O-Xylene Prices December 2023
Product
|
Category |
Region |
Price |
O-Xylene |
Feedstock |
USA |
977 USD/MT |
O-Xylene |
Feedstock |
South Korea |
960 USD/MT |
O-Xylene |
Feedstock |
Germany |
1275 USD/MT |
In the final quarter of 2023, the US o-xylene market faced a decline due to reduced production costs from lower Mixed Xylene prices, macroeconomic pressures such as inflation and high-interest rates reducing purchasing power, alongside tepid demand from both domestic and overseas Phthalic anhydride industries. Despite supply chain disruptions, ample supply led to destocking at reduced prices, with o-xylene prices settling at 977 USD/MT in December 2023.
In Q4 2023, South Korea's o-xylene market faced declines due to economic slowdown, reduced demand, oversupply, and dropping Mixed Xylene prices, despite crude oil market volatility. Subdued demand from the Phthalic anhydride industry, a 9.5% decrease in China-bound shipments in October, and stable but unimproved domestic production led to clearing inventories at discounted prices, with o-xylene prices settling at 960 USD/MT in December 2023.
In the last quarter of 2023, Germany's o-xylene market declined amid economic downturns, weak demand, geopolitical tensions affecting raw material costs, and sluggish Phthalic anhydride industry demand. Factors like decreased Mixed Xylene costs, competitive Asian market offers, reduced manufacturing rates, and a 0.7% drop in industrial production in November led to destocking and bearish sentiments, with o-xylene prices settling at 1275 USD/MT in December 2023.
O-Xylene Price Trend, Market Analysis, and News
IMARC’s newly published report, titled O-Xylene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of o-xylene pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing o-xylene price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
O-Xylene Market Analysis
The global o-xylene market size reached US$ 4 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 5.8 Billion, at a projected CAGR of 4.00% during 2023-2032.
- The growing awareness about environmental sustainability drives the demand for eco-friendly alternatives, stimulating the development of bio-based o-xylene derivatives with low volatile organic compound (VOC) emissions.
- The rise in industrial activities, especially in manufacturing and automotive sectors, escalates the need for o-xylene-based products such as paints, coatings, and adhesives.
- The rising stringent regulations promoting the use of o-xylene in environmentally friendly formulations and the implementation of safety standards in industrial cleaning products bolster market expansion.
- Rapid expansion of the electronics and packaging industries fuels the need for polyester fibers, wherein o-xylene plays a crucial role in their production.
- Continual advancements in chemical manufacturing technologies enhance o-xylene production efficiency, contributing to market growth.
- The growing popularity of consumer goods, such as perfumes, cosmetics, and household cleaning products, drives the need for o-xylene as a raw material in their formulation.
- The growing trend of urbanization and infrastructure development drives the demand for construction materials, such as plastics, coatings, and adhesives, further boosting the o-xylene market.
- Expanding pharmaceutical industry, which relies on o-xylene for the synthesis of various active pharmaceutical ingredients (APIs) and intermediates.
- The shifting trend of urban gardening and landscaping augmenting the demand for o-xylene-derived products such as fertilizers, pesticides, and herbicides, supporting agricultural applications.
- The rise in research and development activities for novel applications of o-xylene in emerging sectors such as nanotechnology and biotechnology present new growth opportunities for market players.
- The emergence of new applications in the energy storage sector, such as lithium-ion batteries, drives the demand for o-xylene-derived materials for electrode coatings and electrolytes.
- The increasing emphasis on infrastructure development and smart city initiatives worldwide creates opportunities for o-xylene-based products in construction materials, telecommunications equipment, and urban utilities.
- Growing emergence of new technologies, such as 3D printing and additive manufacturing, presents opportunities for o-xylene-based materials in prototyping and production processes.
O-Xylene News
The report covers the latest developments, updates, and trends impacting the global o-xylene market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in o-xylene production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.
Latest developments in the o-xylene industry:
- On February 19, 2024, LOTTE Chemical began the commercial production of Hydroxy Ethyl Cellulose (HEC) at its new Yeosu plant has a strong EO (Ethylene Oxide) supply source and commits to the diversification of the specialty products segment. In addition, their tie-up with LOTTE Fine Chemical helps the secure supply of EO, enables them to produce around 10,000 tons of HEC per year, and strengthens their position in the specialty materials market. HEC, a kind of additive that is widely used in many industries, paves the way for the LOTTE Group's advancement both in high-value business growth and industrial leadership.
- On February 29, 2024, Honeywell (Nasdaq: HON) and Hisense teamed to deliver the Solstice® 454B refrigerant, a sustainable option with low global warming potential (GWP), for Hisense's residential air conditioners. The partnership conforms to a universal trend of phasing out HFCs, accompanied by regulatory and legislative measures and the U.S. EPA's decision to cut HFC production from January 1, 2024.
- In November 13, 2023, Exxon Mobil Corporation (NYSE: XOM) has initiated the first phase of lithium production in southwest Arkansas, aiming to become a leading lithium producer for EV batteries, with the product branded as Mobil™ Lithium.
Product Description
O-xylene is a colorless, aromatic liquid with a sweet smell that contains strictly hydrocarbon compounds. Its main purpose is to be used as a precursor in the production of phthalic anhydride, which is further applied in the synthesis of plasticizers, resins, and polyester fibers. The oil and products of reforming crude oil are the most utilized production methods, albeit the xylene separation through fractional distillation is also common. Among the three items that make up xylene, that is, the m-xylene, the p-xylene, and the o-xylene, the latter holds preference in some industries, notably the ones that are related to making polymers and coatings. It is important in play of its role in solvent capacity when it comes to paints and adhesives, and it is also a raw material for making dyes and perfumes by synthetic means.
