Mixed Xylene Market Size was valued at USD 58.75 Billion in 2023. The mixed xylene market industry is projected to grow from USD 61.75 Billion in 2024 to USD 87.47 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.45% during the forecast period (2024 - 2032). A significant market driver for growth in the mixed xylene market is the expansion of the paints and coatings industry and other end-user verticals.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Mixed xylene is used in the paints and coatings industry as a solvent and thinner to increase the consistency of the products successfully. The expansion of the mixed xylene market is anticipated to be aided by the rise in production and demand for paints and coatings. For instance, the total amount of synthetic resin base paints and coating produced in Japan in 2019 was 1,101,715 tonnes, up around 1.2% over 2018. This information comes from the Japan Paint Manufacturers Association (JPMA). Additionally, according to British Coatings Federation (BCF), the first five months of 2021 in the UK saw impressive sales results for both industrial and decorative coatings due to continued strong consumer demand for DIY goods like paints and wall coverings as well as strong manufacturing and construction industry rebound. In the UK, overall sales of paint and coatings climbed by 24% from the same time in 2020. The market CAGR for mixed xylene is expanding due to rising production and demand for paints and coatings.
Furthermore, using mixed xylene as a thickening agent increases the thickness of plasticizer products like polyethylene terephthalate (PET), polyvinyl chloride (PVC), and other plasticizers. The rising plastic production worldwide is anticipated to aid the growth of the mixed xylene market. For example, according to Plastics Europe, a major plastics association, the total production of plastics, which included polyethylene terephthalate (PET), polyvinyl chloride (PVC), and other materials, was 367 million tonnes, with the Asia-Pacific region leading the world in terms of plastic manufacturing with 179.83 million tonnes or roughly 49% of the total production of plastics. Additionally, 368 million tonnes of plastic were produced ly in 2019, an increase of 2.5% from the previous year. As a result, it is projected that increased plastic manufacturing will increase demand for mixed xylene, further boosting market growth. Thus, driving the mixed xylene market revenue.
The mixed xylene market segmentation, based on application includes fuel blending, solvents, thinners and raw material. The solvents segment dominated the market. Due to its quick drying properties, mixed xylene is frequently used as a solvent in various end-use industries, including surface coatings and agrochemicals. Furthermore, due to advantages in terms of process and economy for the end-use industries, recent research and development about mixed xylene is boosting its acceptance as a solvent. Additionally, as more environmentally friendly technology is adopted, less harm is done to the environment, which is a reason that is also driving its increased use as a solvent.
Figure 1: Mixed xylene Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The mixed xylene market segmentation, based on end-use, includes paints & coatings, adhesives & sealants, pesticides, chemicals, gasoline, printing, rubber & leather and others. The rubber & leather category generated the most income. The production of synthetic rubber and leather frequently uses mixed xylene as a solvent to effectively dissolve other substances. The need for mixed xylene is increasing as the synthetic rubber sector expands. The European Tyre & Rubber Manufacturers Association (ETRMA) estimates that China will produce the majority of synthetic rubber in 2020 (22%), followed by the European Union (14%).
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American mixed xylene market will dominate this market due to the region's numerous companies' heavy use of mixed xylene as a solvent. One of the key elements fueling the expansion of the mixed xylene market in this area is the abundance of raw materials. The growth rate of the mixed xylene market will also be aided by the presence of multiple purified terephthalic acids (PTA) manufacturers.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MIXED XYLENE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe mixed xylene market accounts for the second-largest market share. A key element driving growth in the demand for mixed xylene is the increasing application of this material by the numerous end user verticals in this region, including polymers, paints and coatings, adhesives, and other end user sectors. Further, the German mixed xylene market held the largest market share, and the UK mixed xylene market was the fastest growing market in the European region
The Asia-Pacific Mixed xylene Market is expected to grow at the fastest CAGR from 2023 to 2032. The expansion of industrial sectors like rubber, paints & coatings, and others is what fuels the region's major economy. The market is growing as a result of potentially increasing demand for mixed xylene. Moreover, China’s mixed xylene market held the largest market share, and the Indian mixed xylene market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the mixed xylene market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, mixed xylene industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the mixed xylene industry to benefit clients and increase the market sector. In recent years, the mixed xylene industry has offered some of the most significant advantages to market. Major players in the mixed xylene market attempting to increase market demand by investing in research and development operations include Flint Hills Resources, LLC, GS Caltex Corporation, Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, TOTAL S.A., LOTTE Chemical Corporation, Idemitsu Kosan Co., Ltd., Royal Dutch Shell plc, China Petroleum & Chemical Corporation, China National Petroleum Corporation, SK chemical Co., Ltd., and YPF Sociedad Anónima.
