Meta-Xylene Market - Growth, Trends, and Forecast (2019 - 2024)
SKU ID :INH-13517481 | Published Date: 01-May-2019 | No. of pages: 120Description
Market Overview
The global meta-xylene market is expected to record a CAGR of over 4% during the forecast period of 2019–2024. The major factor driving the market studied is the increasing demand from the construction industry and adhesives.
- Harmful and hazardous effect of meta-xylene is expected to hinder the market's growth.
- Availability of cheaper feedstock through increasing shale oil discoveries is likely to act as an opportunity for the market in the forecast period.
Key Market Trends
Isophthalic acid to dominate the market
- Isophthalic acid is an aromatic dicarboxylic acid, industrially produced by the oxidation of m-xylene, using the Co–Mn–Br catalyst system. Commercially, it is used as a component of PET (polyethylene terephthalate) copolymer, which is used in bottle resins and to a much lesser extent, for fibers. It is a white solid with a slightly unpleasant odor and it sinks in water.
- It has excellent thermal stability for low resin color, weathering, high heat distortion temperature, outstanding boiling, water and stain resistance, outstanding hardness, superior corrosion, and stain resistance.
- Isophthalic acid’s second major use is as a component of high-quality alkyds and polyester resins for industrial coatings and unsaturated polyesters, for fiberglass-reinforced plastics applications.
- Purified isophthalic acid (PIA) is mainly used as an intermediate in the production of unsaturated polyester resins, followed by polyester and alkyd resins (mainly for surface coatings) and inks, reinforced plastics, and packaging applications.
- Few other applications of Isophthalic acid are as follows: aerospace coatings, architectural coatings, automotive, building materials, coil coatings, construction chemicals, electronic connectors, equipment and machinery, lubricants, metal coatings, packaging components non food contact, paints and coatings, polyester (pet), process additives, protective coatings, refrigerator and coolant systems, sport drinks packaging.
- The above mentioned points are expected to rapidly increase the demand for isophthalic acid. This would, in turn, increase the demand for meta-xylene over the forecast period.
United States to Dominate the North America Region
- Residential construction spending in the country slightly fluctuated in 2017. However, the normal pace was restored gradually in 2018, when compared to 2017. With the growing construction industry in the country, there is an increase in the number of new homes.
- In addition, growth is also being witnessed in the housing repair and refurbishment activities. The Harvard Joint Center for Housing Studies witnessed the remodeling expenditures for housing in the United States and reached USD 340 billion in 2018, exhibiting a growth of 7.5% over 2017.
- The United States is the second-largest producer of automobiles in the world. PET is widely used to replace parts in automobile, in order to reduce weight and wear and tear, by providing trouble-free performance for a longer span of time.
- The production of automobiles in the country has recorded a robust growth till 2016. After growing at 3.8% in 2015, the growth slowed down to 0.8% in 2016, due to the excess inventory and low demand for passenger cars. Moreover, the production of new motor vehicles in the country has decreased by 8.13%, in 2017, and reached a total of 11,189,985 units. And it increased by 1.1% in 2018 by producing 11,314,705 units. This increase in production of automobiles has increased the consumption of PET in the country.
- United states being one of the most developed countries in the world, penetration of meta-xylene is extremely high. This trend is expected to continue over the forecast period, 2019 - 2024
Competitive Landscape
The global meta-xylene market is fragmented in nature. The major companies include Merck KGaA, Chevron Phillips Chemical Company, Honeywell International Inc., and MITSUBISHI GAS CHEMICAL COMPANY, INC.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The global meta-xylene market is expected to record a CAGR of over 4% during the forecast period of 2019–2024. The major factor driving the market studied is the increasing demand from the construction industry and adhesives.
- Harmful and hazardous effect of meta-xylene is expected to hinder the market's growth.
- Availability of cheaper feedstock through increasing shale oil discoveries is likely to act as an opportunity for the market in the forecast period.
Key Market Trends
Isophthalic acid to dominate the market
- Isophthalic acid is an aromatic dicarboxylic acid, industrially produced by the oxidation of m-xylene, using the Co–Mn–Br catalyst system. Commercially, it is used as a component of PET (polyethylene terephthalate) copolymer, which is used in bottle resins and to a much lesser extent, for fibers. It is a white solid with a slightly unpleasant odor and it sinks in water.
- It has excellent thermal stability for low resin color, weathering, high heat distortion temperature, outstanding boiling, water and stain resistance, outstanding hardness, superior corrosion, and stain resistance.
- Isophthalic acid’s second major use is as a component of high-quality alkyds and polyester resins for industrial coatings and unsaturated polyesters, for fiberglass-reinforced plastics applications.
- Purified isophthalic acid (PIA) is mainly used as an intermediate in the production of unsaturated polyester resins, followed by polyester and alkyd resins (mainly for surface coatings) and inks, reinforced plastics, and packaging applications.
- Few other applications of Isophthalic acid are as follows: aerospace coatings, architectural coatings, automotive, building materials, coil coatings, construction chemicals, electronic connectors, equipment and machinery, lubricants, metal coatings, packaging components non food contact, paints and coatings, polyester (pet), process additives, protective coatings, refrigerator and coolant systems, sport drinks packaging.
- The above mentioned points are expected to rapidly increase the demand for isophthalic acid. This would, in turn, increase the demand for meta-xylene over the forecast period.
United States to Dominate the North America Region
- Residential construction spending in the country slightly fluctuated in 2017. However, the normal pace was restored gradually in 2018, when compared to 2017. With the growing construction industry in the country, there is an increase in the number of new homes.
- In addition, growth is also being witnessed in the housing repair and refurbishment activities. The Harvard Joint Center for Housing Studies witnessed the remodeling expenditures for housing in the United States and reached USD 340 billion in 2018, exhibiting a growth of 7.5% over 2017.
- The United States is the second-largest producer of automobiles in the world. PET is widely used to replace parts in automobile, in order to reduce weight and wear and tear, by providing trouble-free performance for a longer span of time.
- The production of automobiles in the country has recorded a robust growth till 2016. After growing at 3.8% in 2015, the growth slowed down to 0.8% in 2016, due to the excess inventory and low demand for passenger cars. Moreover, the production of new motor vehicles in the country has decreased by 8.13%, in 2017, and reached a total of 11,189,985 units. And it increased by 1.1% in 2018 by producing 11,314,705 units. This increase in production of automobiles has increased the consumption of PET in the country.
- United states being one of the most developed countries in the world, penetration of meta-xylene is extremely high. This trend is expected to continue over the forecast period, 2019 - 2024
Competitive Landscape
The global meta-xylene market is fragmented in nature. The major companies include Merck KGaA, Chevron Phillips Chemical Company, Honeywell International Inc., and MITSUBISHI GAS CHEMICAL COMPANY, INC.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
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