The xylene market effectively consists of the sales of xylene and related services utilized in printing, rubber and leather industries. The Xylene is a chemical compound having isomers created from refined petroleum or liquid hydrocarbons. Xylene can also arise certainly in petroleum and coal tar. It is a colorless, insoluble, flammable liquid with the sweet odor. Xylene is utilized as a cleaning agent, paint thinner and remover, varnish, airplane fuel, gasoline, rust preventatives, pesticides, lacquers.
According to the report analysis, ‘Xylene Global Market Report 2020’ states that in the xylene global market there are several corporate players which presently functioning more actively for leading the highest market growth and dominating the handsome value of market share while delivering the better consumer satisfaction, decreasing the linked price, spreading the awareness related to the applications of the xylene, implementing the profitable strategies and policies, analyzing the strategies and policies of the competitors and government, and employing the young work force includes 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 worldwide xylene market reached a value of approximately USD 40.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 3.84% since 2015, and is expected to augment at a CAGR of -2.49% to approximately USD 36.8 billion by 2023. The xylene market has been geographically classified into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the largest economy in the xylene market during 2019.
The growing requirement for paraxylene around the globe contributes to the growth of the xylene market. The Paraxylene is one of the isomers of xylene and is important in the introduction of polyethylene terephthalate (PET). PET is utilized in industries such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction. The augment in the requirement for packaging material has augmented the demand for PET and hence underwrites to the growth of the paraxylene market. To meet the growing requirement for paraxylene, new production plants have been set up. For instance, during 2019, Formosa Chemicals and Fibre Corp., a Taiwan-based producers and marketer of chemical products, built a fresh production plant with the capability to produce 900,000 mt/year of paraxylene, 640,000 mt/year of benzene and 240,000 mt/year of Orth xylene. This fresh plant will support the requirement for Xylene in South-east Asia. The increasing demand for paraxylene thereby propels the xylene market.
The producers in the xylene market are aiming on augmenting their production capacity. The foremost players in the xylene market are underwriting in expanding their capacities of the prevailing plants and setting up new plants. For instance, to augment export volume to Chinese purchasers, Tonen General, a Japan-based oil refining and marketing company, underwritten in its new 230,000 tone/year recovery unit in Ichihara to augment the sales of isomer-grade xylene. Following the trend of enlargement, in 2019, China Petroleum & Chemical Corporation (or Sinopec), a Chinese oil and gas enterprise based in Beijing, begun a new 800,000 tonne/year PX (para-xylene) unit which is positioned 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. Therefore, in the near years, it is predicted that the market of Xylene will increase around the globe more effectively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications