Global Paraxylene Market size is projected to be valued $79 Billion by 2024; with a CAGR of 9.6% from 2017 to 2025. Paraxylene (PX) is primarily utilized in the production of purified terephthalic acid (PTA) and dimethyl terephthalate (DMT). Ii is also used for the production of fiber, film, and bottle resins. These products are used in polyester manufacturing. Technological advancements have enabled the development of new process and reconfigure the aromatics complex to increase production capacity.
Increasing demand for polyesters, growing application segments, increased conservation efficiency, and low manufacturing cost are the key factors driving the growth of the global paraxylene market. However, increasing popularity of bio-based products, and complex formation process could be a major hindrance for the market growth. Furthermore, technological advancements and market expansion would create growth opportunities in coming years.
The global paraxylene market is segmented as end user, application, and geography. End user includes packaging, polyester fiber, and other end users. Application is bifurcated as purified terephthalic acid (PTA), dimethyl-terephthalate (DMT), di-paraxylene (DI-PX), and other applications.
Based on geographical analysis, paraxylene market is segmented into North America, Europe, Asia-Pacific, Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of UK, Germany, Italy, France, and rest of Europe. Asia-Pacific is segmented into China, India, Japan, South Korea, and rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
The key market players includes Reliance Industries Ltd., Teijin Fibers, S-Oil Corporation, CNOOC Limited, BASF SE, Toray Industries Inc., British Petroleum PLC, ONGC, JX Nippon Oil & Energy Corp., and Chevron Phillips Chemical Company LLC, among others.
The report covers
Scope of the Global Paraxylene Market
End User Segments