Paraxylene Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Product Type (Purified Terephthalate Acid, Dimethyl Terephthalate, And Others); By End-Use Industry (Plastics, Textile, Electrical & Electronics, Food Packaging, Construction, And Others); By Region (North America, Europe, The Asia Pacific, Latin America, The Middle East, And Africa);
- Published Date: March 2022
- Report ID: BWC22099
- Available Format: PDF
- Page: 202
Report Overview
The growth of the global paraxylene market can be primarily attributed to rising demand for plastics in several end-use industries, integration of advanced technologies in the production as well as introduction of bio-based paraxylene in numerous bioplastics...
Global Paraxylene Market - Industry Trends & Forecast Report 2028
The global paraxylene market was worth 50.1 million tons in 2021, and it is further projected to reach 71.1 million tons by 2028, at a CAGR of 5.2% during 2022-2028 (forecast period). The growth of the paraxylene market can be primarily attributed to rising demand for plastics in several end-use industries, integration of advanced technologies in the production as well as introduction of bio-based paraxylene in numerous bioplastics. Such factors promise bright prospects for the growth of the global paraxylene market during the forecast period.
Paraxylene Overview
Paraxylene, PX or P-Xylene refers to an aromatic hydrocarbon compound. It is a transparent, colorless, toxic and highly flammable chemical, chemically derived from products containing benzene. It is manufactured via the process of catalytic reforming of petroleum derivatives. Then, it is separated through crystallization, distillation and reaction of ethylbenzene. Paraxylene is principally used as a raw material in the production of industrial chemicals like purified dimethyl terephthalate (DMT), purified terephthalic acid (PTA), and others. It also finds a wide range of application in the production of polyester fibres, PET bottles, packaging materials, construction materials, etc.
Paraxylene Market Trends
The Ever-Expanding Demand for Plastics to Propel Paraxylene Market Growth
The demand for plastics throughout the world has been growing at an exceptional rate. Paraxylene, is one of the core components in production of plastics, consequently, it’s demand is also rising globally. Paraxylene is used for manufacturing polyethylene terephthalate (PET) bottles usually used as cans for water, soda and other beverages. Moreover, paraxylene is utilized for manufacturing several household products like containers for toiletries and cosmetics, curtain fabrics, upholstery as well as clothing. Thus, the growing demand for plastics across different end-user industries is expected to drive the demand for paraxylene and contribute to the growth of the paraxylene market during the forecast period.
Burgeoning Demand for Bio-based Paraxylene Likely to Drive Paraxylene Market Growth
The development of bio-based paraxylene has contributed substantially to the market growth of paraxylene. Rising environmental awareness has invigorated the consumers to pursue eco-friendly options on one hand, while on the other, it has pushed the manufacturers to create bio courses to PTA and PX, as they are the key crude materials for PET. For instance- prominent clients of PET like Coca-Cola and PepsiCo announced joint collaborations and endeavours with major sustainable substance innovation designers including Virent, Gevo, and Avantium. Therefore, bioplastics including bio-based are being widely incorporated across end-use industries as a sustainable alternative to the traditionally used plastics. Other factors such as a thriving packaging industry are also contributing to the growth of the market.
Restraints
Instability in Crude oil prices Impeding the Paraxylene Market Growth
The volatility in prices of crude oil is projected to hinder the Paraxylene (PTA) market in the close future. Since paraxylene is produced by catalytic reformation of petroleum naphtha as part of the BTX aromatics (benzene, toluene and the xylene isomers) derived from the catalytic reformate. So the instability in the price of crude oil directly affects paraxylene prices. Furthermore, the escalating adoption of substitute products coupled with advancement of bio-based items are expected to impede the market growth for paraxylene during the forecast period. Paraxylene has proven to be quite risky for the oceanic life forms as well as climate. These factors act as a prominent challenging factor to the market growth during the forecast period 2022-2028.
Impact of COVID-19 on the Global Paraxylene Market
The paraxylene market was negatively impacted due to COVID-19 in 2020 in different ways. The transportation limitations implemented across the world in response to the pandemic and resulted in the disruption of the supply chain of major raw materials required for Paraxylene production. Moreover, many challenges were faced by the end-use industries including labor shortages as well as work stoppages. Numerous end-user sectors, such as consumer products, electrical and electronics, food and beverage, and others, were dramatically affected. Furthermore, the demand for polyethylene terephthalate resin shrank as a result of the pandemic. According to the OICA, the automotive manufacturing ascended by 9.8% in the first nine months of 2021 in comparison to the previous year. However, the situation is anticipated to recover, restoring the growth path of the market in 2022.
