IMARC Group's latest report, titled "Meta-xylene Market by Application (Isophthalic Acid, 2,4- and 2,6-xylidine, Solvents, and Others), End User (Construction, Packaging, Automotive, and Others), and Region 2023-2028," finds that the global meta-xylene market size reached US$ 1.3 Billion in 2022. Meta-xylene is a sweet-smelling, colorless organic compound obtained from petroleum, coal, and wood. It consists of two clusters of methyl connected to a six-carbon ring. The compound is extensively used as a raw material in producing 2,4-Xylidine, m-dimethylbenzene, m-xylol, 2,6-xylidine, and isophthalic acid, which is mainly utilized as a copolymerizing monomer to modify the properties of polyethylene terephthalate (PET). It is commonly found in various products, such as varnishes, inks, paint thinners, degreasers, and insecticides. It possesses excellent weathering, corrosion, water, and stain resistance properties and is miscible with acetone, alcohol, ether, and benzene and soluble in chloroform. As a result, meta-xylene finds extensive applications in numerous industries, such as packaging, construction, and automotive, across the globe.
Global Meta-Xylene Market Trends:
Rapid expansion in the construction industry represents the primary factor driving market growth. Additionally, the rising use of meta-xylene as a solvent in manufacturing coatings and paints, along with the increasing number of housing projects and ongoing residential construction and renovation activities, are positively influencing the market growth. Apart from this, the surging product usage to formulate isophthalic acid used in aerospace and architectural coatings is another major growth-inducing factor. Moreover, the increasing utilization of meta-xylene as a sustainable feedstock to produce hydrogen fuel using nickel-based catalysts is further anticipated to expand product applications in the automotive, transportation, and power generation sectors. Besides this, the increasing demand for meta-xylene as a component of polyethylene terephthalate (PET) used in packaging foods and beverages is propelling market growth. Furthermore, the widespread use of meta-xylene derivatives, such as purified terephthalate acid and dimethyl terephthalate, in the production of face shields, transparent masks, and food and e-commerce packaging is contributing to market growth. Other factors, including ongoing research and development (R&D) activities, rising product utilization in protective coatings, refrigerators, and cooling systems, and rapid growth in the automotive industry, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1.7 Billion by 2028, expanding at a CAGR of 4.5% during 2023-2028.
- Based on the application, the market has been divided into isophthalic acid, 2,4- and 2,6-xylidine, solvents, and others. Currently, isophthalic acid dominates the market.
- On the basis of the end user, the market has been segmented into construction, packaging, automotive, and others. Amongst this, construction accounts for the majority of the market share.
- Region-wise, Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Compañía Española de Petróleos S.A.U., GS Caltex Corporation, Honeywell International Inc., Lotte Chemical Corporation, Mitsubishi Gas Chemical Company Inc., Parchem Fine & Specialty Chemicals, Thermo Fisher Scientific Inc., and Tokyo Chemical Industry.
|Base Year of the Analysis
||Isophthalic Acid, 2,4- and 2,6-xylidine, Solvents, Others
|End Users Covered
||Construction, Packaging, Automotive, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Compañía Española de Petróleos S.A.U., GS Caltex Corporation, Honeywell International Inc., Lotte Chemical Corporation, Mitsubishi Gas Chemical Company Inc., Parchem Fine & Specialty Chemicals, Thermo Fisher Scientific Inc., Tokyo Chemical Industry, etc.
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