LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global xylene market predicts a CAGR of more than 7% during the period 2017-2021.
The report segments the global xylene market by product type (paraxylene and orthoxylene) and by geography (APAC, Europe, North America, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global xylene market according to Technavio chemicals and materials researchers:
- Increased demand from automobile industry: a major market driver
- In 2016, the paraxylene dominated the market by occupying almost 84% share
- APAC dominated the global xylene market with more than 61% share in 2016
- Braskem, Exxon Mobil, Formosa Chemicals & Fibre, JXTG Nippon Oil & Energy Corporation, Reliance Industries, Royal Dutch Shell, and US Petrochemical are the leading players in the market
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Increased demand from automobile industry: a major market driver
Increased demand from automobile industry is one of the major factors driving the global xylene market. Xylene is used in a variety of applications such as insulation, sealing, bonding, and coating in different automotive parts such as engine, drive train, electrical system, electronics, interior, and body. The use of xylene in automotive coatings is gaining popularity in the automobile and transportation industries due to its durability, sustainability, resistivity, safety, performance, efficiency, and cost-effectiveness. Therefore, this increased demand from the automobile industry will drive the global xylene market.
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APAC: largest xylene market
The major end-user industries of the global xylene market such as textile, packaging, construction, and automotive have been flourishing in APAC owing to the significant economic growth. APAC was the leading xylene market in 2016, accounting for more than 50% of the global market revenue. The growth of the polyester fiber market in APAC is due to the increasing demand for textiles in the region. Polyester fiber is used to produce apparels, bed sheets, bedspreads, and cotton with enhanced wrinkle resistance. The textile market is growing rapidly in countries such as China and India, due to low labor cost.
According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on specialty chemicals, “APAC is the largest market for phthalic anhydrides due to large consumption in agriculture, pharmaceuticals, and textile industries, especially from countries such as China, India, and Japan. Increasing demand for textiles from China, India, Japan, Taiwan, Indonesia, and South Korea has made APAC the largest consumer of phthalic anhydrides.”
Competitive vendor landscape
The global xylene market consists of major vendors whose presence is widespread in APAC. The market is dominated by global vendors such as Braskem, Exxon Mobil, Formosa Chemicals & Fibre, Reliance Industries, Royal Dutch Shell, and US Petrochemical. The market is fragmented in nature. The key vendors have integrated their business in the backward direction in a cost-effective way. The competitive environment might intensify over the next five years as vendors are competing based on factors such as the cost of production, innovation in products, price, operational cost, R&D, and product quality.
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