Albany, New York, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) witnesses the global paraxylene market has a highly fragmented vendor landscape. Some of the companies operating in the paraxylene market are Sinopec Corporation, China National Petroleum Corporation, BP Plc, Exxon Mobil Corporation, and JX Nippon Oil & Energy Corporation. However, the top three players such as BP Plc., Reliance Industries Limited, and S-Oil Corporation accounted for 12% of shares in 2015. Additionally, small vendors in the market are accounting for a significant share of about 85% in the global production of paraxylene and gaining a profitable edge.
According to TMR’s report, the global paraxylene market pegged the value of US$33.03 bn in 2015 and is expected to attain a value of US$60.04 bn by the end of 2024. The market is anticipated to expand with a CAGR of 7.0% over the forecast period from 2016 to 2024.
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Based on application, the purified terephthalic acid (PTA) segment dominated in the global paraxylene market in terms of revenue and volume. In 2015, the segment accounted for 97% of the consumption in terms of volume in the overall market. Regionally, the market is dominated by the Asia Pacific owing to higher demand from the emerging countries such as China. China accounted for near about 50% share in the overall market in 2015.
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High Demand from Polyester Industry to Propel Growth
The growth of the paraxylene market is highly relying on the booming polyester industry. Paraxylene is primarily used for the production and purification of dimethyl terephthalate (DMT) and purified terephthalic acid (PTA). Both the chemicals have major applications in the polyester manufacturing; thus, the polyester market is witnessing higher demand for the paraxylene. Growing applications of the polyester and polyester fiber for packaging, construction, textile, and other applications is boosting its production and surging demand for paraxylene, which in turn, is propelling the growth of the global paraxylene market.
Development of PET and polyester in the Asia Pacific is boosting the growth of the global paraxylene market. Additionally, developing countries are offering mandatory benefits for chemical production, which is expected to provide support for the growth of the global paraxylene market. Additionally, paraxylene has applications in the production of di-paraxylene and herbicides. Usage of non-traditional feedstock and lower feedstock consumption are boosting adoption of paraxylene and propel the growth of the market over the forecast period.
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Rising Environmental Concerns to Hamper Growth
Rising awareness about environment coupled with difficulties in the disposal of PET is boosting demand for alternatives. This rising demand for natural substitutes over the conventional products and development of environmentally friendly products are hampering the growth of the global paraxylene market. Additionally, it is hazardous to the aquatic territory; thus, numerous regulatory bodies have imposed strict restrictions on the production units to regulate the emission of the paraxylene into water and water reservoirs. This is a factor is hampering the growth of the global paraxylene market.
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This information is encompassed in the new report by TMR, titled “Paraxylene Market (Application - Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT), Coatings, Pesticides, and Solvents) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, the paraxylene market has been segmented as follows:
By Application
- Purified Terephthalic Acid (PTA)
- Dimethyl Terephthalate (DMT)
- Others (solvents, etc.)
By Geography:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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