The latest market research report by Technavio on the global ortho-xylene market predicts a CAGR of around 7% during the period 2017-2021.
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Technavio has published a new report on the global ortho-xylene market from 2017-2021 (Graphic: Business Wire)
The report segments the global ortho-xylene market by application (phthalic anhydride and others) and by geography (APAC, Europe, North America, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global ortho-xylene market, according to Technavio chemicals and materials researchers:
- Rising investment in infrastructure development: a major market driver
- Phthalic anhydride application accounted for more than 93% of the market share in 2016
- APAC is anticipated to grow at the fastest rate owing to the growth of automotive and construction industries in this region
- Braskem, Formosa Chemicals Fibre, Reliance Industries, Royal Dutch Shell, and US Petrochemical are the leading players in the market
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Market growth analysis
Rising investment in infrastructure development is one of the major factors driving the global ortho-xylene market. The global construction industry is growing at a faster pace with a major contribution from the emerging countries. The governments of these countries are significantly investing in residential homes as a large portion of the population is moving to metropolitan cities for jobs, better lifestyle, and other amenities.
The increasing demand for infrastructure projects globally is expected to drive the adoption of PVC. This, in turn, will fuel the growth of the global ortho-xylene market during the forecast period as it is used in the production of PVC.
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Geographical analysis
Technavio researchers anticipate high growth for the global ortho-xylene market in APAC as it is the largest market for phthalic anhydride. The chemical has high applications in the agriculture, pharmaceuticals, and textile industry, especially in countries such as China, India, and Japan.
According to Kshama Upadhyay, a lead analyst at Technavio for research on specialty chemicals, "The construction market in APAC is expected to grow at the fastest CAGR and occupy the largest market share of the global construction market. China is the dominating country in the region due to the high demand from the construction industry. Moreover, the growing requirement for commercial infrastructure, industrial buildings, and the expansion of road and railway network in China is expected to drive the demand for industrial and decorative coatings and paintings in this region, which augurs well for the growth of the market."
Competitive vendor landscape
The market is moderately fragmented in nature. Key vendors have integrated their business in the backward direction in a cost-effective way. The competitive environment in the market might intensify over the next five years as vendors are competing based on factors such as the cost of production, innovation in products, price, operational cost, R&D cost, and product quality.
The use of ortho-xylene in automotive coatings is gaining popularity in automobiles and transportation industries due to its durability, sustainability, resistivity, safety, performance, efficiency, and cost-effectiveness. This increased demand from the automobile industry is expected to further drive the global ortho-xylene market.
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