Global Meta-Xylene Market, By Type (Sorbex, UOP, Others), Application (Isophthalic Acid, 2, 4- and 2, 6-xylidine, Solvents, Other Application), End User (Construction, Packaging, Automotive, Aerospace) – Industry Trends and Forecast to 2030.
Meta-xylene Market Analysis and Size
The meta-xylene market size is expected to grow significant rate during the forecast period of 2023-2030. The market's growth can be attributed to factors such as growing consumption of isophthalic acid and increasing demand for sealants and adhesives in numerous end-use industries. Furthermore, over the last few years, many companies involved in petrochemical production have expanded and established their production. However, significant growth has been witnessed in the petrochemical sector, enhancing the meta-xylene market growth.
Data Bridge Market Research analyses that the meta-xylene market is expected to reach USD 303.11 billion by 2030, which is USD 202.06 billion in 2022, registering a CAGR of 5.20% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Meta-xylene Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 - 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Sorbex, UOP, Others), Application (Isophthalic Acid, 2,4- and 2,6-xylidine, Solvents, Other Application), End User (Construction, Packaging, Automotive, Aerospace
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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BASF SE (Germany), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), LOTTE Chemical CORPORATION (South Korea), Shell Plc. (U.K.), Chevron Phillips Chemical Company LLC. (U.S.), BP PLC (U.K.), Thermo Fisher Scientific (U.S.), Merck KGaA (Germany), Perstorp (Sweden), Exxon Mobil Corporation (U.S.), Parchem fine & specialty chemicals (U.S.), Braskem (Brazil), Honeywell International Inc. (U.S.), Sulzer Ltd (Switzerland), GS Caltex Corporation. (South Korea), Cepsa (Spain)
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Market Opportunities
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Market Definition
Xylene is a colorless and unstable liquid hydrocarbon which is obtained from wood, coal and petroleum. Meta-xylene is an isomer of para-xylene and ortho-xylene. It is an aromatic hydrocarbon, with two methyl substituent which attached at the meta positions of the benzene ring. It is generally used in the production of 1, 3-Dimethylbenzene, Isophthalic acid, 1, 3-xylene, m-xylol, and m-dimethylbenzene are some other names of the chemical.
Meta-xylene Market Dynamics
Drivers
- Surging usage of meta-xylene in the formulation of isophthalic acid
Widespread usage of meta-xylene in the formulation of isophthalic acid is anticipated to drive the demand for meta-xylene. Increase in usage of isophthalic acid in architectural coatings and aerospace coatings is also anticipated to increase the growth of the meta-xylene market. Surge in demand for paints and coatings in the construction sector is propelling the demand for isophthalic acid. This, in turn, is boosting the meta-xylene market growth. In line with this, high consumption of isophthalic acid and growth in demand for sealants and adhesives in end-use industries are anticipated to act as major factor of the meta-xylene market during the forecast period.
- Increasing investments in the production capacity plants
The manufacturers in the meta-xylene market are highly focusing on increasing their production capacity. The major market players in the meta-xylene market are investing in increasing the capacities of existing plants and setting up new plants. For instance, Origin Materials, a US-based chemicals company, has launched its second plant in Geismar to produce polyethylene terephthalate precursor p-xylene. Furthermore, Iran will start the construction of a new 300,000 b/d refinery Shahid Soleimani in 2022, which is predictable to produce ethylene, propylene and paraxylene along with jet fuel, gasoline, diesel, and fuel oil. This project will be completed in coming five years.
