Press release
Paraxylene Market To Make Great Impact In Near Future by 2025
The growing demand for paraxylene is primarily a reflection of the prosperity of the polyester market, but the flourishing industry of automotive, wherein the product is used as polyester filament, is also aiding to the market for paraxylene. The textiles produced by compounds of paraxylene are being used by large masses for a number of decades, although government regulations pertaining to the usage of non-degradable materials is obstructing the paraxylene market from attaining its complete potential. While the U.S. market for paraxylene has been slowly recovering, Asia Pacific has emerged as a highly lucrative region. All conditions evaluated, the demand in the global paraxylene market is expected to escalate at a notable CAGR during the forecast period of 2017 to 2025.
Global Paraxylene Market: Key Trends
One of the major drivers of the global paraxylene market is the growing demand for polyethylene terephthalate (PET), which despite being low cost, offer robust physical properties in comparison to natural fibers. Paraxylene is also now used as coatings, solvents, and pesticides, as well as for the manufacturing of herbicides and di-paraxylene. Some of the key end use industries of paraxylene are packaging, textiles, automotive, and construction, and prosperity of each of them is reflecting on the condition of the market.
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On the other hand, concerns regarding the over usage of plastic and oversupply of paraxylene in Asia Pacific are some of the restraints obstructing the global paraxylene market from flourishing.
Based on application, the global paraxylene market can be segmented into dimethyl terephthalate (DMT), purified telephthalic acid (PTA), and others including solvents, coatings, and pesticides. In terms of revenue, the PTA segment continues to provide for a vast majority of demand share and is expected to remain highly profitable owing to growing demand for PET.
Global Paraxylene Market: Market Potential
Development of bio-degradable products would be a major differentiator for the major players operating this this market. The awareness regarding ecofriendly products is raising rapidly and consumers are refraining from those that severely affect the environment, not to mention of stringent government regulations across various countries.
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Global Paraxylene Market: Regional Outlook
Asia Pacific is currently the most lucrative region for the stockholders connected to the value chain of the paraxylene market, driven by China which not only has the maximum consumption but production too. India and South Korea are only adding to the already high demand from the region, gaining traction from growing application of PET for the packaging of food and beverage products.
Global Paraxylene Market: Competitive Analysis
The global paraxylene market is highly fragmented, with top three vendors, viz. BP plc, S-Oil Corporation, and Reliance Industries Limited not even accounting for a quarter of the shares in 2015. A vast number of regional and domestic players as well as subsidiaries of major players are eating into the global shares and even in the near future, the market is expected to remain distributed with no clear leader. As for the companies aspiring to hold greater shares, geographical expansion is the primary strategy, which not only increments their consumer base but also strengthens their supply network.
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ONGC, Dragon, JX Nippon Oil & Energy Corp., CNPC, NPC Iran, FCFC, GS Caltex, KPPC, Orpic, China National Offshore Oil Corporation (CNOOC), Jurong Aromatics Corp., PTT, Lotte KP Chemical, ExxonMobil, Saudi Aramco, Yanbu Aramco Sinopec Refining Company Ltd., Dalian Fujia Dahua, Idemitsu Kosan Co.,Ltd., Teijin Fibers, Pertamina, and Toyo are some of the other notable players operating in the global paraxylene market.
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