Global Paraxylene Market by Application (Dimethyl Terephthalate, Purified Terephthalic Acid) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global paraxylene market was valued at USD 36.1 million in 2016. It is forecast to grow at an estimated CAGR 10.5% during the forecast period. The main driver of product demand was stable demand from polyester producers. Paraxylene (PX), is used primarily in the production of purified terephthalic Acid(PTA) or dimethyl terephthalate. These products are used for polyester manufacturing. In the manufacture of herbicides or di-paraxylene, PX is used to dissolve.

Polyester is used primarily for PET resin, plastic films, and fibers. Due to its wide variety of uses, including textiles, packaging, and construction material, the product is expected to be in high demand. Paraxylene has a significant growth potential due to the growing demand for polyester fibers in emerging countries like India, Vietnam and Bangladesh.

The future growth of the PX market will be driven by the development in applications like PET and polyester, especially in Asia Pacific. PX and PTA production are being monitored by developing countries. The market is experiencing significant growth. Paraxylene demand is expected to rise in the future due to increased use of non-traditional feedstocks and lower feedstock consumption.

Paraxylene's market growth will be impeded by rising demand for natural alternatives to conventional products and the development of bio-based products. PX is moderately dangerous to aquatic organisms and the environment. Several regulatory bodies monitor plant-generated emissions to ensure that they are under control. Bio-based PET is becoming more popular due to rising concerns about PET's non-disposability and high prices. Manufacturers are now developing bio routes to PX, PTA, the key raw materials for PET. PepsiCo, Coca-Cola, and other major PET users have announced joint ventures or partnerships with developers of renewable chemical technology such as Avantium, Gevo, Virent, and Gevo.

Over the last few years, PET industry has seen an increase in its use for various purposes such as packaging and construction materials. The trend is expected to continue for the forecast period. The market has been able to expand into these markets due to the growing demand for polyester fibers in emerging markets like India, Bangladesh and Vietnam.

Market growth will be slowed by rising demand for mixed xylene (a key raw material in paraxylene production). The expansion of capacity in emerging markets such as Asia Pacific, Middle East and Latin America aims to debottleneck supply chains and provide stable long-term raw materials availability for downstream sectors. Paraxylene market growth is expected to be supported by innovative production technologies that minimize waste and comply with stringent emission standards.

Application Insights

The market can be divided into PTA, DMT and other applications. With a market share exceeding 97%, PTA was the dominant segment. Di-paraxylene and herbicides are also available. PTA is virtually the only driver of product demand, as 97% of total PX demand goes to PTA production.

This product segment has significant growth potential due to high demand for PTA in polyester applications. PET is used extensively in the bottling and packaging soft drinks. PTA will be in demand as a result of the growth in the beverage sector and the development in packaging technology.

PTA is a more economically sound feedstock than DMT. It also has a lower capital cost and better production economics. PTA is preferred by polyester manufacturers over DMT due to its economic characteristics, which has limited growth in DMT applications. DMT will see growth in the future due to increased demand for engineering polymers like polybutylene Terephthalate.

Regional Insights

Asia Pacific was the largest market for paraxylene in 2016, with a share exceeding 79%. Oversupply is expected to be a result of planned capacity expansions in India and China during the forecast period. Regional market development will be further supported by a rising demand for polyester in textile packaging and textile applications. Rapid industrialization is also expected to help. The future will see a lot of growth in Southeast Asian countries like Thailand, Indonesia, and Vietnam.

In 2016, North America represented more than 11% on the global market. In 2016, North America and Europe accounted for more than 11% of the global market. This is due to a tight supply of paraxylene. The market is being restrained by strict registration, evaluation, authorisation, and restriction of CHemicals regulations (REACH), mainly in EU27 countries regarding the burning and manufacture of petrochemicals.

Market Share Insights & Key Companies

The market is fragmented and there are many industry players. Paraxylene has been oversupplied due to the entry of many small-scale businesses. This has led to a decrease in demand for paraxylene, which is forcing manufacturers to lower their operating costs.

Major players in the global paraxylene market include BP, CNPC and JX Nippon Oil & Energy Corp. (S-Oil), and Reliance Industries Ltd.

To meet growing demand, these companies have invested heavily in capacity expansions as well as R&D activities. To reduce dependence on petrochemical feedstocks and ensure sustainability, companies have been looking into bio-based paraxylene.

Paraxylene Market Report Scope

The Report Covers Certain Segments

This report provides a forecast of revenue growth at the global, regional and country level and analyzes the most recent industry trends in each sub-segment from 2012 to 2022. Grand View Research has divided the global paraxylene market by application and region.

• Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

  • Dimethyl Terephthalate, (DMT).

  • Purified Terephthalic acid (PTA).

  • Other

• Regional Outlook (Volume of Kilo Tons; Revenue USD Million, 2012-2022)

  • North America

    • The U.S.

  • Europe

    • Germany

    • France

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

  • Middle East & Africa

These are the most frequently asked questions about this report

b. Global paraxylene market was valued at USD 48.72 Billion in 2019, and is projected to grow to USD 53.87 Billion by 2020.

b. Global paraxylene markets are expected to expand at a compound annual rate of 10.5% between 2017 and 2022, reaching USD 66.94 Billion by 2022.

b. Asia Pacific was the dominant market for paraxylene in 2019, with an 82.3% share. This can be attributed to the rising demand for polyester in packaging, textile applications, and rapid industrialization.

b. Among the key players in the paraxylene industry are BP, CNPC and JX Nippon Oil & Energy Corp. (S-Oil), Dragon, NPC Iran., GS Caltex., ONGC., Orpic., Jurong Aromatics Corp. (CNOOC), Lotte KP Chemical., PTT. Yanbu Aramco Sinopec Refining Company Ltd.., Toyo, Pertamina and Teijin Fibers.

b. The market growth is driven by the rising demand for polyester in textiles, construction materials, and packaging industries.

Up Market Research published a new report titled “Paraxylene Market research report which is segmented by Application (Dimethyl Terephthalate, Purified Terephthalic Acid), By Players/Companies NPC Iran, Pertamina, Teijin Fibers, S-Oil, Lotte KP Chemical, PTT, FCFC, Dragon, Reliance Industries Ltd, GS Caltex, Yanbu Aramco Sinopec Refining Company Ltd, Toyo, Jurong Aromatics Corp, Orpic, ONGC, BP, CNPC, JX Nippon Oil & Energy Corp, KPPC, China National Offshore Oil Corporation (CNOOC)”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Paraxylene Market Report Segments:

The market is segmented by Application (Dimethyl Terephthalate, Purified Terephthalic Acid).

Paraxylene Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Paraxylene Market

Overview of the regional outlook of the Paraxylene Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Paraxylene Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Paraxylene Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Dimethyl Terephthalate

                2. Purified Terephthalic Acid

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Paraxylene Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Paraxylene Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.