Paraxylene Market Product Price, Size, Profit Share Capacity, Production, Supply, Demand and Market Growth Rate Forecast To 2023

 

Market Overview

Paraxylene also known as P-Xylene is an aromatic hydrocarbon and isomer of xylene compound, which is derived from dimethylbenzene. It is used in terephthalic acid, purified terephthalic acid, and dimethyl terephthalate. Purified terephthalic acid is majorly used in the production of polyethylene terephthalate. Applications of paraxylene are increasing in major end-user industries such as textile and packaging for food, beverages, and personal care products.

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The demand for paraxylene is driven by the growing apparel and textile industry across the regions.  The use of PET is rising in the textile industry due to its recyclability, which reduces the amount of energy consumed while producing fibers. Furthermore, growing packaging industry across the globe is another factor driving the growth of the global paraxylene market. Surging demand for the packaged food and beverages from the working population owing to convenience and longer shelf life is uplifting the market growth. Paraxylene consumption is growing in cosmetics and personal care industry with increasing focus on the consumer on their personal appearance. Moreover, growing demand for polymers from the major end user industries is propelling the market growth.

Some of the major trends noticed among the market players are acquisitions and licensing agreements for business expansion. For instance, in February 2018, British Petroleum (BP) and SOCAR TURKEY ENERGI A.S entered into a licensing agreement for the BP’s purified acid technology. This technology will reduce the amount required for capital investment and improve energy efficiency. However, growing environmental regulations regarding the use of the petrochemicals may hamper the growth of global paraxylene market.

Competitive Analysis

Ø  Braskem

Ø  Chevron Phillips Chemical Company

Ø  BP p.l.c

Ø  Exxon Mobil Corporation

Ø  Reliance Industries Limited

Ø  China National Petroleum Corporation

Ø  GS Caltex India Pvt. Ltd.

Ø  Formosa Chemical & Fibre Corp.

Ø  Honeywell International Inc.

Ø  JXTG Holdings, Inc.

Ø  China Petrochemicals Corporation

Ø  S-OIL Corporation

Regional Analysis

Asia Pacific is leading the paraxylene market due to growing major end-use industries such as textile and packaging industry in this region. Growing textile industry in India with rising demand for the apparels from the expanding population is likely to propel the market growth. Moreover, increasing requirement for the packaged food products by the working population owing to convenience is stimulating the product demand.

North America and Europe are expected to propel the market growth during the review period due to the growing apparel industry with changing lifestyle and high per capita income of the consumers.

Market Segmentation

The global Paraxylene Market is segmented into applications, end-use industry, and region.

On the basis of the application, the paraxylene market is divided into terephthalic acid, purified terephthalic acid, and dimethyl terephthalate.

Based on the end use industry, the global paraxylene market is segmented into textile, packaging, and others.

Geographically, the market is segmented into five key regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.