NEWARK, Del, April 28, 2023 (GLOBE NEWSWIRE) -- The global mixed xylene market size is predicted to reach a valuation of US$ 52,674.9 million in 2023. The global market is expected to hit a valuation of US$ 94,332.7 million by 2033. It is likely to record a CAGR of 5.1% through 2033.
Consumption of mixed xylene is primarily driven by the expanding usage of this solvent in a variety of end-use industries. Increased investments in bio-based mixed xylene research and development are anticipated to support market growth. For greater performance, blended xylene is utilized to raise the fuel's overall efficiency and octane value. As consumer concern for the environment rises, it is anticipated that the mixed xylene market in this country will be driven by rising spending on research and development of bio-based fuels. Market expansion is expected to be fueled by rising demand for mixed xylene used as a gasoline blending additive.
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The market's growth prospects are amplified by the expanding range of applications for solvents in end-use industries. The potential for market expansion is greatly influenced by the growing demand for PET manufacturing. Mixed xylene is in higher demand as a result of the rising demand for RTD beverages. The primary raw material utilized in the production of terephthalic acid, which is used to create the PET monomer bis (2-hydroxyethyl) terephthalate, is mixed xylene. As a result, there is a connection between the demand for PET bottles and mixed xylene.
Across Asia Pacific, China is the world's largest consumer of mixed xylene. Consumption of mixed xylene is anticipated to be significantly influenced by the growing use of this solvent in a variety of end-use sectors. Over the course of the projection period, increased manufacturing of polyester products such as polyethylene terephthalate (PET), films, and fibers in China is anticipated to have a significant impact on shipments of mixed xylene.
Key Takeaways:
- The global mixed xylene market expanded at a remarkable CAGR of 6.5% from 2017 to 2022.
- In 2017, the global market size stood at US$ 36,011.10 Million.
- The global mixed xylene market accounted for US$ 49,439.7 Million in 2022.
- Isomer grade mixed xylene currently accounts for more than 70% of the global mixed xylene market share.
- In 2022, the raw material mixed xylene application segment captured a staggering 83.4% market share.
- The chemicals segment captured 82.6% of the global mixed xylene market share in 2022.
- China mixed xylene market held 6.7% global market shares in 2022.
- The United States accounted for 16.3% of the global mixed xylene shipments in 2022.
- The market for mixed xylene in the United Kingdom held a 4.3% market share in 2022.
Key Players in mixed xylene market like Exxon Mobil Corporation, TOTAL S.A., GS Caltex Corporation, Idemitsu Kosan Co. Ltd., LOTTE Chemical CORPORATION, Royal Dutch Shell PLC, China National Petroleum Corporation, Chevron Phillips Chemical Company LLC, China Petroleum & Chemical Corporation, Flint Hills Resources LLC, YPF Sociedad Anonima, SK Global Chemical Co. Ltd. and others.
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Recent Developments Observed by Experts at FMI:
Agilyx and BioBTX collaborated to create circular aromatic compounds in April 2023. A commercial demonstration plant for the production of renewable aromatic compounds (toluene, benzene, and xylene) will benefit from the collaboration by strengthening BioBTX technology.
Market Segmentation:
By Grade:
- Isomer Grade Mixed Xylene
- Solvent Grade Mixed Xylene
By Application:
- Fuel Blending
- Solvents
- Thinners
- Raw Materials
By End-use:
- Mixed Xylene for Paints & Coatings
- Mixed Xylene for Pesticides
- Mixed Xylene for Chemicals
- Mixed Xylene for Gasoline
- Mixed Xylene for Printing
- Rubber & Leather
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary | Mixed Xylene Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends (TOC Continue...)
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