Global Paraxylene Market – Growth, Trends, and Forecasts (2017 - 2022)
Paraxylene (PX) demand has witnessed rapid growth since the past few years, owing to high demand for polyesters, mainly polyethylene terephthalate (PET). PX is primarily used for producing dimethyl terephthalate (DMT) and purified Terephthalic acid (PTA), which are consumed for manufacturing polyesters.
Paraxylene is an important chemical feedstock and one of the three isomers of dimethyl benzene, known collectively as xylenes. Paraxylene finds extensive use in large-scale synthesis of various polymers, with PET production being the most significant. Paraxylene experiences various challenges, such as increase in consumer awareness regarding the usage of plastic-free products. In addition, the complex process of formation of paraxylene is considered a major hindrance for the paraxylene market. With increasing demand for PET, the demand for paraxylene is projected to increase in the near future.
The major driver for the paraxylene market is the high demand for PET and low cost and superior physical properties of PET, compared to natural fibers. Apart from being widely used in the production of PET, paraxylene is used as solvents, pesticides and coatings, and in the production of di-paraxylene and herbicides. On the basis of application type, the global paraxylene market is further segmented into Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT), and ‘others’, which mainly consists of solvents, pesticides, and coatings. PTA is a white, solid organic compound and principally used as a precursor to the polyester PET but other uses are in the making of cyclohexanedimethanol, terephthaloyl chloride, plasticisers, and liquid crystal polymers. The production of PET is largely dominated by PTA than DMT, since the production via PTA is more economical.
Areas with Scope for Paraxylene
In terms of consumption, Asia-Pacific accounted for the largest market size, among the regions including North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Increasing use of PET in the textile and food & beverage packaging industry is likely to boost the paraxylene production. In addition, increasing use of bio-based paraxylene in bio plastic PET bottles (Bio-PET) and other bio-plastic applications is expected to have a positive impact on the market for paraxylene in the region.
Notable Developments in the Market
In June 2017, ExxonMobil settlement with Japan’s PTA producer, Mitsui Chemicals happened at USD 775/metric ton.
In June 2017, South Korea's S-Oil Corp settlement with China's Yisheng Group at USD 775/metric ton.
Why Purchase the Global Paraxylene Market Report?
Know About: The latest regulations and policies regarding the paraxylene market
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis
Effect of Qatar's diplomatic crisis, potential antidumping duties on aromatics and intermediates on the Asian petrochemicals market.
Which type of paraxylene application is expected to dominate the market?
Which regions are expected to witness the fastest growth during the forecast period?
Identify the latest developments, market shares, and strategies employed by the major market players, such as:
o JX Nippon Oil & Energy Corp Schlumberger Limited
o Reliance Industries Ltd.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook