(Companies: Braskem S.A., ExxonMobil Corporation, Honeywell International Inc., BP PLC, Chevron Phillips Chemical, Merck KGaA, Mitsubishi Gas Chemical Company, US Petrochemical Industries Inc., Braskem, JX Nippon Oil, and Energy Corporation)
The global xylene market reached a value of nearly $40.7 billion in 2019. Asia Pacific was the largest region in the xylene market in 2019.
The xylene market consists of the sales of xylene and related services used in printing, rubber, and leather industries. Xylene is a chemical compound having isomers made from refined petroleum or liquid hydrocarbons. Xylene can also occur naturally in petroleum and coal tar. It is a colorless, insoluble, flammable liquid with a sweet odor. Xylene is used as a cleaning agent, paint thinner and remover, varnish, airplane fuel, gasoline, rust preventatives, pesticides, and lacquers.
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The global xylene market is expected to grow at a rate of about -2.49% to nearly $36.8 billion by 2023. The increasing demand for paraxylene across the globe contributes to the growth of the xylene market. Paraxylene is one of the isomers of xylene and is essential in the production of polyethylene terephthalate (PET). PET is used in industries such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction. The increase in the need for packaging material has increased the demand for PET and hence contributes to the growth of the paraxylene market.
Stringent safety regulations associated with the manufacturing and transportation of xylene was a major restraint on the market.
The manufacturers in the xylene market are focusing on increasing their production capacity. Major players in the xylene market are investing in expanding their capacities of existing plants as well as setting up new plants.
Major players in the market are Braskem S.A., ExxonMobil Corporation, Honeywell International Inc., BP PLC, Chevron Phillips Chemical, Merck KGaA, Mitsubishi Gas Chemical Company, US Petrochemical Industries Inc., Braskem, JX Nippon Oil, and Energy Corporation.
Braskem is a Brazilian petrochemical company headquartered in São Paulo. The company is the largest petrochemical company in Latin America and has become a major player in the international petrochemical market.
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