Xylene Market Detailed Summary, Industry Size and Future Growth Prospects to 2022-2026
This comprehensive report on the Xylene market provides a detailed analysis of the industry's size, share, demand, growth, profits, revenue, and other aspects. It examines historical data from 2016 and 2017, using 2018 as the base year to predict trends for the years 2019 to 2026. Xylene, a greasy and colorless organic petrochemical compound, is commonly used as a solvent in various industries, such as printing, rubber, food manufacturing, leather, and automotive. However, increasing environmental concerns due to the toxic effects of Xylene, which is a source of volatile organic compounds, has led governments to impose regulations on its use. The Asia Pacific market is expected to grow significantly due to the presence of refineries, and Europe is expected to see growth due to the increasing need for adhesives, paints, and coatings in the construction sector. The report profiles the key players in the industry, including BASF SE, Braskem, BP plc, Chevron Phillips Chemical Company, and others, and provides an overview of the global Xylene market.
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Xylene Market: Drive Factors
The Xylene market is being driven by several factors, including the increasing demand for polyethylene terephthalate (PET) and pure isophthalic acid (PIA) in various industries such as paints and coatings, textiles, and automotive. The use of Xylene as a solvent in the printing, rubber, food manufacturing, and leather industries is also contributing to the growth of the market.
Furthermore, the rising demand for Ortho-Xylene, which is used as a solvent and industrial feedstock to produce phthalic anhydride, is expected to continue driving the market growth. The automotive segment is also expected to see a significant shift due to the extensive use of Xylene in coating automotive parts such as the engine, interior, and exterior parts.
However, there are also factors hindering the growth of the Xylene market, such as its toxic effects and the growing environmental concerns over the release of volatile organic compounds (VOC) in the atmosphere. Governments have imposed regulations on the release of VOC, which has led many end-user industries to look for alternatives to Xylene. Nonetheless, the discovery of cheaper feedstock sources is expected to create new opportunities for the market in the future.
Here are some of the top companies operating in the Xylene market:
1. ExxonMobil Corporation
2. China National Petroleum Corporation (CNPC)
3. Chevron Phillips Chemical Company LLC
4. BP plc
5. Reliance Industries Limited
6. GS Caltex Corporation
7. Formosa Chemicals & Fibre Corp.
8. Saudi Basic Industries Corporation (SABIC)
9. JXTG Nippon Oil & Energy Corporation
10. Braskem S.A.
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