Paraxylene is an aromatic hydrocarbon and derivative of benzene. It is an isomer of xylene. Paraxylene is a highly toxic chemical inflammable at room temperature. Naphtha is used as a basic raw material in the synthesis of paraxylene, which is also known as PX or P-xylene. Production of paraxylene from naphtha is a complex process, wherein catalytic reforming of naphtha to BTX, i.e. benzene, toluene, and xylene is carried out in the first stage. Fractional crystallization of xylene then leads to the formation of paraxylene.
Paraxylene is used in the manufacture of Dimethyl Terephthalate (DMT) and Purified Terephthalic Acid (PTA) across the globe. DMT and PTA are largely employed in the manufacture of polyester. PTA is the largest application market for paraxylene, as it is a key ingredient used in the processing of polyester. Growth in the textile industry is anticipated to increase the consumption of polyester. This, in turn, is expected to drive the paraxylene market. Textile and packaging are the end-user markets for paraxylene. Paraxylene is also used in the manufacture of Polyethylene Terephthalate (PET) bottles. Increasing demand for PET bottles in beverages such as aerated drinks is estimated to boost the paraxylene market. Expansion of the chemical industry, rise in consumption of PTA and PET in the packaging industry, and growth in the polyester fiber industry are the key factors driving the paraxylene market. Raw material required for paraxylene is derived from crude oil; therefore, any fluctuation in the prices of crude oil may directly impact the prices of paraxylene. Stringent environment policies to control the hazardous effects of paraxylene may hamper market growth. Limited number of paraxylene producers operate across the globe, as the manufacturing process is quite complex. Conventional petroleum-based paraxylene is being replaced with bio-based paraxylene to produce eco-friendly plastics. This provides opportunities for new entrants to adapt this technology and penetrate into the market.
In terms of region, the paraxylene market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of revenue, Asia Pacific holds the largest share of the global paraxylene market. In terms of consumption, China accounts for the major share of the global paraxylene market. The country is followed by the U.S. and India. China is a major importer of paraxylene. South Korea is one of the largest exporters of paraxylene, led by the presence of large-scale manufacturers of paraxylene in the country. Expansion of end-user industries and growth in the chemical industry are propelling the global paraxylene market. Prices of paraxylene are likely to decline significantly in the near future owing to decrease in the prices of crude oil.
Leading manufacturers of paraxylene include ExxonMobil Corporation, BP plc, China Petrochemical Corporation, Mitsubishi Corporation, China National Petroleum Corporation, JX Nippon Oil & Energy Corporation, Reliance Industries Limited, Fujian Refining & Petrochemical Company Limited, PTT Global Chemical Public Company Limited, and Saudi Arabian Oil Co. Increase in demand for paraxylene in developing countries has led to market consolidation. Companies are focusing on strategic acquisitions and mergers along with capacity expansions to expand their market share.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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