The mixed xylene market is predicted to reach a valuation of US$ 52,674.9 million in 2023. The global market is expected to hit a valuation of US$ 94,332.7 million by 2033. It is likely to record a CAGR of 5.1% through 2033.
The growing use of this solvent in a range of end-use sectors is driving mixed xylene consumption. Increased research and development investments in bio-based mixed xylene are expected to boost market expansion. Blended xylene is used to improve performance by increasing the overall efficiency and octane value of the fuel. As consumer concern for the environment grows, it is expected that the mixed xylene market in this country will be pushed by increased spending on bio-based fuel research and development. Rising demand for mixed xylene, which is used as a gasoline blending ingredient, is likely to drive market growth.
The rising range of solvent applications in end-use industries boosts the market’s growth potential. The increased demand for PET manufacturing has a significant impact on market expansion. Because of the increased demand for RTD beverages, mixed xylene is in higher demand. Mixed xylene is the major raw material used in the manufacturing of terephthalic acid, which is used to produce the PET monomer bis (2-hydroxyethyl) terephthalate. As a result, there is a link between the demand for PET bottles and the demand for mixed xylene.
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Across Asia Pacific, China is the world’s largest consumer of mixed xylene. Consumption of mixed xylene is anticipated to be significantly influenced by the growing use of this solvent in a variety of end-use sectors. Over the course of the projection period, increased manufacturing of polyester products such polyethylene terephthalate (PET), films, and fibres in China is anticipated to have a significant impact on shipments of mixed xylene.
Key Takeaways from Mixed Xylene Market Report:
- The global mixed xylene market expanded at a remarkable CAGR of 6.5% from 2017 to 2022.
- In 2017, the global market size stood at US$ 36,011.10 million.
- The global mixed xylene market accounted for US$ 49,439.7 million in 2022.
- Isomer grade mixed xylene currently accounts for more than 70% of the global mixed xylene market share.
- In 2022, the raw material mixed xylene application segment captured a staggering 83.4% market share.
- The chemicals segment captured 82.6% of the global mixed xylene market share in 2022.
- China mixed xylene market held 6.7% global market shares in 2022.
- The United States accounted for 16.3% of the global mixed xylene shipments in 2022.
- The market for mixed xylene in the United Kingdom held a 4.3% market share in 2022.
Recent Developments Observed by FMI:
- Agilyx and BioBTX collaborated to create circular aromatic compounds in April 2023. A commercial demonstration plant for the production of renewable aromatic compounds (toluene, benzene, and xylene) will benefit from the collaboration by strengthening BioBTX technology.
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Top Key Player in the Global Market
- Exxon Mobil Corporation
- TOTAL S.A., GS Caltex Corporation
- Idemitsu Kosan Co. Ltd.
- LOTTE Chemical CORPORATION
- Royal Dutch Shell PLC
- China National Petroleum Corporation
- Chevron Phillips Chemical Company LLC
- China Petroleum & Chemical Corporation
- Flint Hills Resources LLC
- YPF Sociedad Anonima
- SK Global Chemical Co. Ltd.
Key Segmentation
By Grade:
- Isomer Grade Mixed Xylene
- Solvent Grade Mixed Xylene
By End-use:
- Mixed Xylene for Paints & Coatings
- Mixed Xylene for Pesticides
- Mixed Xylene for Chemicals
- Mixed Xylene for Gasoline
- Mixed Xylene for Printing
- Rubber & Leather
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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