ID: MRFR/CnM/9405-HCR | 100 Pages | Published By Anshula Mandaokar on March 2023
The global Meta-xylene market was valued at USD 1,236 million in 2021 and is projected to reach USD 1,800 million in 2030 at a CAGR of 4.5%.
Xylene is colorless, volatile, aromatic hydrocarbon obtained from wood, coal, and petroleum. Meta-xylene is one of the three isomers of xylene. Meta-xylene is mainly used to produce isophthalic acid. Meta-xylene is insoluble in water and soluble in organic solvents.Meta- xylene is mostly used in construction, packaging, production of chemicals such as isophthalic acid and many other end use industries.
COVID-19 Impact on the Meta-xylene Market:
The outbreak of Covid-19 has had severe impact on all ecosystems of businesses worldwide including manufacturing, distribution, to end-use market movements. Consumers as well as product formulators were taken a back by the pandemic toll on general business protocols and emergence of businesses across the entire value chain. Manufacturers of key petrochemical products went under severe constraints due to lack of availability of feedstock, thereby resulting in lower production of products. The pandemic has positively impacted the food packaging industry due to increased consumer awareness of fresh and safe deliveries, which is expected to boost the meta-xylene market. On the other hand, strict government policies, and hazardous waste production at the time of meta-xylene, are the negative impacts of the pandemic. Meta-Xylenes are used as a solvent in the printing, rubber, and leather industries. Meta-xylene market faced adverse effects due to strict government rules for pandemics.
The construction sector is severely affected as social distancing, self-isolation, and city-wide lockdowns have forced many sites to stop construction across the world and construction sites, except for those working on essential projects like hospitals. All these have impacted the overall paints and coatings consumption across all countries. Use of face shields, transparent masks, food, and e-commerce packaging increased, thus, enhancing the demand for meta-xylene derivatives, including purified terephthalate acid, dimethyl terephthalate, and polyethylene terephthalate. These factors stimulated the demand for xylenes in pandemics. Meta-xylene shipments are predicted to steadily increase in the post-pandemic world, with manufacturing activities returning to standard operational capacities.
Rise in demand for the construction industry: Growth in the construction industry directly impacts the consumption of paints and coatings. Since m-xylene is widely used as a solvent in the production of paints and coatings, the rising demand for these is expected to continue driving the growth of the m-xylene market.
Fluctuating Raw material prices: Meta-xylene is obtained from wood, coal, and petroleum. These raw material prices are volatile, affecting the production of the meta-xylene market. Thus, the fluctuations in the crude oil prices are likely to have a corresponding impact on the price of meta-xylene and its derivatives.
Growing demand for isophthalic acid for plastic manufacturing: Isophthalic acid is obtained from meta-xylene. The primary use of meta-xylene is in the production of isophthalic acid, which is used as a copolymerizing monomer to alter the properties of polyethylene terephthalate. Purified isophthalic acid (PIA) is mainly used as an intermediate in producing unsaturated polyester resins, followed by polyester and alkyd resins and inks, reinforced plastics, and packaging applications. Properties of the isophthalic acid and the use of plastic in packaging include excellent thermal stability for low resin color, weathering, high heat distortion temperature, great boiling, water and stain resistance, outstanding hardness, superior corrosion, and stain resistance can be an excellent opportunity for the industrialists.
The harmful and hazardous effects of meta-xylene: Meta-xylene is highly harmful to human health and the environment. If a large amount of xylene enters soil from an accidental spill, a hazardous waste site, or a landfill, it may travel through the soil and contaminate drinking water wells. Exposure to meta-xylene may lead to headaches, vomiting, and nausea. Hence, these harmful hazards are the biggest challenge for the market.
By End Use
Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa are the five regions studied for the global meta-xylene market. Asia-Pacific is the leading region in the meta-xylene market and holds the largest market share. Asia-Pacific leads the meta-xylene market because of the large-scale production of polyethylene terephthalate (PET) plastic and key players' rapid rise in meta-xylene production capacity.
North America is expected to grow significantly over the forecast of 2022 to 2030 due to a rapid increase in the demand for xylene products in automotive, paints and coatings, and other industries. North America is also expected to be a potential market in the future due to the increased knowledge regarding the use of Meta-xylene in building houses. With the growing construction industry in the country, there is an increase in the number of new homes. In addition, growth is witnessed in the housing repair and refurbishment activities.
In Europe, the Meta-xylene market is spread in France, Germany, the UK, Russia, and Italy. Growth strategies include product launches, product approvals, patents, and events. Such activities are boosting the market in this region. The demand for adhesives and sealants is extensively driven by the increasing application in the packaging industry and growing demand from the construction industry. However, the growth is likely hindered by the stringent VOC emissions regulations related to adhesives and sealants. The demand for adhesives and sealants is extensively driven by the increasing application in the packaging industry and growing demand from the construction industry. However, the growth is likely hindered by the stringent VOC emissions regulations related to adhesives and sealants.
In Latin America, the growing demand is due to the rise in industrialization and increasing government investments in significant countries.The Middle East & Africa market is projected to witness positive growth during the forecast period.
Companies engaged in meta-xylene production are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategy activities witnessed in the market are acquisitions, partnerships & collaborations. The market payers from the meta-xylene market are anticipated to have lucrative growth opportunities with the rising demand for meta-xylene in the global market. This activity is witness to the expansion of business and customer-based market players.
Some key market players are Avantor, Compania Espanola De Petroleos, Chevron Phillips Chemical Company, Exxonmobil Honeywell International Inc., Lotte Chemical, Merck KGaA, Mitsubishi gas chemical company inc., Parchem fine & specialty chemicals, Shell Chemicals LTD, TCI Chemicals (India) Pvt. Ltd.
Some of the key developments include:
The Meta-xylene market is segmented by application, end use, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Meta-xylene emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: 1,800 million|
|CAGR||4.5% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, End use, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Avantor, Compania Espanola De Petroleos, Chevron Phillips Chemical Company, Exxonmobil Honeywell International Inc., Lotte Chemical, Merck KGaA, Mitsubishi gas chemical company inc., Parchem fine & specialty chemicals, Shell Chemicals LTD, TCI Chemicals (India) Pvt. Ltd.|
|Key Market Opportunities||• Growing demand for isophthalic acid for plastic manufacturing • Availability of cheaper feedstock through increasing shale oil discoveries|
|Key Market Drivers||• The rise in demand for the construction industry|
The global Meta-xylene Market would register a growth of 4.5%.
The meta-xylene market is projected to reach USD 1,800 million in 2030
Meta-xylene is an aromatic hydrocarbon mainly used in the production of Isophthalic.
Asia-Pacific has the highest growth in Global Meta-xylene Market
Avantor, Compania Espanola De Petroleos, Chevron Phillips Chemical Company, Exxonmobil Honeywell International Inc., Lotte Chemical, Merck KGaA, Mitsubishi gas chemical company inc., Parchem fine & specialty chemicals, Shell Chemicals LTD, TCI Chemicals (India) Pvt. Ltd are the key players in the Global Meta-xylene Market.