O-xylene is a strong solvent and a good alternative to chlorinated solvents. It has chemical stability and less toxicity than most of the existing products. In addition, the applications of this widespread technology cover the development of pesticides, pharmaceuticals, and rubber products. Xylene hence also forms isophthalic acid, the critical material in the manufacture of PET (polyethylene terephthalate) bottles and fibers. It is significant to note that these two chemicals should be produced sustainably to achieve the much-desired slowdown trend. Therefore, o-xylene's versatility and the scope of its use in the modern sector of industry and product development is a strong argument to list o-xylene as a key chemical compound in manufacturing and developing new products.
Regional Coverage
The report provides a detailed analysis of the o-xylene market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends.
Global O-Xylene Price
The report offers a holistic view of the global o-xylene pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.
Europe O-Xylene Price
The European chemical industry faced challenges from geopolitical tensions in the Israel-Palestine conflict and Russia-Ukraine issues, impacting global energy markets and raw material prices. This led to fluctuations in demand. Domestically, slow demand from the Phthalic anhydride industry, influenced by slow consumption in construction, further pressured o-xylene prices. The Ifo index showed a drop in sentiment in residential construction to -56.8 points in December, exacerbating destocking activities.
This analysis can be extended to include detailed o-xylene price information for a comprehensive list of countries.
Region |
Countries Covered |
Europe |
Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America O-Xylene Price
In North America, the o-xylene market bearish sentiment prevailed in the US o-xylene market. Reduced feedstock Mixed Xylene prices lowered o-xylene production costs domestically, driving prices down. Macroeconomic challenges, like ongoing inflation and high-interest rates, weakened end-user purchasing power. While the Federal Reserve targeted 2% annual inflation, achieving it was expected to take years. Market indicators suggested the central bank was concluding rate hikes, with one more planned by year-end. Tepid inquiries from the Phthalic anhydride industry persisted domestically due to weak end-user consumption, pressuring sellers as buyers made limited purchases amid potential declines. Overseas demand remained restrained, exacerbating price pressure. Supply chain disruptions in the Red Sea and Panama Canal minimally impacted the o-xylene supply.
Specific data on o-xylene prices within the United States and Canada can also be provided.
Region |
Countries Covered |
North America |
United States and Canada |
Middle East and Africa O-Xylene Price
The analysis of o-xylene prices in the Middle East and Africa provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
In addition to region-wise data, information on o-xylene prices for countries can also be provided.
Region |
Countries Covered |
Middle East and Africa |
Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Asia Pacific O-Xylene Price
The o-xylene pricing in the Asia Pacific region market consistently declined, reflecting challenging conditions in the chemical industry. Factors such as slowing economic growth, reduced demand, and domestic oversupply contributed to these circumstances. Despite volatile fluctuations in crude oil markets due to Middle East unrest, feedstock Mixed Xylene prices recorded monthly losses, diminishing o-xylene cost support domestically. Downstream Phthalic anhydride inquiries remained subdued, with sluggishness in end-user construction uptake. Anticipated demand improvement in Q1 2024 contrasts with small order transactions. Inquiries from China displayed a negative trend, with a 9.5% drop in October shipments, indicating weakened demand. Domestic production rates remained steady, reflecting stagnant downstream demand despite a slight uptick in South Korea's manufacturing Purchasing Manager Index from 49.8 to 50.0 between October and November.
This analysis can be further extended to include detailed o-xylene prices for a comprehensive list of countries within the region.
Region |
Countries Covered |
Asia Pacific |
China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America O-Xylene Price
The analysis of o-xylene prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
This comprehensive review can be extended to include specific countries within the region.
Region |
Countries Covered |
Latin America |
Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries.Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
Key Attributes |
Details |
Product Name |
O-Xylene |
Report Features |
Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Price Analysis, and Segment-Wise Assessment. |
Currency/Units |
US$ (Data can also be provided in local currency) or Metric Tons |
Region/Countries Covered |
The current coverage includes analysis at the global and regional levels only.
Based on your requirements, we can also customize the report and provide specific information for the following countries:
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand*
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece*
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru*
Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco*
*The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
Information Covered for Key Suppliers |
- Company Overview
- Business Description
- Product Portfolio
- Recent Trends and Developments
|
Customization Scope |
The report can be customized as per the requirements of the customer |
Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
- Scope
- Historical Data for the Current Month
- Forecast for Next Month
- Total Deliverables Per Year: 12 (One Per Month)
- Includes: One PDF and Excel datasheet per month, Post Purchase Analyst Support throughout the year
Plan B: Quarterly Updates - Annual Subscription
- Scope
- Historical Data for the Current Quarter
- Forecast for Next Quarter
- Total Deliverables Per Year: 4 (One Per Quarter)
- Includes: One PDF and Excel datasheet per Quarter, Post Purchase Analyst Support throughout the year
Plan C: Biannually Updates - Annual Subscription
- Scope
- Historical Data for the Current Half
- Forecast for the Next Half
- Total Deliverables Per Year: 2 (One Per 6 Months)
- Includes: One PDF and Excel datasheet per Half, Post Purchase Analyst Support throughout the year
|
Post-Sale Analyst Support |
360-degree analyst support after report delivery |
Delivery Format |
PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of o-xylene pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
- The study examines factors affecting o-xylene price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the o-xylene industry.