Global Meta Xylene Market - Segmented by Type, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global meta-xylene market is expected to grow at a significant rate during the forecast period, majorly driven by the increasing demand from paint & coatings application. A major part of meta-xylene is isomerized to para and ortho-xylene, due to the higher value of the latter. It is also used as a raw material in the production of 2, 4- and 2, 6-xylidine, as well as a range of smaller-volume chemicals. Additionally, meta-xylene is also used as a solvent in paints & coatings.
Rapid Infrastructure Development in Asia-Pacific and Middle-East & Africa
The investments in transportation sector in China has increased in the near past. China’s transport ministry and National Development and Reform Commission (NDRC) planned to invest USD 724 billion between 2016-2018 for constructing 303 key transportation projects, which include railways, highways, waterways, airports, and urban rail. The investment plan would enhance the country’s connectivity between the major cities, which helps for the wider economic and social development of the region. Saudi Arabia is focusing on establishing itself as the new automotive hub in the Middle East. Transport projects, coupled with the rapid expansion of tourism, education, and real estate builds, are expected to see the industry to continue to dominate economic diversification efforts in the fulfilment of Qatar National Vision 2030. This high growth in infrastructure, automotive and industrial activities would likely boost the demand for paints & coatings across the globe and is anticipated to contribute to the demand for meta-xylene.
Isophthallic Acid to Dominate the Market
A majority of meta-xylene (MX) produced, at the global level, is used during the manufacture of isophthalic acid (IA) that is used to alter the properties of polyethylene terephthalate (PET), making PET more suitable for the manufacture of soft drinks bottles. The growing demand for pure isophthalic acid, (PIA) and is usage in polymer and plastic industries is expected to drive the production of m-Xylene.
Asia-Pacific to dominate the Meta-Xylene Market
The Asian market, with its growing demand for polyesters and the corresponding growth in the polyester industry, is solidifying its position as the center for the meta-xylenes market. There is a considerable intraregional trade within Asia, as Japan and South Korea are the major exporters, and China is a major importer despite substantial added capacity in the country. China is the leading consumer of meta-xylene and will continue to be the largest consumer due to high demand from plastics and paint & coatings industry.
Key Developments in the Market
May 2017: Lotte Chemical decided to invest 367.5 billion won in expanding capacities of its Ulsan and Yeosu plants. The company held a board of directors meeting on May 10 and passed an agenda to build additional capacities for meta-xylene in Ulsan and polycarbonate in Yeosu
Major Players: JX Nippon Oil & Energy Corporation, Eastman Chemical Company, Mitshubishi Gas Chemical Company, Compañía Española De Petróleos, S.A.U. (Cepsa), and Lotte Chemical amongst others.
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