Global Paraxylene Market – By Product Type
Based on the product type, the global paraxylene market has been segmented into Purified Terephthalate Acid, Dimethyl Terephthalate, And Others. Amidst the segmentation, the purified terephthalic acid (PTA) segment is anticipated to grow with the highest CAGR during the forecast period 2022-2028 owing to the exceptional demand for PTA in the production of polyethylene terephthalate (PET) as well as polyester. PET is mostly utilized in packaging and bundling of beverages, soda pops, etc. The growth and development of drink industry along with enhancement of and bundling packaging advances is expected to generate demand for PTA during the forecast period, thereby accelerating its market growth.
Global Paraxylene Market- By End-Use Industry
On the basis of end-use industry, the global paraxylene market is segmented into plastics, textile, electrical & electronics, food packaging, construction, and others. Amidst the segmentation, the packaging industry generates the largest revenue and holds major shares in the paraxylene market. PET resins, which are manufactured from paraxylene, are widely used in the packaging industry for pharmaceuticals as well as food and beverages. The thriving food and beverage industry throughout the world along with surging demand for PET in cosmetic packaging is projected to energise the global paraxylene market growth during the forecast period 2022-2028.
Global Paraxylene Market- Regional Insights
In terms of the regional analysis, the global Paraxylene market can be segmented into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, the Asia Pacific region accounted for the largest market share in 2021 due to high consumption of paraxylene for PET production. Moreover, the Asia-Pacific region is expected to dominate the paraxylene market during the forecast period as well. Furthermore, North America and Europe is expected to exhibit significant growth in the coming years as a result of the large manufacturing base of polymers coupled with heavy demand for PET from various end-use industries in the region.
Competitive Landscape
The global paraxylene market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global paraxylene market are BP PLC, Pertamina, Braskem, Chevron Phillips Chemical, China National Petroleum Corporation, Fujian Refining & Petrochemical Company Limited, ExxonMobil Corporation, JX Nippon Oil & Energy Corporation, Mitsubishi Gas Chemical Co. Inc., NPC Iran, Reliance Industries Ltd, Sinopec, Toray Industries, Mangalore Refinery and Petrochemicals Limited, S.K. Innovation Co. Ltd, etc., Mitsui Chemicals Inc., S-Oil Corporation and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers and collaborations.
Recent Developments
- September 2021: ExxonMobil collaborated with researchers at the Georgia Institute of Technology to uncover new insights into the fabrication of carbon membranes that have the potential to drive substantial cost savings if the solution for xylene isolation separation is scaled for industrial use.
- January 2021: INEOS completed the acquisition of BP’s global aromatics and acetyls business for USD 5 billion for further enhancing its product portfolio. INEOS Aromatics is a world leader in PTA (Purified Terephthalic Acid) as well as PX (Paraxylene) technology with 6 sites and delivers the global polyester business including polyester fibre, film and polyethylene terephthalate (PET) packaging.
Scope of Report:
| Attribute | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Million, Volume in Million Tons |
| Market Coverage | United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa |
| Product/Service Segmentation | By product type, by end-use industry and by region |
| Key Players | The key players operating in the global paraxylene market are BP PLC, Pertamina, Braskem, Chevron Phillips Chemical, China National Petroleum Corporation, Fujian Refining & Petrochemical Company Limited, ExxonMobil Corporation, JX Nippon Oil & Energy Corporation, Mitsubishi Gas Chemical Co. Inc., NPC Iran, Reliance Industries Ltd, Sinopec, Toray Industries, Mangalore Refinery and Petrochemicals Limited, S.K. Innovation Co. Ltd, etc., Mitsui Chemicals Inc., S-Oil Corporation and other prominent players. |
By Product Type
- Purified Terephthalic acid
- Dimethyl Terephthalate
- Others
By End-Use Industry
- Plastics
- Textiles
- Electrical & Electronics
- Food Packaging
- Construction
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
- Executive Summary
- Global Paraxylene Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Restraints
- Opportunities
- Challenges
- Technological Landscape/Recent Development
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Global Paraxylene Market Overview
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- By Volume (Million Tons)
- Market Share & Forecast
- By Product Type
- Purified Terephthalic acid
- Dimethyl Terephthalate
- Others
- By End-Use Industry
- Plastics
- Textiles
- Electrical & Electronics
- Food Packaging
- Construction
- Others
- By Region
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
- By Product Type
- Market Size & Forecast by Value, 2018-2028
- North America Paraxylene Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- By Volume (Million Tons)
- Market Share & Forecast
- By Product Type
- By End-Use Industry
- By Country
- United States
- Canada
- Market Size & Forecast by Value, 2018-2028
- Europe Paraxylene Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- By Volume (Million Tons)
- Market Share & Forecast
- By Product Type
- By End-Use Industry
- By Country
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Market Size & Forecast by Value, 2018-2028
- The Asia Pacific Paraxylene Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- By Volume (Million Tons)
- Market Share & Forecast
- By Product Type
- By End-Use Industry
- By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Market Size & Forecast by Value, 2018-2028
- Latin America Paraxylene Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- By Volume (Million Tons)
- Market Share & Forecast
- By Product Type
- By End-Use Industry
- By Country
- Brazil
- Mexico
- Rest of Latin America
- Market Size & Forecast by Value, 2018-2028
- The Middle East & Africa Paraxylene Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- By Volume (Million Tons)
- Market Share & Forecast
- By Product Type
- By End-Use Industry
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Market Size & Forecast by Value, 2018-2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership.)
