Market Overview
Paraxylene is a colorless hydrocarbon of the aromatic series obtained by
the distillation of camphor with zinc chloride. The product finds application
in terephthalic acid (TPA), purified terephthalic acid (PTA), and dimethyl
terephthalate (DMT). Paraxylene is widely used as a raw material for the
production of purified terephthalic acid due to surging demand from the textile
and packaging industry. PTA is increasingly used for the production of fiber,
polyesters, and polyethylene terephthalate (PET). DMT is largely used for the
manufacturing of engineering polymers. Growing demand for the product from
apparel and textile industry as a result of rising aspiration based purchasing
coupled with growing disposable income of the consumers is propelling the
market growth. Paraxylene consumption is increasing from the household sector
for the curtains and upholstery for decoration purpose. Rapidly expanding
packaging industry with rising demand for the packaged food and beverages is
another important driving factor for the growth of paraxylene market.
Additionally, the product use is increasing in the manufacturing of containers
for household chemicals, toiletries, and cosmetics.
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Market Segmentation The global paraxylene market is
segmented into applications, end-use industry, and region.
On the basis of the application, the paraxylene market is divided into
terephthalic acid, purified terephthalic acid, and dimethyl terephthalate.
Based on the end use industry, the global paraxylene market is segmented
into textile, packaging, and others.
Geographically, the market is segmented into five key regions namely
Asia Pacific, North America, Europe, Latin America, and the Middle East &
Africa.
Regional Analysis Asia Pacific is leading the paraxylene
market due to growing major end-use industries such as textile and packaging
industry in this region. Growing textile industry in India with rising demand
for the apparels from the expanding population is likely to propel the market
growth. Moreover, increasing requirement for the packaged food products by the
working population owing to convenience is stimulating the product demand.
North America and Europe are expected to propel the market growth during
the review period due to the growing apparel industry with changing lifestyle
and high per capita income of the consumers.
Competitive Analysis Some of
the prominent players operating in the global paraxylene market are Braskem
(Brazil), Chevron Phillips Chemical Company (U.S.), BP p.l.c (UK), Exxon Mobil
Corporation (U.S.), Reliance Industries Limited (India), China National
Petroleum Corporation (China), GS Caltex India Pvt. Ltd. (South Korea), Formosa
Chemical & Fibre Corp. (Taiwan), Honeywell International Inc. (U.S.), JXTG
Holdings, Inc. (Japan), China Petrochemicals Corporation (China), and S-OIL
Corporation (South Korea).
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