Global Paraxylene Market Report, published by Fior Markets, forecast that the global market is expected to reach $79.3 billion by 2024 from $37.7 billion in 2016; growing at a CAGR of 9.7% from 2016 to 2024. Paraxylene is a chemical vital for producing a diverse range of polyethylene terephthalate (PET) and fiber consumer products. They are used for the production of fiber, film, and bottle resins, and small amount is used as solvent and to produce herbicides, and di-paraxylene.
“Paraxylene Market (By End User: Packaging, Polyester Fiber, and Others; By Application: Purified Terephthalic Acid (PTA), Dimethyl-Terephthalate (DMT), Di-Paraxylene (DI-PX), and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
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Increasing demand for polyesters to drive the growth of Paraxylene market
Some of the factors propelling the growth of the global paraxylene market includes growing demand for polyesters, increasing application segments, need for conservation efficiency, and low manufacturing cost. Though, rising demand for bio-based products, and complex process of formation would hamper the market growth. Furthermore, development of advanced technologies, and potential markets could provide market opportunities in forecasted years.
The key bifurcations of global paraxylene market are end user, application, and geography. End user comprises packaging, polyester fiber, and others. Application is segmented as purified terephthalic acid (PTA), dimethyl-terephthalate (DMT), di-paraxylene (DI-PX), and others. Based on geographical analysis, paraxylene market is segmented into North America, Europe, Asia-Pacific, Rest of the World (RoW).
Polyester fiber accounted for the largest market share in the end user segment
Polyester fiber held the largest market share in 2016, and is anticipated to continue its dominance during the forecast period 2016-2024 driven by growth of home furnishing market, changing lifestyles, and growth in building and construction industry.
Purified Terephthalic Acid (PTA) dominated the type of application segment
Purified terephthalic acid (PTA) dominated the application segment, owning to growing demand for PTA films in construction and commercial industries, and increasing used for manufacturing products in home furnishing and bottling.
Asia-Pacific dominated the global market with highest market share over the forecast period
Asia-Pacific dominated the global paraxylene market with largest market share of 82.4%, and fastest CAGR during the forecasted period, owing to, presence of major manufacturers, increasing demand from food and beverages packaging industry, and growing production capacity.
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In December 2016, Reliance Industries Limited had successfully commissioned the first phase of paraxylene plant at Jamnagar, Gujarat. The plant has the capacity of 2.2 MMTPA, built with crystallization technology from BP.
The key market players operating in this segment includes Toray Industries Inc., British Petroleum PLC, ONGC, JX Nippon Oil & Energy Corp., Reliance Industries Ltd., Teijin Fibers, S-Oil Corporation, CNOOC Limited, BASF SE, and Chevron Phillips Chemical Company LLC, among others.