Global Paraxylene Market 2017-2021

Overview of the global paraxylene market

Technavio’s global paraxylene market research analysis identifies that the increasing demand for purified terephthalic acid (PTA) for polyethylene terephthalate (PET) application will be one of the major factors that will have a positive impact on the paraxylene market growth. The demand for PTA is increasing because it is extensively used in the production of polyester fiber and PET. This in turn, will drive the global paraxylene market's growth because PTA is the major application segment for paraxylene. Various end-user industries are adopting PET packaging over conventional glass-based packaging due to its recyclability. Furthermore, the rising preference for efficient, rigid packaging, and high-quality properties of packaging materials is driving the need for PET in developing countries such as India, China, and Brazil. PET has higher reliability, superior clarity, low cost, and excellent barrier properties. Our market research analysts predict that this market will grow at a CAGR of close to 10% by 2021.

Countries such as China and India are the key contributors to the paraxylene market in APAC. The consumption of PTA is high in APAC due to the rising demand for polyester fiber. This in turn, will boost the consumption of paraxylene as it is used in the production of PET. Furthermore, the increasing adoption of PET in the textile and food and beverages packaging sectors will also fuel the paraxylene market growth in this region.

Competitive landscape and key vendors

The paraxylene market is highly competitive and is characterized by the presence of large-scale vendors who have numerous production facilities and vast geographical presence. The vendors in the paraxylene (PX) market are increasingly competing against each other based on factors such as the technology, trait leadership, price, quality, and cost.

Key vendors in this market are -

• Braskem
• BP
• Chevron Phillips Chemical
• Exxon Mobil
• Reliance Industries

Other prominent vendors in the market include China National Petroleum, FORMOSA CHEMICALS & FIBER CORPORATION, GS Caltex, Honeywell International, JXTG Holdings, Kuwait Paraxylene Production Company, Orpic, and S-OIL.

Segmentation by application and analysis of the paraxylene market

• Purified terephthalic acid (PTA)
• Dimethyl terephthalate (DMT)

The adoption of PTA is high over DMT because manufacturers extensively use PTA in the production of high-performance and multipurpose plastics. These plastic products include polytrimethylene terephthalate (PTT), polybutylene terephthalate (PBT), and PET. It is also used in the production of polyester. The purified terephthalic acid segment will continue to grow for the next four years due to its application as a raw material in the production of polyester fiber, PET bottle resin, and polyester film.

Segmentation by end-user and analysis of the paraxylene market

• Polyester fiber
• Packaging

The polyester fiber segment accounted for the maximum shares of the paraxylene market during 2016. The demand for polyester fiber is increasing in emerging countries such as India, Vietnam, Bangladesh, and Brazil. Polyester is extensively used in the production of fibers, PET resins, films, and other plastic uses. It is also used in the production of apparel and home furnishings such as bed sheets, curtains, bedspreads, and draperies. This will have a positive impact on the growth of the paraxylene (PX) market.

Key questions answered in the report include

• What will the paraxylene market size and the growth rate be in 2021?
• What are the key factors driving the global paraxylene market?
• What are the key market trends impacting the paraxylene market growth?
• What are the challenges to market growth?
• Who are the key vendors in the global paraxylene market?
• What are the market opportunities and threats faced by the vendors in the global paraxylene market?
• What are the trending factors influencing the paraxylene market shares of the Americas, APAC, Europe, and MEA?
• What are the key outcomes of the five forces analysis of the global paraxylene market?

Technavio also offers customization on reports based on specific client requirement.