Market Research Future Published a Study Research Report on Xylene Market Research Report – Global Forecast to 2023
Xylene Market Overview:
Xylene is used in a wide variety of applications, as it offers versatile nature, abrasion resistance, and provides high performance to the product. Thus, they are used in various applications such as automotive, textile, chemical, oil & gas, leather, paints & coatings, rubber, and others. The global xylene market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the global market and is projected to continue leading owing to the increasing consumption of xylene in applications such as automotive, textile, chemical, oil & gas, leather, paints & coatings, and others. It is estimated that the automotive segment is set to observe the highest CAGR in the market due to the growing use of organic compounds to improve the performance and increase the life cycle of the product. Moreover, increasing demand for xylene as a solvent in paint thinners, nail polish removers, glues, and others is likely to witness a rapid growth during the forecast period. These factors have led China, India, and Japan to be the major players in this region.
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Xylene Market Segmental Analysis:
The global xylene market is segmented on the basis of type, application, and region.
By type, the global xylene market is segmented into O-xylene, M-xylene, and P-xylene.
By application, the global xylene market is segmented into automotive, textiles, chemical, oil and gas, leather, paints and coatings, rubber, and others. The automotive industry is likely to remain the major end user in the global xylene market over the forecast period.
Xylene Market Key Players:
Some of the well-known players operating in the global xylene market are Eastman Chemical Company (U.S.), China National Petroleum Corporation (China), BASF SE (Germany), Huntsman Corporation (U.S.), Chevron Philips Chemical Company (U.S.), TORAY INDUSTRIES, INC. (Japan), Formosa Plastics Corporation (Taiwan), The ExxonMobil Corporation(U.S.), The Dow Chemical Company (U.S.) and LG Chem (South Korea) among others.
Xylene Market Regional Analysis:
Asia Pacific is likely to hold the largest share in the global xylene market over the forecast period due to the growing demand for xylene in the paints and coatings industry, including automotive paints and coatings, as well as the chemicals industry and textile industry. The automotive industry is likely to remain the major end user of xylene in the global market due to the growing demand for xylene in the paints, sealants, and coatings used on automotive components such as gearboxes, engines, and others. The growing automotive industry in Asia Pacific is likely to remain the major driver for the xylene market in the region over the forecast period. The automotive industry in Asia Pacific has grown by leaps and bounds over the last few decades thanks to the liberalization of the economy in India and China, among others, and the growing automotive production in China, Japan, and South Korea. The growing number of automobiles produced in these countries is likely to remain a major driver for the xylene market in the region over the forecast period.
North America is also a major market for xylene and is likely to retain a dominant share in the global market over the forecast period due to the growing demand for xylene from the automotive and paints and coatings industries. The growing demand for renovation of construction and infrastructure projects in North America has led to a growing demand from the paints and coatings industry, leading to a growing demand from the xylene market. The growing infrastructure expansion projects in the U.S., Canada, and Mexico are likely to be a major driver for the paints and coatings industry in the region over the forecast period, thus driving the demand from the xylene market. The growing automotive industry is also likely to be a major driver for the xylene market in North America over the forecast period, as the awareness regarding the use of environmentally viable coatings and sealing products in automotive applications has driven the demand from the xylene market. Growing automotive production from major automotive giants such as GM, Ford, Mercedes, and BMW are likely to be a major driver for the xylene market in North America over the forecast period.
Xylene Market Table Of Contents to be Continue……,
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