Global Paraxylene Market is Estimated to Reach $81 Billion by 2025, Says Accurize Market Research
Global Paraxylene Market report published by Accurize Market Research forecast that the global market is expected to reach $81 billion by 2025; growing at a CAGR of 9.6% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing demand for polyesters to drive the growth of Paraxylene market
Major factors pushing the growth of the paraxylene market includes growing demand for polyesters, increasing application segments, necessity for conservation efficiency, and low manufacturing cost. However, rising demand for bio-based products, and complex process of formation would hamper the market growth. Furthermore, development of advanced technologies, and potential markets could provide market opportunities in forecast years.
Market Segmentation
Global paraxylene market is segmented based on end user, application, and geography. End user comprises packaging, polyester fiber, and others. Application is segmented as purified terephthalic acid (PTA), dimethyl-terephthalate (DMT), di-paraxylene (DI-PX), and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
"Polyester fibre accounted for the largest market share in the end user segment", says Accurize
Polyester fiber held the largest market share in 2017, and is anticipated to continue its dominance during the forecast period driven by growth of home furnishing market, changing lifestyles, and growth in building and construction industry. Purified terephthalic acid (PTA) dominated the application segment, owning to growing demand for PTA films in construction and commercial industries
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific dominated the global paraxylene market with largest market share of 83%, and fastest CAGR during the forecast period, owing to, presence of major manufacturers, increasing demand from food and beverages packaging industry, and growing production capacity.
Top players in the market
Major companies operating in the market includes Toray Industries Inc., British Petroleum PLC, ONGC, JX Nippon Oil & Energy Corp., Reliance Industries Ltd., Teijin Fibers, S-Oil Corporation, CNOOC Limited, BASF SE, and Chevron Phillips Chemical Company LLC, among others.
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