DUBLIN--(BUSINESS WIRE)--The "Meta-Xylene Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global meta-xylene market is expected to record a CAGR of over 4% during the forecast period of 2019-2024. The major factor driving the market studied is the increasing demand from the construction industry and adhesives.
- Harmful and hazardous effect of meta-xylene is expected to hinder the market's growth.
- Availability of cheaper feedstock through increasing shale oil discoveries is likely to act as an opportunity for the market in the forecast period.
Key Market Trends
Isophthalic Acid to Dominate the Market
- Isophthalic acid is an aromatic dicarboxylic acid, industrially produced by the oxidation of m-xylene, using the Co-Mn-Br catalyst system. Commercially, it is used as a component of PET (polyethylene terephthalate) copolymer, which is used in bottle resins and to a much lesser extent, for fibers. It is a white solid with a slightly unpleasant odor and it sinks in water.
- It has excellent thermal stability for low resin color, weathering, high heat distortion temperature, outstanding boiling, water and stain resistance, outstanding hardness, superior corrosion, and stain resistance.
- Isophthalic acid's second major use is as a component of high-quality alkyds and polyester resins for industrial coatings and unsaturated polyesters, for fiberglass-reinforced plastics applications.
- Purified isophthalic acid (PIA) is mainly used as an intermediate in the production of unsaturated polyester resins, followed by polyester and alkyd resins (mainly for surface coatings) and inks, reinforced plastics, and packaging applications.
- Few other applications of Isophthalic acid are as follows: aerospace coatings, architectural coatings, automotive, building materials, coil coatings, construction chemicals, electronic connectors, equipment and machinery, lubricants, metal coatings, packaging components non food contact, paints and coatings, polyester (pet), process additives, protective coatings, refrigerator and coolant systems, sport drinks packaging.
- The above mentioned points are expected to rapidly increase the demand for isophthalic acid. This would, in turn, increase the demand for meta-xylene over the forecast period.
United States to Dominate the North America Region
- Residential construction spending in the country slightly fluctuated in 2017. However, the normal pace was restored gradually in 2018, when compared to 2017. With the growing construction industry in the country, there is an increase in the number of new homes.
- In addition, growth is also being witnessed in the housing repair and refurbishment activities. The Harvard Joint Center for Housing Studies witnessed the remodeling expenditures for housing in the United States and reached USD 340 billion in 2018, exhibiting a growth of 7.5% over 2017.
- The United States is the second-largest producer of automobiles in the world. PET is widely used to replace parts in automobile, in order to reduce weight and wear and tear, by providing trouble-free performance for a longer span of time.
- The production of automobiles in the country has recorded a robust growth till 2016. After growing at 3.8% in 2015, the growth slowed down to 0.8% in 2016, due to the excess inventory and low demand for passenger cars. Moreover, the production of new motor vehicles in the country has decreased by 8.13%, in 2017, and reached a total of 11,189,985 units. And it increased by 1.1% in 2018 by producing 11,314,705 units. This increase in production of automobiles has increased the consumption of PET in the country.
- United states being one of the most developed countries in the world, penetration of meta-xylene is extremely high. This trend is expected to continue over the forecast period, 2019 - 2024
The global meta-xylene market is fragmented in nature. The major companies include Merck KGaA, Chevron Phillips Chemical Company, Honeywell International Inc., and Mitsubishi Gas Chemical Company, Inc.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand from the Construction Industry
4.1.2 Increasing Demand for Adhesives
4.2.1 Harmful and Hazardous Effect of Meta-Xylene
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1.1 Isophthalic Acid
5.1.2 2,4- and 2,6-xylidine
5.1.4 Other Applications
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.2.4 South America
18.104.22.168 Rest of South America
5.2.5 Middle East & Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 British Petroleum
6.4.3 Chevron Phillips Chemical Company
6.4.4 Compania Espanola De Petroleos, S.A.U. (Cepsa)
6.4.6 Honeywell International Inc.
6.4.7 Lotte Chemical
6.4.8 Merck KGaA
6.4.9 Mitsubishi Gas Chemical Company, Inc.
6.4.11 Shell Chemicals Ltd.
6.4.12 Total Petrochemicals
6.4.13 Versalis SpA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Availability of Cheaper Feedstock through Increasing Shale Oil Discoveries
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/w9dq2u