Global Meta-Xylene Market: Valued at USD 212.2 Billion in 2023 & to Achieve 4.6% CAGR in 2024-32
As per the research report by Report Cube, the Global Meta-Xylene Market size was valued at nearly USD 212.2 billion in 2023, and is estimated to grow at a CAGR of about 4.6% during the forecast period, 2024-32.
The mounting demand for adhesives and sealants across an array of end-user industries, as well as the rising prevalence of isophthalic acid, are the aspects contributing to the market's expansion. Coal is the source of xylene, a colorless, volatile liquid hydrocarbon, both petroleum & wood. Meta- or m-xylene is an isomer of ortho- and para-xylene. Additionally, a great deal of petrochemical manufacturing companies have expanded & altered the way they manufacture during the past years. Also, a noteworthy upgrade in the petrochemical sector has been noted, which has aided in the growth of the Meta-Xylene Market. Paint thinners, inks, varnishes, degreasers, and pesticides are just a few of the products that usually contain meta-xylene. It is exceptionally resistant to corrosion, hardness, weathering, stains, and water.
The need for meta-xylene is predicted to be driven by its extensive use in the formulation of isophthalic acid. The market is foreseen to grow owing to an increase in the usage of isophthalic acid in aerospace, architectural coatings, and construction sector for paint & coatings. Thus, it is estimated that the Meta-Xylene Market would be driven in the forthcoming years by the risen consumption of isophthalic acid and the growing requirement for adhesives & sealants in end-use industries.
Moreover, a growing amount of paraxylene is necessary globally, which is fueling the expansion of the Meta-Xylene Market. Also, in order to manufacture polyethylene terephthalate (PET), the isomer of xylene called paraxylene is needed. Food packaging, consumer products, automotive, sheets & films, and beverage packaging are just a few of the sectors that employ PET. Further, rising demand for packaging materials has upsurged PET demand as well, driving the industry’s expansion, further states the research study, Meta-Xylene Market Analysis, 2024.
Analyzing the Meta-Xylene Market Segmentation
Packaging to Dominate the Meta-Xylene Market
By end-user, the Meta-Xylene Market is bifurcated into: Construction, Packaging, Automotive, and Others.
The biggest share of the Meta-Xylene Market is captured by the Packaging segment. Meta-xylene is majorly utilized to manufacture isophthalic acid, which is a prerequisite for the synthesis of polyethylene terephthalate (PET) polymers. These polymers are broadly utilized in the packaging industry, primarily for bottles containers, and food packaging. The growing requirement for PET packaging across this sector is the driving force behind the deployment of meta-xylene. The global packaging business has experienced rapid expansion due to the increasing demand for packaged goods, beverages, and convenience meals, majorly in emerging regions. Hence, this has impacted the growth scale of the industry.
Asia-Pacific to Lead the Global Meta-Xylene Market
Over the past years, Asia-Pacific has grown to capture a sizable portion of the Global Meta-Xylene Market. This is because PET plastic is manufactured in large quantities across the region. Moreover, the major businesses' rising ability to produce m-xylem and the increasing demand for carbonated alcoholic beverages & soft drinks in the regional nations are driving the market expansion. Additionally, China and India are finding that laminates and flexible packaging, particularly PET and woven bags, are more & more crucial. The need for synthetic polymers, which are widely utilized in the automotive, aerospace, and architectural industries, is also rising, which is boosting the growth of the Asia-Pacific Meta-Xylene Market.
Meta-Xylene Market Companies Analysis
With the strategic analysis & market study the leading companies, including Avantor, British Petroleum, Chevron Phillips Chemical Company, Compania Espanola De Petroleos, S.A.U. (Cepsa), Exxonmobil 6.4.6 Honeywell International Inc., Lotte Chemical, Merck KGaA, MITSUBISHI GAS CHEMICAL COMPANY, INC, Perstorp, Shell Chemicals LTD, Total Petrochemicals, Versalis SpA, are predicted to contribute in the growing market outlook.