Paraxylene Market Overview to 2024:
Paraxylene, also known as P-Xylene, an aromatic hydrocarbon, and an isomer of xylene compound, is derived from dimethylbenzene. Paraxylene is used in the production of terephthalic acid, purified terephthalic acid, and dimethyl terephthalate that is majorly used in the production of polyethylene terephthalate.
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Paraxylene finds an extensive application in major end-user industries such as textile and packaging for food, beverages, and personal care products which, in turn, drives its market growth. Over the past few years, the global Paraxylene market is growing rapidly due to the burgeoning textile industry worldwide. Moreover, the growing packaging industry across the globe is escalating the market on the global platform.
Acknowledging the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global paraxylene market is expected to increase by a substantial revenue growth by the end of the forecast, i.e. 2023, with a considerable expansion rate during the period 2017 to 2023.
Additional factors propelling the growth of the market include government support and technological advancements that are creating a major opportunity in the global market. Furthermore, the ever-increasing population and urbanization are fostering the market growth, creating a massive demand for clothing.
Improving economic conditions, worldwide are providing impetus to the growth of the market, increasing the consumers’ purchasing power. On the flip side, factors such as the volatility in the prices and demand and supply gap in the raw materials required for the production of paraxylene are expected to impede the market growth, posing challenges to the market players.
- BP Plc.
- Chevron Phillips Chemical Company
- Reliance Industries Limited
- Exxon Mobil Corporation
- China National Petroleum Corporation
- Formosa Chemical & Fibre Corp
- GS Caltex India Pvt. Ltd.
- Honeywell International Inc.
- China Petrochemicals Corporation
- JXTG Holdings, Inc.
- S-OIL Corporation
Industry/ Innovation/ Related News:
February 04, 2019 –– National Centre for Statistics and Information (NCSI Oman) released the update on the increase in the production of standard grade petrol (M-91). According to the data, the production of standard grade petrol has been increased by 44 percent to touch 14.9 million barrels until the end of December 2018.
The two refineries of Oman Mina Al Fahal (Muscat) and Sohar Refinery are owned by Oman Oil Refineries and Petroleum Industries Company (ORPIC). The surge in the production of standard grade petrol over super grade petrol was supported by significant growth in demand.
ORIC mentioned that as far as petrochemicals are concerned, production of paraxylene has risen by 6 percent, i.e., 691 thousand metric tonnes. Further, ORPIC exported 664 thousand metric tonnes of paraxylene.
Global Paraxylene Market – Competitive Analysis
Characterized by the presence of many large and small-scale players, the global paraxylene market of appears to be fiercely competitive and fragmented. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage and to maintain their market positions.
The high growth potential demonstrated by the market attracts several new entrants, this will result in intensifying the completion further. Top players invest heavily in R&D. Manufacturers strive to deliver high-quality, consistent pure, and reliable paraxylene products based on innovative technologies, and best practices.
Global Paraxylene Market – Segments
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Application : Purified Terephthalic Acid, Terephthalic Acid, and Dimethyl Terephthalate among others.
By End-use Industry : Textile and Packaging among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Paraxylene Market – Regional Analysis
The Asia Pacific region heading with the rapidly growing textile industry dominates the Global Paraxylene Market. The high demand for polyester fiber and polyester resins, especially in India and China along with the increasing applications of paraxylene in fabric and packaging industries, the APAC will be escalated to the next level, witnessing the heightened demand.
The ample availability of cost-competitive logistic such as workforce, land, and the raw materials required for the production of paraxylene is a key force attracting several foreign investors. Resultantly, many key players from the developed regions such as North America and Europe are increasingly shifting their prominent manufacturing bases to China and India. This, as a result, is likely to foster the market growth in the APAC over the forecasted period.
Furthermore, factors propelling the growth of the regional market include the increasing consumption of paraxylene in India and China led by the presence of major textile players such as Fabindia Overseas Pvt Ltd and Bombay Dyeing & Manufacturing Company Ltd. and the rapidly expanding packaging industry that is led by the surging demand for the packaged food & beverages due to convenience and improved shelf life of the products. Moreover, appealing cosmetics & personal care industry is set to drive the growth of the paraxylene market over the forecast period, creating a huge demand for the packaging materials.
On the other hand, the North American and European region is rapidly emerging as a profitable market for paraxylene. Factors such as the growing textile industry as a result of increased spending on the apparels led by the high per capita income of the consumers are expected to boost the product demand. Furthermore, the expanding packaging industry with the rising requirement for packaged food & beverages is fostering the growth of the market.
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