Meta-Xylene Market by Application, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
NEW YORK, Jan. 2, 2020 /PRNewswire/ --
Meta-Xylene (M-Xylene) Market by Application (Isophthalic Acid Production, 2,4-Xylidine & 2,6-Xylidine Production, Solvent), by Geography (U.S., Canada, Spain, Germany, U.K., China, South Korea, Japan, Brazil, Saudi Arabia, South Africa) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
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Global m-xylene market is projected to reach $1,341.7 million by 2023, the market growth is primarily driven by the rising demand for adhesives and sealants and the increasing consumption of isophthalic acid in various end-use industries. Some other chemical names of m-xylene are 1,3-dimethylbenzene, 1,3-xylene, m-xylol, and m-dimethylbenzene.
Based on application, the m-xylene market has been categorized into isophthalic acid production; 2,4-xylidine and 2,6-xylidine production; solvent; and others. The "others" category includes the use of m-xylol in 2,4-dimethylbenzophenone production, in chemical syntheses, and as an intermediate in dyes and resins. Isophthalic acid production was the largest application area of m-xylol in the market during the historical period. The increasing consumption of isophthalic acid for the production of plastics and paints is driving the demand for m-xylol, as it is primarily used as a raw material in isophthalic acid production.
APAC is the largest market for m-xylene and contributed more than 70.0% revenue to the global market in 2017. The market growth in the region is mainly driven by the large-scale production of polyethylene terephthalate (PET) plastic, increase in the production capacity of m-xylene by key players, and growing consumption of carbonated soft drinks and alcoholic beverages. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), in 2014, North and Central Asia accounted for the highest consumption of alcohol. Hence, the growing consumption of these beverages is expected to propel the demand for PET for packaging purposes, which, in turn, will boost the m-xylene market growth in the region.
Emerging economies, such as China, India, Brazil, Indonesia, and South Africa, will continue offering huge growth opportunities to the players operating in the m-xylene market. Over the years, these countries have witnessed rapid economic growth fueled by the growth in their automotive and packaging industries. According to the International Organization of Motor Vehicle Manufacturers, out of the 97.30 million motor vehicles manufactured globally in 2017, around 29.80% were produced in China alone. This signifies that the country is a lucrative market for m-xylol based adhesives and sealants.
Some of the major players operating in the global m-xylene market are Mitsubishi Gas Chemical Company Inc., Lotte Chemical Corporation, CEPSA, and Formosa Chemicals & Fibre Corporation.
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