The global market was valued at $ 36.1 billion in 2022, and it is expected to see a CAGR of 6% and reach 68 billion in the paraxylene market forecast period.
Market Research Future (MRFR) in its recent study finds that the global paraxylene market will exhibit a steady growth over the next five years. P-Xylene or paraxylene is an industrial material that has been around for quite some time now. Demand for paraxylene is expected to remain sturdy during the foreseeable future as the product continues to find new avenues of application. Some of the conventional application areas for p-xylene includes manufacturing of terephthalic acids, dimethyl terephthalate and purified terephthalic acid.
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The polymer industry remains a major consumer of paraxylene and is likely to play an important role in driving the growth of the market over the next couple of years. The aromatic isomer is also popular in industries such as food & beverage packaging, textile, and personal care. Over the years, application of PET has risen substantially in textile industry owing to the innate characteristics that allows it to be recycled. The aforementioned factors are supporting the growth of the global P-Xylene market.
Global Paraxylene Market: Competitive Landscape
Some of the top-notch companies operating in the global paraxylene market include BP p.l.c (UK), Exxon Mobil Corporation (U.S.), China National Petroleum Corporation (China), Formosa Chemical & Fibre Corp. (Taiwan), JXTG Holdings, Inc. (Japan), S-OIL Corporation (South Korea), Braskem (Brazil), GS Caltex India Pvt. Ltd. (South Korea), Chevron Phillips Chemical Company (U.S.), Reliance Industries Limited (India), China Petrochemicals Corporation (China) and Honeywell International Inc. (U.S.)
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Global Paraxylene Market: Segmental Analysis
MRFR’s study also includes a thorough assessment of the paraxylene market based on end-use industry, application and region. By end-use industry, the market has been segmented into packaging, textile and others. By application, the market has been segmented into dimethyl terephthalate, purified terephthalic acid and terephthalic acid.
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Global Paraxylene Market: Regional Analysis
In the study, the paraxylene market has been covered across regions such as North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America. The market in Asia Pacific is projected to witness a significant growth during the forecast period. The region presents lucrative opportunities for market players. Many of the countries in the APAC region including China, India and ASEAN members are witnessing a tremendous boom in the economy. The manufacturing sector can be accredited for this economic upsurge. Policy reforms and increased importance given to economic diversification has bolstered the manufacturing sector in the region. Efforts are surely visible as China and India are now establishing themselves as global manufacturing hubs. Moreover, these countries are also preferred by foreign investors for setting up manufacturing facilities due cost benefits and quicker access to raw materials. Europe and North America are the other major markets for paraxylene. Both the regions are expected to make sizable contribution to the growth of the global paraxylene market during the assessment period. Existence of a mega-scale textile and packaging section in the U.S. is reflecting favourably on the paraxylene market in North America. The market in Europe, however, due to the ongoing socio-political uncertainty is witnessing a momentary sluggishness. Meanwhile Latin America and the MEA are expected to remain lesser significant markets as compared to regions discussed above. A moderate growth of the market is projected for LatAm and MEA.
Industry News
. China retaliates to US’s new tariffs by announcing that it would impose new rates on US imports worth $60 billion, which also includes a 10% tariff on US-origin paraxylene.
. Anellotech, Inc. a sustainable technology expert has recently completed a successful two-week non-stop pilot plant trial in association with Japan-based Suntory Holdings Limited, a brewing and distilling company to develop 100% Bio-based Plastic Bottle at its Texas plant.
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