Global Xylene Market Size to Reach USD 63.08 Billion by 2031 | CAGR of 5.9%

Category : Materials And Chemicals | Published Date : Jun 2024

Xylene Market Definition & Overview :

Xylene is a hydrocarbon compound that is essential for the manufacturing of certain monomers and solvents. It is also used in the production of printing inks, coatings, and adhesives and the rubber industry as a solvent.

As per the Consegic Business Intelligence analysis, the Global Xylene Market was valued at USD 37.88 Billion in 2022, is projected to grow by USD 39.94 Billion in 2023, and is expected to register a CAGR of 5.9% to reach USD 63.08 Billion by 2031.

This report comprises Xylene Market Size, Share & Industry Analysis, By Type(Ortho-Xylene, Meta-Xylene, Para-Xylene, and Mixed Xylene), By Application(Solvents, Monomers, Specialty Chemicals, and Others), By End-User Industry(Petrochemicals, Paints and Coatings, Textile, Electronics, Pharmaceutical, Leather, and Others), By Region(North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), and Forecast, 2023-2031.

This report contains detailed information on Xylene Market Trends, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraint or Challenges, Opportunities, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.

As per the report analysis, the soaring utilization of this hydrocarbon in the pharmaceutical and paint and coatings industry is enhancing the Xylene Market growth. It is used as a thinning agent, solvent, paint remover, degreaser, and additive across various industries.

Segmental Analysis :

The Xylene Market is segmented into four major segments based on type, application, end-user industry, and region.

Based on type, the market is divided into Ortho-Xylene, Meta-Xylene, Para-Xylene, and Mixed Xylene.

  • In 2022, para-xylene accounted for the highest market share as it is used to derive polyethylene terephthalate (PET) which has several driving factors like urbanization, and a rise in packaged food consumption.
  • The meta-xylene segment is anticipated to witness the fastest CAGR from 2023 to 2031, due to its requirement for high-performance solvents and chemicals.

Based on the application, the market is segmented into solvents, monomers, specialty chemicals, and others.

  • The solvents segment held the highest market share in 2022, as xylene is used in several industries like painting, rubber, leather, and coatings as a glue additive and as a solvent.

Based on the end-user industry, the market is categorized into petrochemicals, paints and coatings, textiles, electronics, pharmaceuticals, leather, and others.

  • The petrochemicals segment accounted for the highest market share of 31.55% in 2002, attributed to vast applications of xylene for solvent extraction, hydrocracking, and fluid catalytic cracking.
  • The electronics segment is expected to register the fastest CAGR from 2023 to 2031, as it is used for cleaning electric components.

By region, the market is segregated into regions including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

  • In 2022, the Asia-Pacific region held the highest market share at 37.26% valued at USD 14.89 Billion in 2023, and is also expected to witness the fastest CAGR of 6.3% during the forecasted period due to the growing pharmaceutical and infrastructure industry in this region.
Report Attributes Report Details
By Type Ortho-Xylene, Meta-Xylene, Para-Xylene, and Mixed Xylene
By Application Solvents, Monomers, Specialty Chemicals, and Others
By End-User Industry Petrochemicals, Paints and Coatings, Textiles, Electronics, Pharmaceuticals, Leather, and Others
By Region North America(U.S., Canada, Mexico)
Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe)
APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific)
Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA)
LATAM(Brazil, Argentina, Chile, Rest of LATAM)

Top Key Players & Competitive Landscape :

The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. Additionally, this report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.

List of prominent players in the Xylene Industry :

  • Criticare Technologies Inc.
  • Masimo
  • Koninklijke Philips N.V.
  • Medtronic
  • Shenzhen Mindray Bio-Medical Electronics Co. Ltd
  • Nihon Kohden Corporation
  • Nonin
  • GE Healthcare
  • OSI Systems Inc.
  • Radiometer Medical ApS
  • Thames Medical Ltd.

Recent Industry Developments :

  • In March 2022, INEOS Aromatics spent USD 70 million to modernize its purified terephthalic acid (PTA) plant in Indonesia which increased the site's capacity by 15% from 500,000 tons to 575,000 tons per year and reduced CO2 emissions by 15% per ton.
  • In March 2023, Saudi Aramco plans to build a USD 10 billion oil refinery with a capacity of 300,000 barrels of crude per day and a petrochemical complex in China with an annual production capacity of 1.65 million tons of ethylene and 2 million tons of paraxylene.