Paraxylene is a fragrant hydrocarbon which is particularly used as a raw material in the production of dimethyl-terephthalate (DMT) and purified terephthalic acid (PTA). DMT and PTFE are used for producing polyethylene terephthalate (PET) saturated polyester polymers. These polyesters are then utilized for the production of films and fibers. Additionally, PET bottles have a vast usage in the packaging industry owing to its unbreakable properties.
The global market for paraxylene was valued at $34,745.7 million in 2015, and it is projected to grow demonstrating a CAGR of 12.8% during the forecast period. Increasing demand for PET bottles from packaging sector, and high end domestic & household products and personalized apparel is one of the driving factors of the global paraxylene market.
By end use, polyester fibers segment dominated the global paraxylene market with the largest market share in 2015, followed by packaging application segment. The increase in purchasing power and increase in standard of living has significantly boosted the demand for personal and household paraxylene based products. Additionally, increasing demand for polyester fibers and growth of packaging industry is expected to have provide a boost to the growth of the paraxylene market. Moreover, x-ray and photographic film, magnetic tapes, carbonated and non-carbonated beverage containers are further expected to augment the demand for paraxylene. In addition, the increase in consciousness towards usage of bio-based paraxylene in bio plastics PET bottles (Bio-PET) and other bio plastics applications including catering utensils are some of the factors driving the growth of the global paraxylene market.
By application, PTA segment dominated the global paraxylene market with the largest market share in 2015, and it is expected to retain its dominance during the forecast period. The PTA application segment was valued at 39,886.5 kilotons, and $32,964.1 million by revenue in 2015, and it is expected grow at a CAGR of 12.9%, in terms of value, during the forecast period. Paraxylene offers high tensile strength and shatter resistance in PTA applications due to which it is highly preferred in the application. DMT and DI-PX are expected to demonstrate a CAGR of 11.8% and 11.7%, respectively.
Geographically, Asia-Pacific dominated the global paraxylene market with the largest market share in terms of volume, with 34,293 kilotons consumed in 2015. Increasing demand for personal apparels is one of the major factors driving the demand for paraxylene in the region. Additionally, increased focus of governments to recycle and adoption of bio-based renewables has boosted manufacturers to develop new products.
Some of the leading players in the global market for paraxylene are Dragon Aromatics, Reliance Industries, Exxon Mobil, Toray Industries, PetroChina, Chevron Phillips, Saudi Aramco, Sinopec, British Petroleum, BASF SE, and JX Nippon Oil & Energy Corp.
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