Paraxylene Market Report 2020-2030
Paraxylene Market Report 2020-2030: A Global Paraxylene Market Estimate and Forecast – Industry Insights for Consumption, Demand, Production, Price Trend, Competitive Intelligence and Opportunity Analysis Along the Value Chain
The global paraxylene market was valued at $43.8 billion in 2018. It is used in manufacturing process of polyester fiber and plastic bottles. Paraxylene is extensively being used for manufacturing other chemicals such as terephthalic acid (TPA), dimethylterephthalate (DMT) and terephthalic acid (TPA). Moreover, PET is considered to be lightweight, strong and shatter-resistant owing to which it is used manufacturing bottles used as sodas, water and beverages containers. PET has strong carbon dioxide barrier properties that help carbonated beverages in settling the fizz.
PET chemicals extracted from paraxylene are also used as containers for cosmetics, upholstery, fabrics for curtains, films for x-rays, clothing, electrical insulation, toiletries, processed meats, blister packs and packaging for boil-in bags. Increasing demand for polyester resin and fiber from several end-user industries is further anticipated to bolster the growth of global paraxylene market. However, extensive demand for mixed xylene raw material for paraxylene production and increasing concerns pertaining to environment is expected to hamper the growth of global paraxylene market.
Extensive growth in polyester industry is the key factor driving the growth of global paraxylene market owing to increasing adoption of polyester fiber for packaging. Purified Terephthalic Acid (PTA) and Dimethyl Terephthalate (DMT) is developed and purified with the help of paraxylene and these chemicals are witnessing greater applicability in the polyester manufacturing that is further accentuating the growth of global paraxylene market. Furthermore, rampant growth observed in PET consumption is another factor pertaining towards the growth of global paraxylene market owing to extensive demand from packaging, textiles, and construction domain.
PTA provides manufacturers reduced capital cost and improved production capabilities that make it a preferable chemical in various end-user industries. Additionally, PTA also helps in restricting development of Dimethyl Terephthalate (DMT) due to its economic significance. PET containers are considered to be economical and safe for use in food and beverage domain and is finding extensive acceptance in various applications of textile domain that is further driving the growth of global paraxylene market.
Paraxylene market forecast 2020 – 2030 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the paraxylene manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. Industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
On the basis of application, the global paraxylene market is segmented into purified terephthalic acid (PTA), dimethyl terephthalate (DMT) and others. Amongst these segments, purified terephthalic acid (PTA) is anticipated to contribute largest revenue by 2030 owing to its accelerating growth potential in polyester domain. PET is gaining huge popularity and utilization in packaging of soft drinks and bottling. The exaggerating growth in beverage industry along with technological advancements undertaken in bottling technologies and packaging is thereby attributing towards the rapid growth of PTA and thus strengthening the market revenue of global paraxylene market.
On the basis of end user, the global paraxylene market is segmented into plastic, textile, and others.
Paraxylene market in Asia-Pacific is anticipated to witness highest CAGR during the forecast period owing to increasing demand for polyester fibers from various emerging countries such as India and Brazil. Developing countries are supporting the manufacturing of chemicals strengthening the growth of paraxylene in the region. Propelling textile industry and plastic industry along with extensive utilisation of lower feedstock and conventional feedstock is thus bolstering the growth of paraxylene in this region at rapid pace.
The report also offers the insights for the North American, European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
The eminent key players in the global paraxylene market are undertaking considerable investment decisions and launching new products in order gain competitive advantage. Moreover, entering into partnership agreements and performing mergers & acquisitions are the key development strategies being implemented by the crucial players in global paraxylene market.
Some of the players having prominent presence in the global paraxylene market SINOPEC, BASF SE, JX Nippon Oil & Energy Corporation, Teijin Limited, Lotte Chemical, Mitsubishi Gas Chemical Company, Inc., BP plc, The China National Petroleum Corporation, S-Oil Corporation, The National Petrochemical Company (NPC), Chevron Phillips Chemical, Reliance Industries Ltd. – (RIL), Oil and Natural Gas Corporation, Jurong Aromatics Corp., KPPC, Oman Refinery Company, China National Offshore Oil Corporation (CNOOC), Exxon Mobil, PT Pertamina, and Saudi Aramco.
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