H1 2023: In H1 2023, prices of Meta xylene (m-Xylene) fluctuated in the Asia Pacific region. The first three months of 2023 saw a surge in m-xylene prices in the Chinese market. Feedstock Mixed Xylene exhibited fluctuations in prices in H1 2023. The downstream isophthalic industries' growing demand for m-xylene is another factor contributing to the Chinese market's price increase. Furthermore, as demand increased in the Chinese market, operating rates had improved in China. Meanwhile, imports from exporting nations encountered difficulties due to congestion in China's ports. Consequently, there was less m-xylene available in the Chinese market. Consequently, rising demand and supply constraints in China caused the prices to hike. The demand for m-xylene in the downstream industry, which is isophthalic acid remained bullish till May. The prices of m-xylene rose in Asia due to the high production cost of m-xylene in the Asian market resulting from an increase in the feedstock, mixed xylene, on the upstream front. However, weak cost pressure from feedstock Mixed xylene caused m-xylene prices to fall from mid-May to June 2023 in Asia. The downstream isophthalic acid industry had an average demand. Additionally, the supply side has seen a rise in inventory levels in tandem with a decline in new orders from the end-use industries in June 2023 in Asia.
The global Meta xylene (m-Xylene) market stood at approximately 1150 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 4.45% during the forecast period until 2032.
Meta xylene (m-Xylene) is derived from benzene. It is an aromatic hydrocarbon with two methyl substituents. Meta xylene (m-Xylene) is frequently utilized as feedstock to produce isophthalic acid, 2,6-xylidine, m-dimethylbenzene, m-xylol, and 2,4-Xylidine. It is soluble in chloroform and miscible with acetone, alcohol, ether, and benzene. Meta-xylene is frequently present in a wide range of goods, including paint thinners, varnishes, inks, degreasers, and pesticides. Also, meta-xylene is found wide-ranging uses in a variety of sectors, such as Construction sector, packaging, and automotive. However, the primary application of meta-xylene is in the synthesis of isophthalic acid, a copolymerizing monomer that modifies the characteristics of polyethylene terephthalate.
The demand for meta-xylene is expected to be driven by its widespread use in the formulation of isophthalic acid. The need for isophthalic acid is being driven by the construction industry's surge in paint and coating demand. Consequently, this is driving the expansion of the meta-xylene market. Accordingly, it is projected that over the forecast period, rising isophthalic acid consumption and rising demand for adhesives and sealants in end-use industries would play a significant role in the meta-xylene market. In addition, the market is expanding due to the extensive use of meta-xylene derivatives, such as dimethyl terephthalate and pure terephthalate acid. Owing to these reasons, the global Meta xylene (m-Xylene) market is likely to reach approximately 1800 thousand tonnes in 2032.
Asia-Pacific is anticipated to have a dominant position in the meta-xylene market with respect to both revenue growth and market share, primarily due to the region's extensive production of plastic. Further driving the market's expansion will be the key companies' increase in their capacity to produce m-xylene as well as the rising demand for plastic bottles. During the projection period, North America is anticipated to develop at a quick rate due to the region's significant increase in demand for m-xylene as a feedstock in the chemical sector.
Based on the end-user industry, the global Meta xylene (m-Xylene) market is divided into Isophthalic Acid, Solvent, 2,4-xylene, 2,6-xylene, and Others. Although, Isophthalic Acid is the major segment and held about 29% of the global Meta xylene (m-Xylene) market in 2022 and is anticipated to prevail the similar trend in the upcoming years.
Major players in the Global Meta xylene (m-Xylene) market are Merck KGaA, BASF SE, Chevron Phillips Chemical Company, Honeywell International Inc., Lotte Chemical Corporation, Mitsubishi Gas Chemical Company Inc., GS Caltex Corporation, and Cepsa.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
Objective of the Study:
• To assess the demand-supply scenario of Meta xylene (m-Xylene) which covers production, demand and supply of Meta xylene (m-Xylene) market in the globe.
• To analyse and forecast the market size of Meta xylene (m-Xylene)
• To classify and forecast Global Meta xylene (m-Xylene) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Meta xylene (m-Xylene) market in the globe.
To extract data for Global Meta xylene (m-Xylene) market, primary research surveys were conducted with Meta xylene (m-Xylene) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Meta xylene (m-Xylene) market over the coming years.
ChemAnalyst calculated Meta xylene (m-Xylene) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Meta xylene (m-Xylene). ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Meta xylene (m-Xylene) manufacturers and other stakeholders
• Organizations, forums and alliances related to Meta xylene (m-Xylene) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Meta xylene (m-Xylene) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Meta xylene (m-Xylene) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
1150 thousand tonnes
Market size Volume in 2032
1800 thousand tonnes
Growth Rate
CAGR of 4.45% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Isophthalic Acid, Solvent, 2,4-xylene, 2,6-xylene, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the market size of Meta xylene (m-Xylene) in terms of volume in 2022?
Ans:
The global market size of Meta xylene (m-Xylene) has reached approximately 1150 thousand tonnes in 2022.
Q2.
Which industry is the leading consumer of Meta xylene (m-Xylene)?
Ans:
Isophthalic Acid industry is the leading consumer of Meta xylene (m-Xylene) globally.
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