Product Code: 55479
The market for Paraxylene (PX) is anticipated to register a CAGR of more than 4% during the forecast period. Paraxylene is an aromatic hydrocarbon and is one of the three isomers of dimethybenzene, also known as xylene. Para in xylene indicates the two methyl groups occupy the diametrically opposite substitute positions 1 and 4, and it differs with the other two isomers of xylene, orthoxylene and metaxylene.
- High demand for Polyethylene Terephthalate (PET) and increase in PET collection and recycling rates in Europe is expected to drive the growth of the market in the forecast period.
- Increase in Consumer Awareness regarding the use of plastic-free products and increase in PET collection and recycling rates in Europe is likely to hinder the market's growth.
- Innovation in the use of bio-based paraxylene in bio plastic PET bottles (Bio-PET) and other bio plastic products is projected to act as an opportunity for the market in future.
Key Market Trends
Increasing Demand from the Purified Terephthalic Acid (PTA) Application
- PTA is an organic compound that is made by causing a reaction between secondary petroleum product paraxylene (PX) and acetic acid. PTA has a form of white crystalline powder that looks like sugar. It is quite inert, and is thus difficult to dissolve in water or other liquids.
- PTA is majorly used for the production of polyester, such as polyester films, PET bottles, and furniture, and is further used in making high-performance plastics, such as polybutyl terephthalate (PBT) and polyethylene terephthalate (PET).
- With increasing production in industries, such as automotive, food and beverage, electronics, and construction, the demand for plastics, such as PET, PBT, etc., is also increasing. This, in turn, is leading to increased demand for such high-performance plastics, which is likely to increase their production. Thus, as PTA is used in the production of such plastics, the demand for PTA is also expected to increase with production of such plastics.
- Additionally, the plastics industry, at present, is focusing on manufacturing plastics made from bio-made materials, owing to the increasing detrimental effects of plastic on the environment. The emerging market for bio plastics is expected to drive the market of PTA as well.
- All the aforementioned factors are expected to drive the global market during the forecast period.
Asia-Pacific Region to Dominate the Market
- In Asia- Pacific, China has emerged as one of the biggest production houses in the world today and is also the largest manufacturer and consumer of paraxylene, at present.
- Growing demand for PET in China is ramping up the PET value chain, which, in turn, is rapidly driving the market for paraxylene in the country.
- China accounted for around 32% of the global PET production capacity, and is been adding capacities continuously, through the years, owing to the growing demand of PET from the packaging and textile industries.
- Such factors are increasing the demand for PTA that is used as a precursor for PET resin production, which, in turn, is driving up the consumption of paraxylene continuously.
- Around 14 to 15 million metric ton new paraxylene production capacity is expected to be added in Asia, with the majority in China, annually.
- Owing to such factors, the consumption of paraxylene is expected to rise in China through the forecast period.
The paraxylene (PX) market is moderately consolidated. In terms of market share, few major players currently dominate the market. Key players in the paraxylene (PX) market include JX Nippon Oil & Energy Corp Schlumberger Limited, BP Plc., Reliance Industries Ltd., S-Oil, and CNPC, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 High Demand for Polyethylene Terephthalate (PET)
- 4.1.2 Increase in PET Collection and Recycling Rates in Europe
- 4.2 Restraints
- 4.2.1 Increase in Consumer Awareness Regarding the Use of Plastic-free Products
- 4.2.2 Increase in PET collection and recycling rates in Europe
- 4.3 Industry Value-Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Feedstock Analysis
- 4.6 Technological Snapshot
- 4.7 Import Export Trends
- 4.8 Price Trends
- 4.9 Supply Scenario
- 4.10 Regulatory Policies
5 MARKET SEGMENTATION
- 5.1 Application
- 5.1.1 Purified Terephthalic Acid (PTA)
- 5.1.2 Dimethyl Terephthalate (DMT)
- 5.1.3 Other Applications
- 5.2 End-User Industry
- 5.2.1 Plastics
- 5.2.2 Textile
- 5.2.3 Other End-User Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 126.96.36.199 China
- 188.8.131.52 India
- 184.108.40.206 Japan
- 220.127.116.11 South Korea
- 18.104.22.168 Rest of asia-Pacific
- 5.3.2 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 188.8.131.52 Mexico
- 5.3.3 Europe
- 184.108.40.206 Germany
- 220.127.116.11 United Kingdom
- 18.104.22.168 Italy
- 22.214.171.124 France
- 126.96.36.199 Rest of Europe
- 5.3.4 South America
- 188.8.131.52 Brazil
- 184.108.40.206 Argentina
- 220.127.116.11 Rest of South America
- 5.3.5 Middle East & Africa
- 18.104.22.168 Saudi Arabia
- 22.214.171.124 South Africa
- 126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BP PLC.
- 6.4.2 Braskem
- 6.4.3 Chevron Phillips Chemical
- 6.4.4 China National Petroleum Corporation (CNPC)
- 6.4.5 Dalian Fujia Dahua Petrochemical Co. Ltd
- 6.4.6 ExxonMobil Corporation
- 6.4.7 Formosa Plastics Corporation
- 6.4.8 Fujian Refining & Petrochemical Company Limited (FREP)
- 6.4.9 JX Nippon Oil & Energy Corporation
- 6.4.10 Mangalore Refinery and Petrochemicals Limited (MRPL)
- 6.4.11 Mitsubishi Gas Chemical Co. Inc.
- 6.4.12 NPC Iran
- 6.4.13 Pertamina
- 6.4.14 Reliance Industries Ltd (RIL)
- 6.4.15 Rongsheng Petrochemical Co. Ltd
- 6.4.16 S.K. Innovation Co. Ltd
- 6.4.17 Sinopec
- 6.4.18 S-Oil Corporation
- 6.4.19 Toray Industries
- 6.4.20 Total S.A.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Innovation in the Use of Bio-based Paraxylene in Bioplastic PET Bottles (Bio-PET) and Other Bioplastic Products