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5-Isopropyl-m-Xylene Market Size
5-Isopropyl-m-xylene market size exceeded USD 145 million globally in 2019 and is estimated to grow at over 7% CAGR between 2020 and 2026. Growth in oil & gas sector along with rise in research activities to develop novel products and Rising consumption of plastic packaging should drive product demand.
5-Isopropyl-m-Xylene is also known by 3,5-dimethylcumene or 3,5-dimethylisopropylbenzene and is majorly a laboratory chemical which is used for terephthalic acid preparation and its related derivatives. The product is primarily utilized for the synthesis of terephthalic acid and its derivatives which are consumed in the production of polyester films & fibers, and polyethylene terephthalate (PET) resins.
Rapid population growth has led to increasing requirement for bottled water thus stimulating the demand for PET packaging. The COVID-19 outbreak in early 2020 has resulted in increasing popularity of single-use plastics among businesses and consumers owing to its disposable nature which reduces the possibility of transmission of the virus. The booming e-commerce industry along with technological advancement in digital printing has led to increasing demand for flexible packaging, which should accelerate the growth of 5-isopropyl-m-xylene market.
Why is the global 5-Isopropyl-m-xylene market size projected to expand?
The global market for 5-Isopropyl-m-xylene will record a CAGR of more than 7% up to 2026 owing to the rise in demand for chemical intermediaries and the steady growth of the oil & gas sector.
What was the value of 5-Isopropyl-m-xylene industry share from organic synthesis applications?
The market share from organic synthesis segment had reached USD 29 million during 2019 with the use in production of organic chemicals like ethylcumene and hydroperoxide.
How will North America become a promising market for 5-Isopropyl-m-xylene demand?
North America is expected to surpass USD 40 million in sales due to the growing investments in shale gas exploration and downstream petroleum operations.
What is the projected consumption of 5-Isopropyl-m-xylene over 2020-2026 worldwide?
The global consumption of 5-Isopropyl-m-xylene is anticipated to reach 3,060 tons by 2026 with increasing number of R&D programs to develop novel products.