Global Xylene Market – Increased Demand From Automobile Industry to Boost Growth | Technavio

LONDON–(BUSINESS WIRE)–#Chemicals–The latest market research report by Technavio
on the global
xylene market predicts a CAGR of more than 7% during the period
2017-2021.

The report segments the global xylene market by product type (paraxylene
and orthoxylene) and by geography (APAC, Europe, North America, and
ROW). It provides a detailed illustration of the major factors
influencing the market, including drivers, opportunities, trends, and
industry-specific challenges.

Here are some key findings of the global xylene market according to
Technavio chemicals
and materials researchers:

• Increased demand from automobile industry: a major market driver
• In 2016, the paraxylene dominated the market by occupying almost 84%
  share
• APAC dominated the global xylene market with more than 61% share in
  2016
• Braskem, Exxon Mobil, Formosa Chemicals & Fibre, JXTG Nippon Oil &
  Energy Corporation, Reliance Industries, Royal Dutch Shell, and US
  Petrochemical are the leading players in the market

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Increased demand from automobile industry: a major market driver

Increased demand from automobile industry is one of the major factors
driving the global
xylene market. Xylene is used in a variety of applications such as
insulation, sealing, bonding, and coating in different automotive parts
such as engine, drive train, electrical system, electronics, interior,
and body. The use of xylene in automotive coatings is gaining popularity
in the automobile and transportation industries due to its durability,
sustainability, resistivity, safety, performance, efficiency, and
cost-effectiveness. Therefore, this increased demand from the automobile
industry will drive the global xylene market.

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APAC: largest xylene market

The major end-user industries of the global xylene market such as
textile, packaging, construction, and automotive have been flourishing
in APAC owing to the significant economic growth. APAC was the leading
xylene market in 2016, accounting for more than 50% of the global market
revenue. The growth of the polyester fiber market in APAC is due to the
increasing demand for textiles in the region. Polyester fiber is used to
produce apparels, bed sheets, bedspreads, and cotton with enhanced
wrinkle resistance. The textile market is growing rapidly in countries
such as China and India, due to low labor cost.

According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio
for research on specialty
chemicals, “APAC is the largest market for phthalic anhydrides
due to large consumption in agriculture, pharmaceuticals, and textile
industries, especially from countries such as China, India, and Japan.
Increasing demand for textiles from China, India, Japan, Taiwan,
Indonesia, and South Korea has made APAC the largest consumer of
phthalic anhydrides.”

Competitive vendor landscape

The global
xylene market consists of major vendors whose presence is widespread
in APAC. The market is dominated by global vendors such as Braskem,
Exxon Mobil, Formosa Chemicals & Fibre, Reliance Industries, Royal Dutch
Shell, and US Petrochemical. The market is fragmented in nature. The key
vendors have integrated their business in the backward direction in a
cost-effective way. The competitive environment might intensify over the
next five years as vendors are competing based on factors such as the
cost of production, innovation in products, price, operational cost,
R&D, and product quality.

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xylene market report free of cost

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