Mesitylene, also known as 1,3,5-trimethylbenzene, is an aromatic hydrocarbon compound derived from petroleum. It finds wide applications as a solvent in chemical intermediates, agrochemicals, and coatings. Due to its high solvent properties and low toxicity, mesitylene is used as an effective solvent in agricultural chemicals such as insecticides, herbicides, and fungicides. The global mesitylene market is estimated to be valued at US$ 2,814.8 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for crop protection solutions and need to increase agricultural yields is driving the growth of agrochemicals globally. Mesitylene plays a vital role as an effective solvent in various agrochemical formulations. Its use allows for slow and controlled release of active ingredients in insecticides, herbicides and fungicides applied on crops. This helps improve the efficacy of agrochemicals and maximize crop protection. With the rising world population and need to boost food production, demand for agrochemicals is expected to grow significantly. This growing demand for agricultural chemicals will support the adoption of mesitylene as a preferred solvent, presenting key opportunities for growth in the mesitylene market over the forecast period.
Porter’s Analysis
Threat of new entrants: The mesitylene market is competitive in nature due to established players. However, high capital requirements and economies of scale pose challenges for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, switching costs are low.
Bargaining power of suppliers: Major suppliers have significant influence due to their integration across the value chain. Suppliers can impact prices.
Threat of new substitutes: Substitutes like xylenes pose medium threat as they have similar properties but are cheaper.
Competitive rivalry: The market is dominated by key global players. Intense competition exists regarding pricing and new product innovations.
SWOT Analysis
Strength: Mesitylene has wide industrial applications. Established production facilities and distribution networks of key players improve economies of scale.
Weakness: Fluctuating raw material prices and environmental regulations increase production costs. Dependency on a few feedstocks.
Opportunity: Rising plastic and solvent demand from construction and automotive industries offer scope. Growing Asia Pacific market presents new avenues.
Threats: stringent emission norms hamper growth. Easy availability of substitutes is also a concern.
Key Takeaways
The global mesitylene market is expected to witness high growth over the forecast period supported by rising plastic and solvent consumption.
Regional analysis: The Asia Pacific region presently accounts for over 50% of the global market share due to rapid industrialization and growth of end-use industries in China and India. Established production facilities of leading players also contribute to the region’s large share. High demand for UPR, solvents, and MTBE in construction and automotive sectors drives the regional market.
Key players operating in the mesitylene market are Mitsubishi Gas Chemical Company (MGC), Dow, Versalis, Refinery of Sinopec Jinling (Sinopec), EXXON, Shell, Nantong Dingxi, Taicang Xinhu Chemical, and Jinchou PetroChem. Mitsubishi Gas Chemical Company (MGC) is a leading producer with integrated production facilities across Asia, Europe and North America.
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