Paraxylene Market Overview
In 2020, the Paraxylene Market Size is estimated to value at USD 81.02 Billion and is predicted to grow at a CAGR of 12.05% during the forecast period.
Paraxylene is a colorless, toxic, sweet-smelling, or highly flammable aromatic hydrocarbon that is produced from catalytic reforming or thermal cracking of naphtha. This is also known as dimethyl benzene or p- xylene or PX. This is used in the manufacturing process of Purified Terephthalic Acid (PTA) and dimethyl terephthalate (DMT) which are further used as polyester fiber, film, and resin. The manufacturing process of paraxylene includes a mixture of benzene, xylene, and toluene, conversion of naphtha into BTX, and the separation of PX bt fractional crystallization.
PX is a type of petrochemical, its polyester is used in various industrial applications like textile manufacturing and packaging. It is also used as a solvent and as being the raw material to manufacture the Di-PX and herbicides. Moreover, Paraxylene is also used in various household products like curtain fabrics, containers for cosmetics & toiletries, clothing, and upholstery. The development of bio-based paraxylene is accelerating the growth of the market.COVID-19 Analysis:
In 2020, due to the COVID-19 pandemic, most of the business sectors are drastically impacted. Some of the major sectors impacted are automobiles, food & beverages, semiconductor & electronics, agriculture, and aerospace & defense. As usual, the Paraxylene Market is also negatively impacted by COVID-19. Purified Terephthalic acid (PTA), is used to produce polyester coating resins for the formulation of automotive coatings which increases the demand for the Paraxylene Market.
Due to the temporary shutdown of automotive manufacturing units, the demand for the automotive industry reduces, leading to the decline in consumption of automotive coatings. Hence the demand for paraxylene is reduced. Further, in this pandemic situation, the demand for clear masks, face-shield, food, and e-commerce packaging is increased which increases the demand for paraxylene derivatives that are used in the manufacturing of those products. Some of those paraxylene derivatives are dimethyl terephthalate, purified terephthalate acid, polyethylene terephthalate which is returning the growth of the Paraxylene Market.Market Dynamics: Drivers:
Due to the constant demand for polyester manufacturers for the last few years, the paraxylene market is expected to increase its growth. Paraxylene is used in the manufacturing process of polyester. In 2015, polyesters become the most commonly used synthetic fiber, and their demand reaches around USD 50 million tons. Growing demand for paraxylene in various end-use industries like packaging, textiles, and construction materials is boosting the demand for the Paraxylene Market highly.
Growing demand for PET bottle resin due to rising usage of PET in mineral water bottles and soft drinks is accelerating the Paraxylene Market Growth. The growing income levels and the increasing population levels drive the growth of the food industry and new investments are being observed food & beverages industry which leads to the setting up of food processing & beverage producing facilities, and individual confectionaries may be predicted to increase the demand for the Paraxylene Market.Restraint:
Growing awareness among the consumers regarding the usage of plastic-free products and the rise in PET collection and recycling rates are the restraining factors of the Global Paraxylene Market. PX is moderately harmful to aquatic organisms and the environment is hindering the market growth. Growing demand for mixed xylene which is a raw material for the production of the Paraxylene Market is hampering the growth of the market.Opportunities:
The growing use of bio-based paraxylene in bioplastics PET bottles and other bioplastic applications like catering utensils may create a new opportunity to increase the growth of the market. Developing innovative production technologies for minimizing resource waste and reach strong emission standards is expected to foster the growth of the market.Challenges:
The strong restrictions by the regulatory bodies for controlling the paraxylene emission in water and water reservoirs are the major challenging factors of the Paraxylene Market during the forecast period.Study Objectives
- To provide detailed information about the Market structure along with various forecast segments and sub-segments for the next 10 years.
- To provide the factors that are affecting the growth of the Market Value.
- To analyze the Market Industry Analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.
- To provide history and forecast revenue segments and sub-segments of the Market Revenue for the main geographies.
- To provide the country-level analysis of the current Market Size and future prospective.
