Mixed Xylene Market Size, Share, Demand, Growth & Trends by 2028
Mixed xylene sales are expected to reach US$ 197.8 billion in 2022. The global mixed xylene market is expected to grow at a 7.1% CAGR and reach a value of US$ 299.2 billion by the end of 2028. Growing consumption as a solvent continues to primarily drive the revenue growth of mixed xylene market worldwide.
Slated at robust yearly revenue growth in 2022 and ahead, the global mixed xylene landscape is also likely to witness consistently soaring consumption of paraxylene by PET manufacturers. Towards 2022, the global revenue of mixed xylene market is projected to surpass the valuation of US$ 197 billion, forecasts a new research study on the global market for mixed xylene, by Future Market Insights.
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“Fostering PET, polyester fiber, and polyester film manufacturing is constantly creating investment opportunities for mixed xylene manufacturing companies, thereby pushing the revenue growth of mixed xylene landscape,” says a senior market research analyst at the company.
Chemicals, Petrochemicals, & Paints Record Notable Mixed Xylene Consumption
Extensively used as a thinner, especially by inks and paints manufacturers, mixed xylene finds wide applicability across the chemicals industry as a base material for manufacturing.
Mixed xylene is also widely consumed for elevating the octane rating of gasoline and other fuels with an objective to improve fuel and engine performance.
Owing to voluminous paraxylene consumption, the chemicals industry remains a prime consumer of mixed xylene market over the coming years, according to the report.
Other prominent end-use industries registering sizeable mixed xylene consumption include gasoline, paints & coatings, pesticides, rubber, leather, and printing.
The report covers a range of end-use industries and sectors recording variable mixed xylene consumption patterns as per the applications associated with them.
Consumption of mixed xylene as a raw material contributes the maximum revenue share compared to all other application areas.
The analysis of mixed xylene landscape based on grade reveals that the isomer-grade variant continues to dominate in terms of both revenue and consumption volume, accounting for over 80% value share in mixed xylene market. However, yearly revenue growth of solvent grade mixed xylene is projected to observe a decline post 2020, according to the report.
The FMI analyst says, “Following China, the report also positions Asia Pacific (excluding Japan) as a highly lucrative regional territory, creating attractive untapped applications areas for manufacturers”.
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Key Companies Profiled
Some of the prominent players profiled in the report include Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd., Lotte Chemical Corporation, Total S.A., China Petroleum & Chemical Corporation, China National Petroleum Corporation, GS Caltex Corporation, Chevron Phillips Chemical Company LLC, Royal Dutch Shell plc, YPF Sociedad Anónima, Flint Hills Resources, LLC, and SK Global Chemical Co., Ltd.
Production Expansion Rules Strategic Minds of Manufacturers
In the report, FMI covers extensive strategic profiles of some of the key manufacturers active in the mixed xylene landscape, which points to strategic M&A and collaborations governing the competitive nature of mixed xylene marketplace.
In a moderately fragmented global landscape of mixed xylene market, the leading 12 players collectively cover 20-25% share of the total revenue. This highlights that each one of them holds a single digit market value share at present.
Manufacturing capacity expansion is currently the primary strategy of key companies in global mixed xylene space. As of the past year, the Asia Pacific mixed xylene market has witnessed notable production capacity expansion efforts by prominent market players. Companies in addition to expanding existing manufacturing plants are emphasizing new plant start-ups, pushing the prospects of mixed xylene market.
Tonen General recently commenced the commercial sale of isomer-grade mixed xylene at the company’s Ichihara-based recovery unit in Japan.
Showa Shell also launched a high-capacity TDP unit for an isomer-grade xylene template.
CNOOC Huayue also announced the launch of their new high capacity aromatics unit for mixed xylene production.
Hyundai Oilbank and Lotte Chemical Corp jointly formed a new isomer-grade xylene facility of 1m tonne/year capacity.