Opportunities
- increasing demand for paraxylene
The growing demand for paraxylene all over the globe contributes to the growth of the xylene market. Paraxylene is isomers of xylene and is important in manufacturing polyethylene terephthalate (PET). Polyethylene terephthalate (PET) is used in industries such as food packaging, automotive, beverage packaging, consumer goods, sheets & films and construction. The upsurge in the requirement for packaging materials has augmented the demand for polyethylene terephthalate (PET) and hence contributed to the paraxylene market growth. New production plants have been set up to meet the growing demand for paraxylene. For instance, according to the analysis Jinlianchuang, a Chinese provider of comprehensive intelligent and digital services for bulk commodities, in 2022, is expected to have 6 sets of paraxylene units in operation with a manufacture capacity of 11.89 million tons/year with a 41.3% surge. The growth in the production capacity will support the growing demand for paraxylene. The growing demand for paraxylene thereby create immense and ample opportunities for the growth of the xylene market.
Restraints/ Challenge
- Side effects associated with meta-xylene
Meta-xylene has several hazardous and harmful effects: Meta-xylene is highly harmful to environment and human health. If a large amount of xylene enters soil from a hazardous waste site, accidental spill, or a landfill, it may travel through the soil and then contaminate the drinking water wells. Exposure to meta-xylene may lead to vomiting, headaches and nausea. Hence, these harmful hazards are the foremost and biggest challenge for the market growth.
This meta-xylene market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the meta-xylene market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on the Global Meta-xylene Market
The outbreak of Covid-19 has severe impact on all businesses including distribution, manufacturing, and many other worldwide. Also, manufacturers of petrochemical products went under severe situation owing to shortage of feedstock, thus resulting in lower production of products. Meta-Xylenes are used as a solvent in the rubber, printing and leather industries but due to strict government rules, meta-xylene market faced adverse effects during pandemic.
On the brighter side, increase in the usage of face shields, transparent masks, food, and e-commerce packaging enhancing the demand for the meta-xylene derivatives, including dimethyl terephthalate, purified terephthalate acid and polyethylene terephthalate. These factors augmented the demand for meta-xylene in pandemics. Meta-xylene shipments are projected to progressively increase in the post-pandemic period.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In 2021, Tecnimont Private Limited was awarded by Indian Oil Corporation Limited (IOCL) to set up a combined paraxylene (PX) and purified terephthalic acid (PTA) plant in Odisha for USD 450 million. It will be combined with its Odisha based Jagatsinghpur refinery facility.
- In 2021, INEOS acquired BP’s global aromatics and acetyls industry with a value of USD 5 billion to increase its product portfolio further.
Global Meta-Xylene Market Scope
The meta-xylene market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Sorbex
- UOP
- Others
Application
- Isophthalic Acid
- 2, 4- and 2, 6-xylidine
- Solvents
- Other Application
End User
- Construction
- Packaging
- Automotive
- Aerospace
Meta-Xylene Market Regional Analysis/Insights
The meta-xylene market is analyzed and market size insights and trends are provided by country, type, application and end user as referenced above.
The countries covered in the meta-xylene market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific is expected to dominate the meta-xylene market in terms of revenue growth and market share because of the large-scale production of polyethylene terephthalate (PET) plastic. Furthermore, rapid increase in the manufacture capacity of m-xylene by major market players and high consumption of carbonated alcoholic beverages and soft drinks will further boost the market growth.
North America is expected to be the fastest developing region during the forecast period of 2023-2030 owing to rapid rise in the demand for xylene products in paints and coatings, automotive and other industries in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Meta-Xylene Market Share Analysis
The meta-xylene market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to meta-xylene market.
Some of the major players operating in the meta-xylene market are:
- BASF SE (Germany)
- MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan)
- LOTTE Chemical CORPORATION (South Korea)
- Shell Plc. (U.K.)
- Chevron Phillips Chemical Company LLC. (U.S.)
- BP PLC (U.K.)
- Thermo Fisher Scientific (U.S.)
- Merck KGaA (Germany)
- Perstorp (Sweden)
- Exxon Mobil Corporation (U.S.)
- Parchem fine & specialty chemicals (U.S.)
- Braskem (Brazil), Honeywell International Inc. (U.S.)
- Sulzer Ltd (Switzerland)
- GS Caltex Corporation (South Korea)
- Cepsa (Spain)
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