New York City, NY -- (SBWIRE) -- 05/06/2019 -- The global m-xylene market generated $1,036.6 million revenue in 2017 and is expected to grow to $1,341.7 million by 2023, registering a CAGR of 4.4% during the forecast period 2018–2023. Growing consumption of isophthalic acid and demand for adhesives and sealants in different industries are the key factors driving the market.

Xylene is a colorless, volatile hydrocarbon produced from wood, petroleum, and coal. M-xylene or meta-xylene is one of the three isomers of xylene or dimethylbenzene along with para-xylene and ortho-xylene. It is an aromatic hydrocarbon with two methyl (CH3) groups that are attached at the meta positions of a benzene ring. M-xylene is widely used in the manufacture of isophthalic acid. Some other names of the compound are 1,3-xylene, m-xylol, 1,3-dimethylbenzene, and m-dimethylbenzene.

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On the basis of application, the m-xylene market is classified into solvent, isophthalic acid production, 2,4-xylidine and 2,6-xylidine production, and others. The "other" classification includes the use of m-xylol in chemical syntheses, 2,4-dimethylbenzophenone production, and as a component in dyes and resins. Among all, isophthalic acid production contributed more than 80.0% revenue to the m-xylol market in 2017. Most of the meta-xylene produced in the world is used in the manufacturing of isophthalic acid; thus, with the increase in demand for pure isophthalic acid in the plastic and polymer industries, the market for meta-xylene is progressing.

Isophthalic acid is an organic compound used in the manufacture of several products, such as unsaturated polyester resins, inks, alkyd resins, and reinforced plastics. Now, plastics are required for product packaging, and construction activities. As per GRID-Arendal, a United Nations-affiliated enterprise, the world produced around 400.0 million tons of plastics in 2017. With the increase in the production of plastics, the demand for isophthalic acid rises. Since m-xylol is a key raw material for isophthalic acid, the m-xylene market will grow with the increasing plastic production.

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On a global ground, Asia-Pacific (APAC) is the fastest-growing market for m- xylol. The m-xylene market in APAC is estimated to advance with a CAGR of 4.7% during the forecast period, owing to an increase in the consumption of m-xylol in the packaging, automotive, and aerospace industries. Furthermore, the growing construction industry of South Korea and China is raising the requirement for new coating resins and formulations. Due to the heavy use of m-xylol as a solvent in paints and coatings, the rising demand for these formulations is expected to continue escalating the market growth in the region.

Thus, we see that as m-xylene is a widely-used component in the production of paints and coating and a key raw material for isophthalic acid manufacture, the increase in the manufacture of these products will drive the growth of the m-xylene market.