June 26, 2019 - 4:25 AM EDT
Print Email Article Font Down Font Up
Insights Into the Global Ortho-Xylene Market 2019-2024: Projecting a CAGR of More Than 4.2%

Dublin, June 26, 2019 (GLOBE NEWSWIRE) -- The "Ortho-Xylene Market - Growth, Trends, and Forecast (2019-2024)" report has been added to ResearchAndMarkets.com's offering.

The global ortho-xylene market is expected to record a CAGR of more than 4.2% during the forecast period of 2019-2024.

The major factors driving the market studied are the increasing demand for ortho-xylene as an intermediate for PVC production, and extensive usage of ortho-xylene in paints and adhesive production.

Key Highlights

  • Detrimental neurological effects of ortho-xylene and usage of naphthalene for the production of phthalic anhydride (PA) are expected to hinder the growth of the market studied.
  • Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.

Key Market Trends

Phthalic Anhydride (PA) to Dominate the Market

  • Phthalic anhydride is industrially an important raw material for the production of anthraquinone; is also used in the manufacture of many vat dyes and in alizarin and alizarin derivatives. It is used directly for the fluorescein, eosin, and rhodamine dyes.
  • Several esters are made from phthalic anhydride and are largely used in the plastic industry as plasticizers. It is also used to manufacture alkyd resins, the glyptal and rezyl resins, dioctyl phthalate and the poly-vinyl resins.
  • The ever-increasing demand for phthalic anhydride has stimulated a search for alternative raw materials. Ortho-xylene that is available in abundant quantities from the petroleum refineries appears to be the most suitable.
  • As a raw material for the production of phthalic anhydride, o-xylene has several advantages. The oxidation of o-xylene permits a simpler feed system than that of the oxidation of naphthalene because of the liquid state of o-xylene.
  • The theoretical amount of air required for oxidizing o-xylene is only two-thirds of that required for the oxidation of naphthalene. The heat emitted off during the reaction is 121 kcal less than that of naphthalene. The product is of higher purity and the theoretical yield percentage is higher than that of naphthalene. Furthermore, as o-xylene is a liquid at ordinary temperature, its use permits a simpler feed system.
  • Thus, with the increasing demand for phthalic anhydrade, the consumption of o-xylene is likely to increase during the forecast period.

Asia-Pacific to Dominate the Global Market

  • In Asia-Pacific region, China is the largest economy in terms of GDP. The country's annual growth of GDP was 6.8% in 2017. However, economic growth slowed down marginally and increased by 6.6% in 2018.
  • The major proportion of ortho-xylene is in the manufacturing of phthalic anhydride that is used in the production of phthalate-based PVC plasticizers. China is the single largest market for plasticizers with more than 40% of global consumption. Some of the manufacturers of PVC in the country are Shin-Etsu Chemical Co. Limited, Xinjiang Zhongtai Chemical Co. Ltd, Lubrizol, Hanwha Chemical, Formosa Plastics, etc.
  • PVC is widely used in the automotive industry. PVC's thermoplastic properties have lesser weight compared to metals. It has a lower cost of manufacturing methods compared to the cost of other methods. It is an ideal choice for exterior and automotive interior parts. PVC is favored for exterior parts, owing to its light weight, durability, easily shapeable quality, and attractive appearance.
  • The overall cost of a component can be brought down to 20-60% by using PVC in place of alternative materials. Some of the automotive components made with PVC include instrument panels, floor coverings, mud flaps, seals, sun visors, and anti-stone damage protection.
  • China is by far the largest automotive manufacturer in the world since 2009, with the current share of production of about 29.06%. In 2017, the Chinese automotive industry recorded a growth of 3.19% and reached a total of 29,015,434 units. However, the production decreased by 4.2% in 2018, owing to the decrease in domestic demand and penetration of automotive manufacturers to other countries. The decline is expected to be temporary, as the demand is still increasing.
  • Therefore from the above-mentioned points, the high consumption of phthalic anhydride can be witnessed, which leads to an increase in demand for ortho-xylene in the forecast period.

Competitive Landscape

The global ortho-xylene market is fragmented in nature. The major companies include Royal Dutch Shell, Reliance Industries Limited., China Petroleum & Chemical Corporation, and ExxonMobil Corporation, among others.

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand as an Intermediate for PVC Production
4.1.2 Extensive Usage of Ortho-Xylene in Paints & Adhesive Industries
4.2 Restraints
4.2.1 Detrimental Neurological Effects of Ortho-xylene
4.2.2 Usage of Naphthalene for the Production of Phthalic Anhydride (PA)
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis

5 MARKET SEGMENTATION
5.1 Application
5.1.1 Phthalic Anhydride
5.1.2 Bactericides
5.1.3 Soybean Herbicides
5.1.4 Lube Oil Additives
5.1.5 Other Applications
5.2 Geography
5.2.1 Asia-Pacific
5.2.2 North America
5.2.3 Europe
5.2.4 South America
5.2.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 China Petroleum & Chemical Corporation
6.4.2 ExxonMobil Corporation
6.4.3 Flint Hills Resources
6.4.4 Formosa Chemicals & Fibre Corporation
6.4.5 KP Chemical Corp.
6.4.6 Nouri Petrochemical Company
6.4.7 Reliance industries Ltd.
6.4.8 Royal Dutch Shell
6.4.9 SK Global Chemical Co. Ltd.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/1m1qr4

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         [email protected]
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900
Related Topics: Petrochemicals , Solvents , Oilfield Chemicals

Primary Logo


Source: GlobeNewswire PR (June 26, 2019 - 4:25 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice