Global Paraxylene Market to witness a CAGR of 6.7% during 2018-2024

NEW YORK, July 25, 2018 (GLOBE NEWSWIRE) -- The global paraxylene market was valued at USD 38.5 billion in 2017 and is expected to reach USD 64.7 billion by 2024, witnessing a CAGR of 6.7% over the forecast period. The growth can be primarily attributed to the increasing demand for paraxylene across several end use industries such as packaging, textile, food and beverage, construction materials and other consumer products. In addition, the growing use of purified terephthalic acid (PTA) in the manufacture of polyester is expected to drive the demand over the forecast period.

Furthermore, there has been a considerable rise in the demand for bio-based paraxylene as it is an important chemical in the production of plastic bottles and fibers made from PET. Ongoing development in process technologies in order to achieve resource optimization while meeting emission standards are set to offer new opportunities for the paraxylene market.

PTA segment to account for the major share of the global paraxylene market

Purified terephthalic acid (PTA) accounted for the largest share of the market in 2017 and is projected to maintain its dominance over the forecast period. PTA being an aromatic acid is mainly used as a raw material in the manufacturing of polyester staple fibers, polyester filament yarns and polyethylene terephthalate (PET) along with mono ethylene glycol (MEG).

It may also be used in paint as a carrier, hot melt adhesives, and as a raw material for certain drugs in the pharmaceutical industry. Modern technologies produce PTA through catalytic liquid phase oxidation of paraxylene in acetic acid. Also, better production economies and low capital cost relative to dimethyl terephthalate (DMT), makes it a preferred raw material in several end uses.

Paraxylene Market - Regional insight

Asia Pacific emerged as the leading regional market for paraxylene in 2017. The growth can be primarily attributed to the increasing investment in research and development activities in the region, to produce bio-based paraxylene. Rapid industrialization coupled with high demand for polyester in packaging and textile industries, particularly in China and India, is likely to fuel the market growth. Moreover, North America and Europe are set to witness steady growth during 2018 to 2024.

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Key findings from the report:

  • The global paraxylene market is likely to reach USD 64.7 billion by 2024
  • PTA segment was the largest application in 2017 and the trend is likely to continue over the forecast period
  • Polyester fiber segment held the major share of the market in 2017 and is likely to witness the fastest CAGR during 2018 to 2024
  • Asia Pacific held the major share of the market in 2017 on account of growing demand from major markets such as China and India
  • Some of the key companies operating in the industry include BASF SE; Chevron Phillips Chemical Company; Exxon Mobil Corporation; BP p.l.c.; Mitsubishi Gas Chemical Company, Inc.; Sinopec Group; Honeywell International Inc.; Indian Oil Corporation Ltd.; Toray Industries, Inc.; Persian Gulf Petrochemical Industry Chemical Company; Reliance Industries Limited; Shell Global.; JXTG Nippon Oil & Energy Corporation; among others
  • As of February 2018, BP p.l.c. entered into a licensing agreement with Socar Turkey Enerji A.S for its latest generation PTA technology. Socar Turkey Enerji A.S intends to deploy the technology in its new 900,000 tonnes per annum (tpa) unit at Aliağa, Turkey, and is expected to come on stream by 2023 post final investment decision.

The report segments paraxylene market on the basis of application, end-use, and region.

By Application

  • Pure terephthalic acid (PTA)
  • Dimethyl terephthalate (DMT)
  • Dibutyl-phthalate xylene (DI-PX)
  • Others

By End-Use

  • Packaging
  • Polyester fiber
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central & South America (CSA)
  • Middle East & Africa (MEA)

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