The global market for paraxylene was valued at $34,745.7 million in 2015, and it is projected to grow at a CAGR of 12.8% during the forecast period. Increasing demand for PTA for polyester manufacturing and PET bottles for packaging industry are some of the major factors driving the growth of the paraxylene market during the forecast period.
By application, PTA segment dominated the global paraxylene market with the largest market share in 2015, and it is projected to grow demonstrating a CAGR of 12.9% by value during the forecast period owing to its increasing demand for polyester manufacturing. A significant share of PTFE produced is utilized for production of polyethylene terephthalate (PET) bottle resin, polyester fiber, and polyester films. PTA is economically feasible and offers better properties than any other grade of polyester for usage in food & beverage and textiles sector. In APAC region, PTA consumption is majorly driven by a strong demand for polyester fibers, which accounts for approximately 2/3rd of the global demand for polyester.
By end-user, polyester fiber segment dominated the global paraxylene market with the largest market share in 2015. The increase in population, and increasing disposable income has created a demand for apparels, thereby creating a pressure on the textile industry to meet the demands. Polyester fibers are used for manufacturing apparels and home furnishings such as bed sheets, bedspreads, curtains, and draperies. Polyester fiber is used with natural fibers, such as cotton in order to produce clothing line with high wrinkle resistance and high wear and tear resistance. The consumption of PTA has witnessed a decline in Europe and North America, due to the shift of textile industry towards Asia-Pacific region.
Geographically, Asia-Pacific region dominated the global paraxylene market with the largest market share of 82.4% in 2015. Rapid urbanization, and increasing population have significantly driven the textiles industry in the region, thereby increasing the demand for paraxylene from the textiles industry specifically in developing nations such as India and China. China is expected to be the largest consumer in the global paraxylene market by 2022. India and South Korea are expected to witness a high growth in the during the forecast period.
Some of the leading players in the global paraxylene market include Dragon Aromatics, Reliance Industries, Exxon Mobil, Toray Industries, PetroChina, Chevron Phillips, Saudi Aramco, Sinopec, British Petroleum, BASF SE, and JX Nippon Oil & Energy Corp.
The information and data in the publication “Global Paraxylene Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. Bottom-up and top down approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
GLOBAL PARAXYLENE MARKET SEGMENTATION