Global Paraxylene Market 2017-2021
Paraxylene (PX), also known as P-Xylene, is an aromatic hydrocarbon. It is one of the 3 isomers of dimethylbenzene, popularly known as xylene. Para indicates that the 2 methyl groups in paraxylene occupy the diametrically opposite substituent positions 1 and 4. Paraxylene differs from orthoxylene and metaxylene based on the substitution pattern of the 2 methyl groups. Paraxylene is a colorless, volatile liquid and a very important raw material in the preparation of polyethylene terephthalate (PET) chips.
Technavio’s analysts forecast the global paraxylene market to grow at a CAGR of 9.71% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global paraxylene market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Paraxylene Market 2017-2021
Technavio recognizes the following companies as the key players in the global paraxylene market: Braskem, BP, Chevron Phillips Chemical, Exxon Mobil, and Reliance Industries.
Other Prominent Vendors in the market are: China National Petroleum, FORMOSA CHEMICALS & FIBER CORPORATION, GS Caltex, Honeywell International, JXTG Holdings, Kuwait Paraxylene Production Company, Orpic, and S-OIL.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is recycling of PET. Owing to its increasing consumption and non-biodegradable nature, PET waste disposal has raised serious environmental and economic concerns. Thus, the management of PET waste has become a crucial social issue. Hence, recycling is viewed as the most viable option for the treatment of waste PET.”
According to the report, one driver in the market is potential growth in APAC. In the last few years, the demand for polymers in China, including polyester, was spurred by the Chinese government's stimulus packages. The domestic demand for finished goods soared, regardless of a slowdown in the export business amid the global financial crisis. The domestic consumption of textiles and clothing increased to two-thirds of total supply. Amid the current uncertainties among Western economies, export markets are not very promising, and the growth of Chinese polyester fiber consumption will depend on domestic consumption of textile and clothing.
Further, the report states that one challenge in the market is fluctuation in raw material prices. The global paraxylene market is exposed to fluctuations pertaining to raw material and energy prices. In the past few years, crude oil and natural gas were comparatively stable in terms of supply and demand. In the mid-2014, when the Organization of the Petroleum Exporting Countries (OPEC) announced no reduction in the production to match crude oil supply or demand across the world, a rapid decline in crude oil prices was registered. However, raw material price fluctuation, especially for crude oil-based feedstock till date, hinders the growth of the global paraxylene market.
Braskem, BP, Chevron Phillips Chemical, Exxon Mobil, Reliance Industries, China National Petroleum, FORMOSA CHEMICALS & FIBER CORPORATION, GS Caltex, Honeywell International, JXTG Holdings, Kuwait Paraxylene Production Company, Orpic, and S-OIL.
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