Xylene Market Outlook - Supply and Demand Analysis 2024-2032

Xylene Market

Xylene, alternatively called dimethyl benzene, is a colourless and aromatic hydrocarbon which is widely used as a solvent. It is one of the highest-volume chemicals that is manufactured and utilised by industries. It is produced from the process of coke fuel manufacturing via coal carbonization and catalytic reforming. Some of its common applications include its use in products like paint thinners, ink, varnish, degreasers, and insecticides. The chemical is naturally found in wood tar, coal, and petroleum and is widely used in the manufacturing of dyes and fibres.

Global Supply/Demand Outlook

The global xylene market stood at a volume of around 55,700 KT in 2023. The market is estimated to grow at a CAGR of 4.10% between 2024 and 2032 to reach a volume of about 79,659.9 KT by 2032. The key factors propelling the xylene market are the diverse applications of the product and its growing demand from various end use industries. Xylene's effectiveness as a solvent is crucial for achieving desired performance characteristics in coatings, enhancing its demand in the surface coatings industry. Meanwhile, it is vital for producing various plastics, including polyethylene terephthalate (PET), which is widely used in the packaging sector, and polyester fabrics.

However, the demand for xylene is primarily driven by its use as a solvent and a key component in various paint and coating formulations. As xylene is miscible with several organic liquids, it is indispensable in paints, adhesives, and varnishes. The paint and coating sector thus represents the leading application of the product.

The global capacity of xylene was about 94,000 KT in the year 2023. It is estimated to reach 114,000 KT by 2032. The Asia Pacific holds the major share of xylene capacities, representing around 68% of the global production capacity. The plant capacity utilization of xylene stood at 60% in 2023.

Key Market Players

The top five players in the xylene market are ExxonMobil Corporation, INEOS Group Ltd, China National Petroleum Corporation (Sinopec), Merck KGaA, and Reliance Industries Limited. Among these, China National Petroleum Corporation (Sinopec) dominates the market, accounting for the largest market share.

China National Petroleum Corporation (Sinopec), based in South China, is one of the leading petrochemical companies, with crude oil refining and ethylene production as its core businesses. With around 50 major petrochemical manufacturing units, among other facilities, the company’s primary refining products include diesel, heavy oil, xylene, gasoline, and many more (over 60 kinds).

Other significant manufacturers of xylene are Total Energies SE, Mitsubishi Gas Chemical Company, Inc., Sinochem Corporation, Eastman Chemical Company, Shell plc, Chevron Phillips Chemical Company, LLC, Honeywell International Inc., and Lotte Chemical Corporation.

Key Questions Answered in the Report:

• What are the high-growth opportunities and markets for xylene by application and region?

• What are the major types of xylene available by region?

• Which segments and regions are projected to grow at a faster pace and why in the xylene market?

• What is the nameplate capacity of xylene by region from 2018 to 2032?

• How does the plant capacity utilisation of xylene vary by region between 2018 and 2032?

• Who are the major players in the xylene market by capacity and region?

• What major plant shutdowns and expansions have occurred in the xylene market in the last year and the last quarter?

• What major plant shutdowns and expansions are planned in the xylene market over the next year and quarters?

• How did export and import dynamics of xylene vary by region in terms of value between 2018 and 2023?

• How did export and import dynamics of xylene vary by region in terms of volume between 2018 and 2023?

• What impacts have shutdowns, force majeure events, and plant closures had on demand and pricing of xylene?

• What are the environmental considerations and regulatory impacts affecting the xylene market?

• What technological innovations are having an impact on the production and application of xylene?

• What are the key trends and innovations in the xylene market?

• What are the challenges and opportunities faced by xylene manufacturers?

• What are the potential risks and barriers to entry for new players in the xylene market?

• What strategic investments and expansions have major players made in the xylene market?

• How are geopolitical factors and international trade policies affecting the global xylene market?

• What are the price trends for xylene, and how are they expected to change?

• How does the supply chain of xylene operate, and what are its key components?