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.
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.
Major Players:
·
BP
Plc.
·
Braskem
·
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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