The North America Xylene Market would witness market growth of 7.8% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 4,849.2 Kilo Tonnes, showcasing a growth of 5.4% (2019-2022).
Xylene, a vital chemical compound, is a versatile raw material for numerous industries, playing a crucial role in various applications worldwide. As a complex and multifaceted compound, xylene's importance is deeply rooted in sectors ranging from chemicals to petrochemicals, healthcare to construction, and beyond. The compound's adoption is a testament to its significance in the modern industrial landscape. Xylene is part of the broader family of aromatic hydrocarbons, consisting of three isomeric forms: ortho-xylene, meta-xylene, and para-xylene. These isomers play a critical role in various industries due to their distinct chemical properties and applications.
The petrochemical industry is a key consumer of xylene primarily because it produces terephthalic acid, a precursor for polyester fibers and resins. In this context, para-xylene is especially essential as a feedstock for manufacturing polyethylene terephthalate (PET), commonly used in the packaging industry for bottles, containers, and synthetic fibers. Xylene serves as a fundamental building block for synthesizing various chemicals and intermediates. It is used to produce solvents, resins, adhesives, and paints. Its exceptional solvency properties make it indispensable in the chemical industry, enabling the formulation of high-performance coatings and adhesives.
Canada's urban centers are experiencing significant growth in residential and commercial real estate development. Cities like Toronto and Vancouver have seen numerous high-rise condominium and office tower construction projects to accommodate population growth and business expansion. According to data from Statistics Canada, investment in non-residential construction was up slightly, increasing 0.5% to $5.9 billion in July 2023. Investment in the industrial component increased 0.6% to $1.2 billion, while commercial investment edged up 0.3% to $3.3 billion. Institutional construction investment rose by 1.2% to $1.5 billion. The growing chemical and construction sectors in North America will help drive the expansion of the market in the region.
The US market dominated the North America Xylene Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,969.1 Million by 2030. The Canada market is exhibiting a CAGR of 10.2% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 9.3% during (2023 - 2030).
Based on Additives, the market is segmented into Solvents, Monomers, and Others. Based on Type, the market is segmented into Mixed Xylene, Ortho-Xylene, Meta-Xylene, and Para-Xylene. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Xylene Market is Predict to reach $52.3 Billion by 2030, at a CAGR of 8.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Reliance Industries Limited, INEOS Group Holdings S.A., Mitsubishi Chemical Holdings Corporation, Sinochem Holdings Corporation Ltd (SASAC), Eastman Chemical Company, Honeywell International, Inc., Saudi Arabian Oil Company, Shell plc, Exxon Mobil Corporation, and Chevron Phillips Chemical Company LLC.
By Additives (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-30)
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