Global Paraxylene (PX) Market - Segmented Application, and Geography - Trends and Forecast (2018 - 2023)
The global paraxylene (PX) market is expected to register a CAGR of 4.05% during the forecast period, 2018 - 2023. Paraxylene is an important chemical feedstock and one of the three isomers of dimethyl benzene, known collectively as xylenes. 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.
High Demand for PET
The sustenance and proliferation of the paraxylene market is majorly supported by the high, growing demand for PET in various industries. 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. Flexible packaging is expected to grow continuously as major retail chains demand greater product protection and longer shelf life for various products. Because of its economic value, PET is preferred over different grades of polyester in the food & beverage and textile industries. Thus, with increasing demand for PET, the demand for paraxylene is projected to increase in the near future.
Purified Terephthalic Acid (PTA) Applications are expected to Increase
PX is primarily used for producing dimethyl terephthalate (DMT) and purified Terephthalic acid (PTA), which are consumed for manufacturing polyesters. 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 cyclo-hexane-di-methanol, terephthaloyl chloride, plasticisers, and liquid crystal polymers. Besides PET, PTA is also used in the manufacture of polyester resin and polyester fiber. The polyester fiber accounts for the largest segment in the demand for PTA, which is almost two-thirds of the global PTA demand.
Asia-Pacific Dominates the Market
In terms of consumption, Asia-Pacific accounted for the largest market share, among all 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 demand. In addition, increasing investment for the research & development of bio-based paraxylene and other bio-plastic applications are expected to have a positive impact on the market for paraxylene in the region. Major global corporations have increased investments and acquisitions in ASEAN countries. For example, in August 2017, ExxonMobil bought Singapore’s Jurong Aromatics plant in order to penetrate the ASEAN market. The increasing interest of big players in the regional market is expected to significantly drive the market
March 2018: Asian paraxylene-naphtha spread tumbles from high ground as feedstock costs rise
Major Players: JX Nippon Oil & Energy Corp Schlumberger Limited, BP Plc., Reliance Industries Ltd., S-Oil, and CNPC, amongst others.
Reason to Purchase this Report
Analyze various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating process type and filler used in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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