Market Overview
Paraxylene also known as P-Xylene is an aromatic hydrocarbon
and isomer of xylene compound, which is derived from dimethylbenzene. It is
used in terephthalic acid, purified terephthalic acid, and dimethyl
terephthalate. Purified terephthalic acid is majorly used in the production of
polyethylene terephthalate. Applications of paraxylene are increasing in major
end-user industries such as textile and packaging for food, beverages, and
personal care products.
The demand for paraxylene is driven by the growing apparel
and textile industry across the regions.
The use of PET is rising in the textile industry due to its
recyclability, which reduces the amount of energy consumed while producing
fibers. Furthermore, growing packaging industry across the globe is another
factor driving the growth of the global paraxylene market. Surging demand for
the packaged food and beverages from the working population owing to
convenience and longer shelf life is uplifting the market growth. Paraxylene
consumption is growing in cosmetics and personal care industry with increasing
focus on the consumer on their personal appearance. Moreover, growing demand
for polymers from the major end user industries is propelling the market
growth.
Some of the major trends noticed among the market players are
acquisitions and licensing agreements for business expansion. For instance, in
February 2018, British Petroleum (BP) and SOCAR TURKEY ENERGI A.S entered into
a licensing agreement for the BP’s purified acid technology. This technology
will reduce the amount required for capital investment and improve energy
efficiency. However, growing environmental regulations regarding the use of the
petrochemicals may hamper the growth of global paraxylene market.
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.
Market Segmentation
The Global Paraxylene
Market Analysis is segmented into applications, end-use industry, and
region.
Based on 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.
Competitive Analysis
Ø Braskem
Ø Chevron Phillips Chemical Company
Ø BP p.l.c
Ø Exxon Mobil Corporation
Ø Reliance Industries Limited
Ø China National Petroleum Corporation
Ø GS Caltex India Pvt. Ltd.
Ø Formosa Chemical & Fibre Corp.
Ø Honeywell International Inc.
Ø JXTG Holdings, Inc.
Ø China Petrochemicals Corporation
Ø S-OIL Corporation
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