Growing polymer and petrochemical sector coupled with increasing demand for PET, leather and rubber are expected to drive xylene market over the next six years. In addition, increasing use of polyesters in textile industry is anticipated to augment the xylene market growth over the forecast period. Favorable government regulations supporting bio-based chemicals in agriculture is expected to hamper the market demand in the next six years. Uncertain raw material supply resulting in price volatility is expected to act as a market restraint over the forecast period. Technological advancements regarding xylene’s use as a solvent in medical industry are poised to create growth avenues.
Rising xylene demand owing to increasing applications in major industries including leather and rubber especially in Asia Pacific and the Middle East are expected to drive global xylene market over the forecast period. Shift in xylene manufacturing bases from Europe and North America to emerging economies of India and China owing to availability of inexpensive labor is expected to fuel Asia Pacific market growth over the next six years. Furthermore, China is anticipated to be major consumer for xylene on account of growing demand for pesticides in agricultural sector over the forecast period. Major applications of xylene include pure terephthalic acid (PTA) production; paint, dyes & pigments and for laboratory use. North America and Europe are expected to witness below average growth rates owing to slowdown in end-use market demand for PET over the next six years. Xylene isomers can be segmented as o-xylene, p-xylene and m-xylene for use in foams, adhesives and films.
Growing M&A and patent registrations by major industry players including Thai Oil Company, Shell, Reliance and Bayer are poised to increase industry rivalry and entry barriers for market entrants. Development of new para-xylene complex by PetroChina Sichuan to produce over 600 MT per year is expected to reduce the demand supply gap in China. In addition, technological development in para-xylene production process by SABIC is anticipated to create a competitive edge sustaining competition. Other xylene market participants include BASF, Flint Hills Resources, Dow Chemical, LG Chem. Ltd, LyondellBasell, The Ineos Group, DuPont, Lanxess, Formosa Plastics Group, ConocoPhillips, SINOPEC, JX Holdings and CNPC.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.