Global Paraxylene Market to Boost in Coming Years – Projected to Reach 71.1 Million Tons in 2028
Published | 25 March 2022
The growth of the paraxylene market can be primarily attributed to rising demand for plastics in several end-use industries, integration of advanced technologies in the production as well as introduction of bio-based paraxylene in numerous bioplastics…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Paraxylene Market was 50.1 million tons in 2021 and is projected to reach 71.1 million tons by the year 2028, growing at a CAGR of 5.2% over the analysis period of 2022-2028. The expansion in the paraxylene market can be primarily attributed to the large and growing demand for dimethyl terephthalic acid, terephthalic acid, and other derivatives of PTA. Additionally, the surging demand for PET bottles, fibers, resin and other products from food and beverage sectors, personal care and cosmetics sector, textile sector, pharmaceutical sector, and others is expected to boost the market growth substantially during the forecast period 2022-2028. Nevertheless, the hazardous impacts of paraxylene especially on the aquatic organisms and habitat is anticipated to hamper the market growth.
Surging Demand for PET and Polyester by Various End-User Driving the Global Paraxylene Market Growth
The ever-expanding interest for polyester as well as PET across several end-use industries organizations is likely to bolster the demand throughout the coming few years. Moreover, growing interest for sifted terephthalic corrosive (PTA) for polyester creation is anticipated to offer spur to the paraxylene market. The huge usage of PET among individuals, especially in the Asia Pacific region, is highlighting the market growth. The surging adoption of PET containers and other packaging materials, credited to them being viewed as protected and prudent, in the food and beverage industry has played an important role in the surge in the market growth. Furthermore, the large-scale espousal of polyester in the material business world has strengthened the demand for paraxylene in the global market. The substantial usage of paraxylene in making PTA is expected to aid the rapid expansion of the market during the forecast period. Additionally, the limitless usage of PET in numerous applications in the material business such as in production of goods, dresses, specialized materials is significantly aiding the growth of the global paraxylene market.
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Purified Terephthalic Acid (PTA) Accounted for The Largest Market Share and Likely to Grow with The Highest CAGR
By product type, the global paraxylene market is divided into purified terephthalate acid (PTA), dimethyl terephthalate (DMT), and others. Amidst the segmentation, PTA acted as the sole driver of the paraxylene market as about 97% of the paraxylene demand went into PTA manufacturing, thus accounting for the largest market share in 2021. PTA has netter financial nature and lower capital cost, making it an ideal feedstock for numerous end-use businesses. Consequently, the polyester makers prefer PTA. However, demand from assembling of designing polymers, for instance, polybutylene terephthalate is projected to bolster the growth of Dimethyl Terephthalate during the proposed forecast period.
Impact of COVID-19 On The Global Paraxylene Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global Paraxylene market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns thus vividly hampering the building and, transportation, packaging, electrical, and electronics industries, which are the most important end-user industries for the paraxylene market. Nevertheless, with the improving market circumstances in the post COVID era, the growth of the Paraxylene market is likely to recover during the forecast period.
Asia-Pacific Region Is Expected to Grow with The Highest CAGR in The Global Paraxylene Market.
In terms of regional analysis, the global Paraxylene market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global paraxylene owing to the factors such as rising urbanization, high population growth, rise in disposable income, and the increasing demand for fast-moving consumer goods. China, India, as well as the U.S. comprise some of the largest paraxylene market globally. Moreover, China accounted for the greatest market share in terms of regional consumption of paraxylene. The Asia-Pacific region is followed by Europe and North America, Latin America, Middle East and Africa. The paraxylene market is anticipated to exhibit robust growth throughout the forecasted period, particularly in petroleum-rich countries of the Middle East.
Competitive Landscape
The global paraxylene market is a semi-consolidated market. The key players operating in the global paraxylene market are BP PLC, Pertamina, Braskem, Chevron Phillips Chemical, China National Petroleum Corporation, Fujian Refining & Petrochemical Company Limited, ExxonMobil Corporation, JX Nippon Oil & Energy Corporation, Mitsubishi Gas Chemical Co. Inc., NPC Iran, Reliance Industries Ltd, Sinopec, Toray Industries, Mangalore Refinery and Petrochemicals Limited, S.K. Innovation Co. Ltd, etc., Mitsui Chemicals Inc., S-Oil Corporation and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global paraxylene market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global paraxylene market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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