- Impact of Covid-19 on Global Paraxylene Market Industry
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- BP PLC
- Pertamina
- Braskem
- Chevron Phillips Chemical
- China National Petroleum Corporation
- Fujian Refining & Petrochemical Company Limited
- ExxonMobil Corporation
- JX Nippon Oil & Energy Corporation
- Mitsubishi Gas Chemical Co. Inc.
- NPC Iran
- Reliance Industries Ltd
- Sinopec
- Toray Industries
- Mangalore Refinery
- Petrochemicals Limited
- S.K. Innovation Co. Ltd
- Mitsui Chemicals Inc.
- S-Oil Corporation
- Other prominent players.
- Key Strategic Recommendations
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1: Global Paraxylene Market Segmentation
Figure 2: Global Paraxylene Industry Value Chain Analysis
Figure 3: Global Paraxylene Market Size, By Value (USD Million), 2018-2028
Figure 4: Global Paraxylene Market Size, By Volume (MT), 2018-2028
Figure 5: Global Paraxylene Market Share (%), By Product Type, By Value, 2018-2028
Figure 6: Global Paraxylene Market Share (%), By Product Type, By Volume, 2018-2028
Figure 7: Global Paraxylene Market Share (%), By End-Use Industry, By Value, 2018-2028
Figure 8: Global Paraxylene Market Share (%), By End-Use Industry, By Volume, 2018-2028
Figure 9: Global Paraxylene Market Share (%), By Region, By Value, 2018-2028
Figure 10: Global Paraxylene Market Share (%), By Region, By Volume, 2018-2028
Figure 11: North America Paraxylene Market Size, By Value (USD Million), 2018-2028
Figure 12: North America Paraxylene Market Size, By Volume (MT), 2018-2028
Figure 13: North America Paraxylene Market Share (%), By Product Type, By Value, 2018-2028
Figure 14: North America Paraxylene Market Share (%), By Product Type, By Volume, 2018-2028
Figure 15: North America Paraxylene Market Share (%), By End-Use Industry, By Value, 2018-2028
Figure 16: North America Paraxylene Market Share (%), By End-Use Industry, By Volume, 2018-2028
Figure 17: North America Paraxylene Market Share (%), By Country, By Value, 2018-2028
Figure 18: North America Paraxylene Market Share (%), By Country, By Volume, 2018-2028
Figure 19: Europe Paraxylene Market Size, By Value (USD Million), 2018-2028
Figure 20: Europe Paraxylene Market Size, By Volume (MT), 2018-2028
Figure 21: Europe Paraxylene Market Share (%), By Product Type, By Value, 2018-2028
Figure 22: Europe Paraxylene Market Share (%), By Product Type, By Volume, 2018-2028
Figure 23: Europe Paraxylene Market Share (%), By End-Use Industry, By Value, 2018-2028
Figure 24: Europe Paraxylene Market Share (%), By End-Use Industry, By Volume, 2018-2028
Figure 25: Europe Paraxylene Market Share (%), By Country, By Value, 2018-2028
Figure 26: Europe Paraxylene Market Share (%), By Country, By Volume, 2018-2028
Figure 27: The Asia-Pacific Paraxylene Market Size, By Value (USD Million), 2018-2028
Figure 28: The Asia-Pacific Paraxylene Market Size, By Volume (MT), 2018-2028
Figure 29: The Asia-Pacific Paraxylene Market Share (%), By Product Type, By Value, 2018-2028
Figure 30: The Asia-Pacific Paraxylene Market Share (%), By Product Type, By Volume, 2018-2028
Figure 31: The Asia-Pacific Paraxylene Market Share (%), By End-Use Industry, By Value, 2018-2028
Figure 32: The Asia-Pacific Paraxylene Market Share (%), By End-Use Industry, By Volume, 2018-2028
Figure 33: The Asia-Pacific Paraxylene Market Share (%), By Country, By Value, 2018-2028
Figure 34: The Asia-Pacific Paraxylene Market Share (%), By Country, By Volume, 2018-2028
Figure 35: Latin America Paraxylene Market Size, By Value (USD Million), 2018-2028
Figure 36: Latin America Paraxylene Market Size, By Volume (MT), 2018-2028
Figure 37: Latin America Paraxylene Market Share (%), By Product Type, By Value, 2018-2028
Figure 38: Latin America Paraxylene Market Share (%), By Product Type, By Volume, 2018-2028
Figure 39: Latin America Paraxylene Market Share (%), By End-Use Industry, By Value, 2018-2028
