O-Xylene Market

The global o-xylene market is expected to experience a slight increase in performance, with a forecasted CAGR of +2.0% in volume and +4.5% in value from 2022 to 2030. India leads in both consumption and production of o-xylene, with significant growth rates over the past decade. Import and export data reveal key players in the market, with notable changes in trends and pricing. Overall, the article provides a comprehensive overview of the o-xylene market and its future outlook.

Market Forecast

Driven by rising demand for o-xylene worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 2.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $2.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of O-Xylene

After three years of growth, consumption of o-xylene decreased by -2.7% to 1.9M tons in 2022. In general, consumption showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 9.7%. Over the period under review, global consumption hit record highs at 2.1M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global o-xylene market value rose notably to $1.9B in 2022, with an increase of 5.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a perceptible slump. Over the period under review, the global market attained the peak level at $2.7B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

India (444K tons) constituted the country with the largest volume of o-xylene consumption, accounting for 23% of total volume. Moreover, o-xylene consumption in India exceeded the figures recorded by the second-largest consumer, the UK (207K tons), twofold. The third position in this ranking was held by Singapore (146K tons), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume in India amounted to +2.3%. The remaining consuming countries recorded the following average annual rates of consumption growth: the UK (+9.2% per year) and Singapore (+1.1% per year).

In value terms, India ($359M), the UK ($240M) and Germany ($121M) were the countries with the highest levels of market value in 2022, with a combined 38% share of the global market. Singapore, the United States, Italy, Belgium, Russia, the Netherlands, Taiwan (Chinese), Austria, Iran and France lagged somewhat behind, together accounting for a further 39%.

Among the main consuming countries, Taiwan (Chinese), with a CAGR of +70.5%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of o-xylene per capita consumption was registered in Singapore (25 kg per person), followed by Belgium (5.8 kg per person), Austria (4.5 kg per person) and the UK (3.1 kg per person), while the world average per capita consumption of o-xylene was estimated at less than 0.1 kg per person.

From 2012 to 2022, the average annual growth rate of the o-xylene per capita consumption in Singapore was relatively modest. In the other countries, the average annual rates were as follows: Belgium (+2.7% per year) and Austria (-2.5% per year).

Production

World Production of O-Xylene

In 2022, approx. 1.9M tons of o-xylene were produced worldwide; leveling off at the year before. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 1.2% against the previous year. Global production peaked at 2.1M tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, o-xylene production dropped to $1.6B in 2022 estimated in export price. In general, production, however, continues to indicate a pronounced setback. The pace of growth was the most pronounced in 2021 when the production volume increased by 7.8%. Global production peaked at $2.6B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

India (579K tons) constituted the country with the largest volume of o-xylene production, comprising approx. 30% of total volume. Moreover, o-xylene production in India exceeded the figures recorded by the second-largest producer, Singapore (245K tons), twofold. The third position in this ranking was taken by the UK (207K tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in India was relatively modest. In the other countries, the average annual rates were as follows: Singapore (+0.7% per year) and the UK (+0.5% per year).

Imports

World Imports of O-Xylene

After two years of growth, supplies from abroad of o-xylene decreased by -10.4% to 801K tons in 2022. Overall, imports showed a noticeable downturn. The pace of growth appeared the most rapid in 2020 when imports increased by 9.2% against the previous year. Global imports peaked at 1.3M tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, o-xylene imports skyrocketed to $967M in 2022. In general, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 33% against the previous year. Over the period under review, global imports hit record highs at $1.9B in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, Germany (135K tons), distantly followed by the Netherlands (74K tons), Belgium (72K tons), Taiwan (Chinese) (69K tons), Italy (68K tons), the United States (62K tons), China (61K tons) and Austria (40K tons) represented the main importers of o-xylene, together making up 72% of total imports. The following importers - Malaysia (35K tons), India (33K tons), Pakistan (27K tons), Mexico (21K tons) and Sweden (20K tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Taiwan (Chinese) (with a CAGR of +39.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest o-xylene importing markets worldwide were Germany ($178M), Belgium ($104M) and Italy ($99M), together comprising 39% of global imports. The Netherlands, Taiwan (Chinese), China, Austria, India, Malaysia, Sweden, Pakistan, the United States and Mexico lagged somewhat behind, together accounting for a further 50%.

Taiwan (Chinese), with a CAGR of +36.4%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average o-xylene import price stood at $1,207 per ton in 2022, rising by 42% against the previous year. In general, the import price, however, continues to indicate a perceptible descent. Over the period under review, average import prices hit record highs at $1,484 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Sweden ($1,469 per ton), while the United States ($441 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+0.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of O-Xylene

In 2022, shipments abroad of o-xylene decreased by -4.5% to 834K tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports saw a perceptible shrinkage. The pace of growth was the most pronounced in 2018 when exports increased by 12%. The global exports peaked at 1.3M tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, o-xylene exports soared to $968M in 2022. Overall, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2021 when exports increased by 33%. The global exports peaked at $1.8B in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, India (168K tons), distantly followed by the Netherlands (102K tons), Singapore (99K tons), South Korea (86K tons), France (49K tons), the United States (40K tons) and Japan (38K tons) represented the largest exporters of o-xylene, together committing 70% of total exports. Germany (36K tons), China (34K tons), Hungary (29K tons), Russia (25K tons), Thailand (22K tons) and Spain (19K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +131.0%), while the other global leaders experienced more modest paces of growth.

In value terms, India ($178M), the Netherlands ($121M) and Singapore ($104M) constituted the countries with the highest levels of exports in 2022, together accounting for 42% of global exports. South Korea, France, the United States, Germany, Hungary, China, Japan, Russia, Thailand and Spain lagged somewhat behind, together comprising a further 49%.

China, with a CAGR of +116.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average o-xylene export price amounted to $1,161 per ton, increasing by 38% against the previous year. Overall, the export price, however, showed a slight decline. Over the period under review, the average export prices reached the maximum at $1,381 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Germany ($1,463 per ton) and Hungary ($1,460 per ton), while Japan ($1,020 per ton) and Singapore ($1,048 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+54.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform