The xylenols market is primed to witness notable growth through 2027 on account of high product adoption in various industries across the globe.
Xylenols are white to yellowish-brown crystalline solid or liquid compounds that have a sweet and tarry odor. These compounds are widely used in the production of phenolic resins as well as in the pharmaceuticals and chemicals sectors, which has played a vital role in business growth.
The xylenols market has been segregated based on product, application, and region. On the basis of product, the market has been further categorized into 2,4- xylenols, 3,5- xylenols, 2,3- xylenols, 2,6- xylenols, 2,5- xylenols, and others.
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In 2020, the 2,3- xylenols sub-segment was valued at more than USD 514.3 million and is expected to grow at a CAGR of about 4.5% between 2021 and 2027. Rising product demand in the Asia Pacific region owing to the booming chemical & petrochemical sector is set to boost segmental adoption in the coming years.
The 2,6- xylenols sub-segment held a notable market share in 2020 and is anticipated to witness significant growth through 2027. Surging product usage in flavoring ingredients in beverages, resins, solvents, disinfectants, and pharmaceuticals is slated to foster segmental growth over the review timeline.
In 2020, other xylenols, which include 3,4-xylenol, exceeded a valuation of USD 173.4 million and are projected to observe strong expansion by 2027. Mounting product uptake across several end-use industries, including oil field chemicals, pharma, and resin sectors, is speculated to stimulate segmental development.
From the application perspective, the xylenols market has been categorized into solvents, disinfectants, agrochemicals, pharmaceuticals, oilfield chemicals, plasticizers, resins, and others. The xylenols market share from the solvents sub-segment was valued at about USD 171.4 million in 2020 and is poised to register a solid CAGR over the study timespan. Xylenols are used in the manufacturing of solvents for lubricants as they are soluble in most organic solvents and caustic soda solutions, which is likely to promote segmental growth.
The plasticizers sub-segment is foreseen to grow at a notable pace over 2021-2027 driven by soaring demand for plasticizers globally due to its usage in food and beverage packaging. The oilfield chemicals sub-segment is stipulated to garner a considerable revenue by 2027. Rising oilfield chemical demand in order to improve extraction process and reduce soil degradation is primed to foster segmental outlook.
The xylenols market size from the resins sub-segment is set to record steady growth through the analysis time period propelled by rising need for industrial resins in automotive and aerospace industries. The others sub-segment is foreseen to witness significant growth over the assessment timeframe. Other applications, including phosphate ester, food & beverage, and antioxidants for jet fuel additives and sportswear, utilize xylenols as chemical intermediates, antioxidants, and disinfectants, which is poised to bolster segmental expansion.
In the regional landscape, the Latin America xylenols industry accounts for approximately 10% of the total global agricultural exports market and is slated to grow at a sturdy pace through 2027. High presence of major agricultural product manufacturing countries like Brazil, Argentina, and Uruguay would boost agrochemicals demand in the region. These factors are anticipated to boost xylenols market growth in LATAM in the upcoming years.
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Meanwhile, the Middle East & Africa xylenols market is expected to surpass USD 104.0 million in revenue by 2027. Soaring number of oil & gas exploration activities, along with proliferating product demand from the resin & plastic industry, is projected to foster industry outlook in the future.