Idemitsu Kosan Co Ltd is a fully integrated energy firm that discovers, produces, refines, and distributes oil and gas, lubricants, and petroleum-based goods. Agriculture-related chemicals, agricultural products, and other chemicals are produced by the corporation. The company investigates, develops, and extracts coal and other mineral resources. Additionally, Idemitsu creates, produces, and markets usable computer software and electronic components. Engineering, agricultural biotechnology, and the production of renewable energy are the company's three main business sectors. In August 2018, in Japan, Idemitsu Kosan's Aichi Refinery began producing mixed xylene. The company will be able to meet the demand of its PET manufacturing customers in Asia thanks to the refinery's 170 KT annual production capacity.
Lotte Chemical Corp. is a chemical firm that produces and sells petrochemicals and basic chemicals. In addition to polymers like low-density polyethylene and ethylene vinyl acetate, it also produces monomers like ethylene glycol and ethylene oxide, chemical fibers, and megatrends. Materials for the agricultural, technical, medical, and auto industries as well as domestic goods are made with the help of the company's products.
January 2023: In the domestic Indian market, Mixed Xylene (MX) prices are kept constant by Reliance Industries Limited (RIL). The demand for mixed xylene in the Indian market would increase due to the present basic pricing of INR 78/kg (about USD 1/Kg).
April 2021: An EPCC contract of USD 450 million was given to Tecnimont Private Limited by Indian Oil Corporation Limited (IOCL) to build an integrated paraxylene (PX) and purified terephthalic acid (PTA) facility in Paradip, Odisha. It would be merged with its Jagatsinghpur refinery complex in Odisha. The petrochemicals complex, which will be operational by 2024, will have an annual capacity of 800 kilotons of PX, the raw material used to create PTA.
May 2020: CNOOC Huizhou Petrochemical Company Limited (CHPCL) selected Axens' ParamaXTechnology Suite for their petrochemical complex development in Daya Bay, China. The project intended to increase CHPCL's ability to produce high-purity aromatics to 3,000,000 tonnes annually, including mixed xylene.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 58.75 Billion |
| Market Size 2024 | USD 61.75 Billion |
| Market Size 2032 | USD 87.47 Billion |
| Compound Annual Growth Rate (CAGR) | 4.45% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End-Use and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Flint Hills Resources, LLC, GS Caltex Corporation, Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, TOTAL S.A., LOTTE Chemical Corporation, Idemitsu Kosan Co., Ltd., Royal Dutch Shell plc, China Petroleum & Chemical Corporation, China National Petroleum Corporation, SK chemical Co., Ltd., and YPF Sociedad Anónima |
| Key Market Opportunities | Rising Production of Plastics |
| Key Market Dynamics | Increasing Production and Demand for Paints and Coatings |
Mixed Xylene Market Highlights:
Frequently Asked Questions (FAQ) :
The mixed xylene market size was valued at USD 58.75 Billion in 2023.
The mixed xylene market is projected to grow at a CAGR of 4.45% during the forecast period, 2024-2032.
North America had the largest share in the mixed xylene market
The key players in the mixed xylene market are Flint Hills Resources, LLC, GS Caltex Corporation, Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, TOTAL S.A., LOTTE Chemical Corporation, Idemitsu Kosan Co., Ltd., Royal Dutch Shell plc, China Petroleum & Chemical Corporation, China National Petroleum Corporation, SK chemical Co., Ltd., and YPF Sociedad Anónima.
The solvents category dominated the mixed xylene market in 2023.
The rubber & leather had the largest share in the mixed xylene market.
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