Paraxylene Market Size Worth $66.9 Billion by 2022 | CAGR 10.5%

Paraxylene Market Growth & Trends

The global paraxylene market size is expected to reach USD 66.9 billion by 2022, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.5% over the forecast period. Rising demand for fiber and polyester resin from numerous end-use industries is projected to propel product demand over the coming years.

Rapid growth in demand for polyester fabric is acting as a major market driver. Surging demand for purified terephthalic acid (PTA) in the polyester production process is projected to provide fillip to the paraxylene market. Lower polyester manufacturing cost for Dimethyl terephthalate (DMT) and terephthalic acid and higher conversion efficiency of Purified Terephthalic Acid (PTA) have attracted polymer industry players to expand their terephthalic acid product portfolio.

The overall industry is facing oversupply, which is pushing manufacturers towards reducing product prices and output. A sudden drop in the total import of PTA from China has adversely affected the global market. Oversupply of PET in the past few years has now forced terephthalic acid manufacturers to lower the capacity utilization rate in the recent past.

PTA production capacity has expanded faster than the demand, affecting the global utilization rate. A sudden decrease in Chinese PTA import on account of increased in-house production has drastically affected PTA manufacturers located in the Asia Pacific. Asia Pacific emerged as the largest region for the global paraxylene market with a share of more than 79% in 2014. The availability of low-cost labor and raw material along with the presence of end-use industries is projected to drive the regional market at the fastest CAGR over the next few years.

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Paraxylene Market Report Highlights

• PTA emerged as the dominant application segment in the paraxylene market with a share of more than 97.0% in 2014

• Paraxylene production cost varies depending upon raw material and production technology

• Huge planned capacity additions during the next few years are expected to worsen the supply-demand scenario resulting in PX oversupply and increasing product pricing

• Some of the prominent companies operating in this market are BP, JX Nippon Oil & Energy Corp., Reliance Industries Ltd., CNPC, S-Oil, FCFC, Dragon, GS Caltex, ONGC, Orpic, ExxonMobil, Dalian Fujia Dahua, Toyo, Pertamina, and Teijin Fibers

Paraxylene Market Segmentation

Grand View Research has segmented the global paraxylene market report on the basis of application and region:

Paraxylene Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

• Dimethyl Terephthalate (DMT)

• Purified Terephthalic Acid (PTA)

• Others

Paraxylene Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

• North America

  • The U.S.

• Europe

  • Germany

  • France

  • The U.K.

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

• Middle East & Africa