The global paraxylene market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Paraxylene is an aromatic hydrocarbon extracted from crude oil and coking coal and is a type of xylenes. They are majorly used as a feedstock for producing terepthalic acid, dimethyl terephthalate and many other downstream derivatives. Both terepthalic acid and dimethyl terephthalate are raw materials used to produce polyester.
Rising demand from PET and polyester industry is likely to drive the p-xylene market. Terephthalic acid is a major feedstock for PET and polyester production which is in turn produced from p-xylene. Demand from PET and polyester market is expected to drive the growth of overall paraxylene market. Demand from dimethyl terephthalate (DMT), di-paraxylene, herbicides and solvents markets will also drive paraxylene market.
Drivers and Restraints of Paraxylene Market
Growing investments in downstream industries in regions like the Middle East and the Far East are likely to offer tremendous possibilities for paraxylene market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Paraxylene are exposed to the probability of volatility in supply and price of crude oil. Paraxylene have an adverse effect on human body if exposed to it for a longer duration. Its remnants are normally found in soil and air which often makes environmental regulatory institutions to implement strict regulations on usage of paraxylene. Existing and future regulations concerning the use of paraxylene and its derivatives in end products are likely to challenge the market growth.
Paraxylene Market by Region
Asia was the largest consumer of paraxylene and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were largest consumers of paraxylene in this region, whereas India is likely to grow at a higher pace. Growing demand from textile, packaging and other industries will drive paraxylene market in Asia. Consumption of paraxylene in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from textile and packaging industry. Demand from Europe was low relatively and is likely to stay same in the next few years due to strict environmental regulations.
Top players in this market include JX Nippon Oil & Energy Corp., BP, PetroChina, Thai Oil Company, Shell, Reliance, Bayer, SABIC, BASF, Flint Hills Resources, Dow Chemical, LG Chem. Ltd, LyondellBasell, The Ineos Group, DuPont, Lanxess, Formosa Plastics Group, ConocoPhillips, SINOPEC, JX Holdings and CNPC.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth