The global meta-xylene market is expected to record a CAGR of over 4% during the forecast period. The major factor driving the market studied is the increasing demand from the construction industry and adhesives.
Key Market Trends
Isophthalic Acid to Dominate the Market
United States to Dominate the North American Region
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.
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- The harmful and hazardous effects of meta-xylene are 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, and 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 American Region
- Residential construction spending in the country slightly fluctuated, in 2017. However, the normal pace was restored gradually in 2018 and has been growing since then. 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 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.
- With the production of automobiles expected to increase over the forecast period, the consumption of PET in the country is likely to increase.
- The 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.
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.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Avantor
- British Petroleum
- Chevron Phillips Chemical Company
- Compania Espanola De Petroleos, S.A.U. (Cepsa)
- Exxonmobil
- Honeywell International Inc.
- Lotte Chemical
- Merck KGaA
- MITSUBISHI GAS CHEMICAL COMPANY, INC
- Perstorp
- Shell Chemicals LTD
- Total Petrochemicals
- Versalis SpA
Methodology
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