- To provide country-level analysis of the Market Industry Growth by region, form, and application.
- To provide a strategic profile of the prominent key players in the market, analyze their core competencies, and draw a Market Growth Landscape.
- To track and analyze new product developments, strategic alliances, and Market Research.
Segment Overview:
The Paraxylene Market has been divided into segments based on the Application, End-User, and Region.Based on Application
Based on the Application, the Paraxylene Market is classified into the plastic industry, textile industry, and others. Among them, the plastic industry is dominating the largest market share during the review period due to the rising demand for polymers from various sectors across the world. The textile industry is expected to grow at the highest CAGR during the forecast period for increasing paraxylene usage in the textile industry for polyester fabric applications.Based on End-user
The Paraxylene Market by End-User is bifurcated into Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT), and others. Among them, Purified Terephthalic Acid (PTA) is accounting the largest paraxylene market share due to their increased use in the polyester chain. Increasing growth in the beverage industry by developing the bottling and packaging technologies is anticipated to develop the demand for PTA in the forecast period. PTA is difficult to dissolve in water and other liquids.Based on Region
Regionally, the Paraxylene Market is divided into Asia-Pacific, Europe, North America, South America, and the rest of the world. Out of these Regions, Asia-Pacific is holding the largest market share due to its growing adoption of paraxylene for various applications and the growth of the textile and plastic industry in this region. Regional Analysis
Geographically, the Paraxylene Market is analyzed into Asia-Pacific, North America, South America, Europe, and the rest of the world. Among them, Asia-Pacific is dominating the largest market share due to the increasing use of paraxylene for various applications coupled with the macroeconomic growth of the textile and plastic industry in this region. Growing demand for polyester fiber in emerging economies like India and Brazil is predicted to propel the growth of the Paraxylene Market during the review period.
Moreover, currently, China is one of the largest producers, manufacturers, and consumers of paraxylene which increases the market growth in this region. With the majority of China, it is expected that nearly 14-15 million metric tons of new paraxylene production capacity annually. According to the Indian Chemical Industry, Five Year Plan, 2020-2028, the paraxylene production rate is registered as 5.5 million tons and the consumption rate is valued at USD 4.9 million tons in 2020.Competitive Landscape
The Prominent Key Players in the Paraxylene Market Trends are the following:
- jX Nippon Oil & Energy Corp.
Recent Developments
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In January 2021, one of the popular enterpriser INEOS with a USD 5 billion acquires BP’s global aromatics and acetyls business to enhance its product portfolio in the coming years.
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In August 2020, one of the leading industries in the country, Indian Oil Corporation Limited decided to set an Integrated Paraxylene (PX) and Purified Terephthalic Acid (PTA) plant at Paradip of Odisha with an investment of INR 13,805 crores for manufacturing the raw materials for the textile sector that integrates with its Odisha based Jagatsinghpur refinery facility. By 2024, the petrochemicals complex is going to start with an annual capacity of 800 kilotons of PX, which is helping in providing feedstock to the production of PTA.
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July 2019 INVISTA Performance Technologies (IPT) along with Sichuan Energy Investment Chemical New Material Co., Ltd (Sichuan Energy) and Sichuan Shengda Chemical New Material Co. has successfully launched a new startup of its purified terephthalic acid (PTA) plant. The plant makes use of Invista’s P7 PTA process technology, which has a capacity of about one million metric tonnes per year. It also makes use of INVISTA’s R2R technology to produce benzoic acid as co-product.
Report Overview:
This Paraxylene Market Research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the Paraxylene Market drivers, restraints, challenges, and opportunities. The Paraxylene Market Forecast Segments are application, end-user, and region.Segmentation Table
The Paraxylene Market Trends have been segmented globally based on the Application, End-User, and Region.By Application
Plastic industry, textile industry, and others.By End-user
Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT), and others are the few End-User Segments.By Region
Asia-Pacific, Europe, North America, South America, and the rest of the world are the five main geographies included in this market.
