The global xylene market is expected to record a CAGR of around 5% during the forecast period. The major factor driving the market studied is the increasing demand from the rapidly growing end-user industries.
- Toxic effects of xylene and its types and an increase in consumer awareness regarding the use of plastic-free products are expected to hinder the growth of the market studied.
- Cheaper feedstock through shale oil discoveries is likely to act as an opportunity, during the forecast period.
Key Market Trends
Solvent Application to Dominate the Market
- Majority of xylene is used as a solvent for rubber, leather, and printing industries. Other various applications of xylene include chemical intermediates and blending agents for high-motor and aviation fuels and breathing devices (inhalers).
- It is very good at dissolving compounds that dissolve poorly in water. Its ability to do so stems from its properties and its chemical structure. Xylene is volatile, which means it evaporates readily. For this reason, it is used in situations where the manufacturer needs to dissolve a compound, but then evaporate the solvent.
- It is a good cleaning agent for silicon wafers, steel, and is also used to sterilize several substances. Xylene is used as a feedstock in the production of petrol, gasoline, and jet fuel.
- It is also used as a concrete sealer in laboratories to make baths with dry ice, in order to cool reaction vessels, and as a solvent to remove synthetic immersion oil from the microscope objective in light microscopy.
- Thus, from the aforementioned points, a progressive scope for solvents segment of xylene market is seen in the forecast period.
United States to Dominate the North American Region
- The United States ranks among the top three countries across the world in consumption of xylene. The rapid growth for xylene in the United States has been majorly driven by ample construction activities, which are being supported by the growing economy.
- The United States is the second largest producer of automobiles in the world. low demand for passenger cars has declined the production units. Despite the decrease in the production of motor vehicles the demand for the paints & coatings and adhesives demonstrate the Extant demand and consumption for xylenes.
- The construction industry in the United States witnessed a rapid growth as a result of increased private sector spending on residential construction.
- Thus, with the rapid growth in building and construction, and other industries, the market for xylene is expected to rapidly increase in the United States, over the forecast period.
The global xylene market is fragmented in nature. The major companies include Chevron Phillips Chemical Company, Exxon Mobil Corporation, Mitsubishi Gas Chemical Company, JXTG Nippon Oil & Energy Corporation, and Total SA among others.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand from the Rapidly Growing End-user Industries
4.1.2 Other Drivers
4.2.1 Toxic Effects of Xylene and its Types
4.2.2 Increase in Consumer Awareness Regarding the Use of Plastic-free Products
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1.4 Mixed Xylene
5.2.3 Other Applications
5.3 End-user Industry
5.3.1 Plastics and Polymers
5.3.2 Paints and Coatings
5.3.4 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.4.4 South America
126.96.36.199 Rest of South America
5.4.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BP PLC
6.4.3 Chevron Phillips Chemical Company
6.4.4 China Petroleum & Chemical Corporation
6.4.5 Exxon Mobil Corporation
6.4.6 Formosa Chemicals & Fibre Corporation
6.4.7 JXTG Nippon Oil & Energy Corporation
6.4.8 LOTTE Chemical Corporation
6.4.9 Mitsubishi Gas Chemical Company
6.4.10 Reliance Industries Limited
6.4.11 SK global chemical Co. Ltd
6.4.12 S-Oil Corporation
6.4.13 Total SA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Cheaper Feedstock through Shale Oil Discoveries
7.2 Other Opportunities
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.