Paraxylene, also known as P-Xylene, an aromatic hydrocarbon, and an isomer of xylene compound, is derived from dimethylbenzene. Paraxylene is used in the production of terephthalic acid, purified terephthalic acid, and dimethyl terephthalate that is majorly used in the production of polyethylene terephthalate.

Acknowledging the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global paraxylene market is expected to increase by a substantial revenue growth by the end of the forecast, i.e. 2030, with a considerable expansion rate during the period 2021 to 2030.

Additional factors propelling the growth of the market include government support and technological advancements that are creating a major opportunity in the global market. Furthermore, the ever-increasing population and urbanization are fostering the market growth, creating a massive demand for clothing.

Improving economic conditions, worldwide are providing impetus to the growth of the market, increasing the consumers’ purchasing power. On the flip side, factors such as the volatility in the prices and demand and supply gap in the raw materials required for the production of paraxylene are expected to impede the market growth, posing challenges to the market players.

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Global Paraxylene Market — Segments

The MRFR analysis is segmented into three key dynamics for enhanced understanding.

By Application : Purified Terephthalic Acid, Terephthalic Acid, and Dimethyl Terephthalate among others.

By End-use Industry : Textile and Packaging among others.

By Regions : Asia Pacific,North America, Europe, and the Rest-of-the-World.

Global Paraxylene Market — Regional Analysis

The Asia Pacific region heading with the rapidly growing textile industry dominates the global paraxylene market. The high demand for polyester fiber and polyester resins, especially in India and China along with the increasing applications of paraxylene in fabric and packaging industries, the APAC will be escalated to the next level, witnessing the heightened demand.

The ample availability of cost-competitive logistic such as workforce, land, and the raw materials required for the production of paraxylene is a key force attracting several foreign investors. Resultantly, many key players from the developed regions such as North America and Europe are increasingly shifting their prominent manufacturing bases to China and India. This, as a result, is likely to foster the market growth in the APAC over the forecasted period.

Global Paraxylene Market — Competitive Analysis

Characterized by the presence of many large and small-scale players, the global paraxylene market of appears to be fiercely competitive and fragmented. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage and to maintain their market positions.

The high growth potential demonstrated by the market attracts several new entrants, this will result in intensifying the completion further. Top players invest heavily in RD. Manufacturers strive to deliver high-quality, consistent pure, and reliable paraxylene products based on innovative technologies, and best practices.

Major Players:

Key players leading the global paraxylene market include BP Plc. (UK), Braskem (Brazil), Chevron Phillips Chemical Company (U.S.), Reliance Industries Limited (India), Exxon Mobil Corporation (U.S.), China National Petroleum Corporation (China), Formosa Chemical Fibre Corp. (Taiwan), GS Caltex India Pvt. Ltd. (South Korea), Honeywell International Inc. (U.S.), China Petrochemicals Corporation (China), JXTG Holdings, Inc. (Japan), and S-OIL Corporation (South Korea) among others.

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Industry/ Innovation/ Related News:

February 04, 2019 — National Centre for Statistics and Information (NCSI Oman) released the update on the increase in the production of standard grade petrol (M-91). According to the data, the production of standard grade petrol has been increased by 44 percent to touch 14.9 million barrels until the end of December 2018.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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