Global Ortho Xylene Market to Grow at 5.1% during 2022 – 2028
Published | 28 July 2022
The global ortho-xylene market's growth can be attributed to the increasingly high adoption of ortho-xylene for varied applications in the automotive industry. Ortho-xylene is used widely in the coating, bonding, sealing, coating, and insulation of various automotive parts, including electrical systems, drive trains, engines, electronics, body, and interior. Moreover, the rising demand for plasticizers, resins, and dyes is expected to propel the market during the forecast period…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global ortho-xylene market is expected to witness a CAGR of 5.1% during the forecast period 2022-2028. The demand of global ortho-xylene market's growth is attributed to the increasingly high adoption of ortho-xylene for varied applications in the automotive industry as it is used widely in the coating, bonding, sealing, coating, and insulation of various automotive parts, including the electrical system, drive train, engine, electronics, body, and interior. Moreover, the rising demand for plasticizers, resins, and dyes is expected to propel the market during the forecast period.
Growing Aviation Industry is Expected to Propel the Market Growth of Ortho Xylene Market
There is a substantial rise in interest for ortho-xylene from the aviation industry as a lube oil chemical. As per the International Exchange Organization (ITA), in 2019, China was the world's second-biggest civil aviation and aerospace markets and one of the quickest developing business sectors. In 2016, as per Boeing, China was likely to expect around 6,810 new airplanes worth USD 1 trillion over the last twenty years. By the fourth quarter of 2018, China had in excess of 59 airlines and 3,615 civil airplanes (an increment of 10% more than 2017).
As per the Worldwide Exchange Organization (ITA), in 2018, the Indian government spent an aggregate of $645 in the aviation area. Likewise, as indicated by Boeing, India is relied upon to drive the interest for 2,300 airplanes worth US$320 billion over the course of the following 20 years. Along these lines, the aviation industry growth leads to the demand for global ortho-xylene, likely to boost the ortho-xylene market growth in upcoming years.
Logistic Hazards Associated with is Ortho Xylene is Anticipated to Hinder Market Growth of Global Ortho Xylene Market
The rise in safety and logistical concern associated with hazardous chemicals, i.e., ortho-xylene, is expected to hinder the global ortho-xylene market growth. With the development in the chemical industry, safety concerns have also increased due to the surge in freight traffic. Moreover, the lack of skilled labor in order to handle the procedure from packaging to transportation of ortho-xylene, along with the lack of awareness of advancement in technologies, hampers the market.
Furthermore, ortho-xylene responds aggressively to oxidants which causes explosion and fire hazards. Henceforth, due to stringent policy and reform related to ortho-xylene usage, safety and handling are expected to hinder the global ortho-xylene market's growth in upcoming years.
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Phthalic Anhydride Application Segment Of Ortho Xylene Market Expected To Grow With A Higher Growth Rate
The global ortho-xylene market is segmented into bactericides, soybean herbicides, phthalic anhydride, lube oil additives, and others based on the application. O-xylene is used to produce phthalic anhydride, which is a vital raw material in the manufacturing of alizarin, alizarin derivatives, anthraquinone, vat dyes, and more. Phthalic anhydride is also used in the production of numerous esters.
Moreover, phthalic anhydride is extensively used as a plasticizer in the plastic industry. The demand for phthalic anhydride is increasing, which in turn rouse a search for raw material. The presence of o-xylene in abundance via the petroleum industry seems to be most suitable, which boosts the global market ortho-xylene with a lucrative rate in upcoming years.
Impact of COVID-19 on the Ortho Xylene Market
The deadly COVID-19 pandemic has affected the global value and supply chains that had a disastrous effect on the global ortho-xylene market, especially during the early phases of the COVID-19 lockdowns in 2020. But with time, the market is coping, and the pandemic has necessitated contactless. Also, the manufacturing of automobiles was halted, which led to significant harm in the automotive industry. As per the European Automobile Manufacturers Association, demand for vehicles around Europe stayed feeble (-20.3%), although the declining rate slowed compared to May in the year 2020.
Moreover, three of the four major markets in the area posted binary-digit percentage declines in June- Spain (-24.2%), Italy (-12.8%), and Germany (-30.5%). The automotive industry employs ortho-xylene in the coating, bonding, sealing, coating, and insulation of various automotive parts, including electrical systems, drive trains, engines, electronics, bodies, and the interior. The demand for ortho-xylene has declined with the decrease in automotive production. Nonetheless, post covid recovery of the automotive industry is likely to surge the demand for ortho-xylene.
Asia Pacific Region Dominates the Global Ortho Xylene Market
The Asia Pacific region leads the market with the highest share in 2021 due to the region's booming construction and automotive industry. As per the International Trade Centre (ITC), India accounted for the major share in imports of phthalic anhydride around the world, while the export was significantly less in 2018. As indicated by the International Trade Administration (ITA), the construction industry in China is likely to develop with a high CAGR.
Furthermore, the projects started by the Indian government, including ‘Housing for All by 2022’ and '100 smart cities', will boost the construction market in the region. Also, the rising population and increase in per capita income boost numerous end-user industries, which in return increase the demand for ortho-xylene; hence, driving the global ortho-xylene market.
Competitive Landscape
The global ortho-xylene market is consolidated with a few major players. The key players operating in the global ortho-xylene market are Reliance Industries Limited, Formosa Chemicals & Fibre Corp, Nouri Petrochemical Company, Exxon Mobil Corporation, Royal Dutch Shell PLC, China Petroleum & Chemical Corporation, MP Biomedicals, Tokyo Chemical Industry, Sunoco Chemicals, BASF SE, Puritan Products, Minda Petrochemicals Limited, KP Chemical Corp., Dynachem Inc, Creasyn Finechem (Tianjin), Sigma-Aldrich, Nutan Chemicals, LOTTE CHEMICAL and more. The players maintain their dominance in the market by investing and launching improved products for the customers.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global ortho-xylene market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global ortho-xylene market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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