thinner and remover, varnish, airplane fuel, gasoline, rust preventatives, pesticides, lacquers.

The increasing demand for paraxylene across the globe contributes to the growth of the xylene market.Paraxylene is one of the isomers of xylene and is essential in the production of polyethylene terephthalate (PET).

PET is used in industries such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction.The increase in the need for packaging material has increased the demand for PET and hence contributes to the growth of the paraxylene market.

To meet the increasing demand for paraxylene, new production plants have been set up. For instance, in 2019, Formosa Chemicals and Fibre Corp., a Taiwan-based manufacturer and marketer of chemical products, built a new production plant with the capacity to produce 900,000 mt/year of paraxylene, 640,000 mt/year of benzene and 240,000 mt/year of Orth xylene. This new plant will support the demand for Xylene in South-east Asia. The growing demand for paraxylene thereby drives the xylene market.

Stringent safety regulations associated with the manufacturing and transportation of xylene was a major restraint on the market.Xylene is highly inflammable, toxic and hazardous when exposed to extreme temperatures and pressures.

Companies in this market should invest in equipment, technologies and processes to limit the toxic levels and chemical concentrations as it may harm the environment and population.Humans, when exposed to xylene in the air with more than 10,000 ppm (per million parts of air) lose their life.

To provide a safe environment, government agencies put restrictions on the amount of xylene that can be released into the environment. For instance, Occupational Safety and Health Administration (OSHA) has set the maximum permissible level of xylene in workplace air up to 100 ppm during an 8-hour workday and 40-hour week, thus restricting the growth of the market.

The xylene market covered in this report is segmented by type into ortho-xylene, meta-xylene, para-xylene, mixed xylene. It is also segmented by end-use into plastics and polymers, paints and coatings, adhesives, others and by application into automotive, textile, chemical, oil and gas, leather, paints and coatings and rubber.

The manufacturers in the xylene market are focusing on increasing their production capacity.The major players in the xylene market are investing in expanding their capacities of the existing plants and setting up new plants.

For instance, to increase export volume to Chinese buyers, Tonen General, a Japan-based oil refining and marketing company, invested in its new 230,000 tone/year recovery unit in Ichihara to increase the sales of isomer-grade xylene.Following the trend of expansion, in 2019, China Petroleum & Chemical Corporation (or Sinopec), a Chinese oil and gas enterprise based in Beijing, started a new 800,000 tonne/year PX (para-xylene) unit which is located in Hainan.

Also, China’s Fuhaichuang Petrochemical, resumed PX productions at 800,000 tonne/year PX line in 2018 and 800,000 tonne/year PX line in January 2019.

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