Figure 40: Latin America Paraxylene Market Share (%), By End-Use Industry, By Volume, 2018-2028
Figure 41: Latin America Paraxylene Market Share (%), By Country, By Value, 2018-2028
Figure 42: Latin America Paraxylene Market Share (%), By Country, By Volume, 2018-2028
Figure 43: The Middle East & Africa Paraxylene Market Size, By Value (USD Million), 2018-2028
Figure 44: The Middle East & Africa Paraxylene Market Size, By Volume (MT), 2018-2028
Figure 45: The Middle East & Africa Paraxylene Market Share (%), By Product Type, By Value, 2018-2028
Figure 46: The Middle East & Africa Paraxylene Market Share (%), By Product Type, By Volume, 2018-2028
Figure 47: The Middle East & Africa Paraxylene Market Share (%), By End-Use Industry, By Value, 2018-2028
Figure 48: The Middle East & Africa Paraxylene Market Share (%), By End-Use Industry, By Volume, 2018-2028
Figure 49: The Middle East & Africa Paraxylene Market Share (%), By Country, By Value, 2018-2028
Figure 50: The Middle East & Africa Paraxylene Market Share (%), By Country, By Volume, 2018-2028
Figure 51: Global Paraxylene Market Share Analysis, 2021
List of Tables
Table 1: Global Paraxylene Market Size, By Product Type, By Value (USD Million), 2018-2028
Table 2: Global Paraxylene Market Size, By Product Type, By Volume (MT), 2018-2028
Table 3: Global Paraxylene Market Size, By End-Use Industry, By Value (USD Million), 2018-2028
Table 4: Global Paraxylene Market Size, By End-Use Industry, By Volume (MT), 2018-2028
Table 5: Global Paraxylene Market Size. By Region, By Value (USD Million), 2018-2028
Table 6: Global Paraxylene Market Size. By Region, By Volume (MT), 2018-2028
Table 7: North America Paraxylene Market Size, By Product Type, By Value (USD Million), 2018-2028
Table 8: North America Paraxylene Market Size, By Product Type, By Volume (MT), 2018-2028
Table 9: North America Paraxylene Market Size, By End-Use Industry, By Value (USD Million), 2018-2028
Table 10: North America Paraxylene Market Size, By End-Use Industry, By Volume (MT), 2018-2028
Table 11: 28 North America Paraxylene Market Size (USD Million), By Country, By Value 2018-2028
Table 12: North America Paraxylene Market Size (MT), By Country, By Volume 2018-2028
Table 13: Europe Paraxylene Market Size, By Product Type, By Value (USD Million), 2018-2028
Table 14: Europe Paraxylene Market Size, By Product Type, By Volume (MT), 2018-2028
Table 15: Europe Paraxylene Market Size, By End-Use Industry, By Value (USD Million), 2018-2028
Table 16: Europe Paraxylene Market Size, By End-Use Industry, By Volume (MT), 2018-2028
Table 17: 40 Europe Paraxylene Market Size (USD Million), By Country, By Value 2018-2028
Table 18: Europe Paraxylene Market Size (MT), By Country, By Volume 2018-2028
Table 19: The Asia-Pacific Paraxylene Market Size, By Product Type, By Value (USD Million), 2018-2028
Table 20: The Asia-Pacific Paraxylene Market Size, By Product Type, By Volume (MT), 2018-2028
Table 21: The Asia-Pacific Paraxylene Market Size, By End-Use Industry, By Value (USD Million), 2018-2028
Table 22: The Asia-Pacific Paraxylene Market Size, By End-Use Industry, By Volume (MT), 2018-2028
Table 23: 52 The Asia-Pacific Paraxylene Market Size (USD Million), By Country, By Value 2018-2028
Table 24: The Asia-Pacific Paraxylene Market Size (MT), By Country, By Volume 2018-2028
Table 25: Latin America Paraxylene Market Size, By Product Type, By Value (USD Million), 2018-2028
Table 26: Latin America Paraxylene Market Size, By Product Type, By Volume (MT), 2018-2028
Table 27: Latin America Paraxylene Market Size, By End-Use Industry, By Value (USD Million), 2018-2028
Table 28: Latin America Paraxylene Market Size, By End-Use Industry, By Volume (MT), 2018-2028
Table 29: 64 Latin America Paraxylene Market Size (USD Million), By Country, By Value 2018-2028
Table 30: Latin America Paraxylene Market Size (MT), By Country, By Volume 2018-2028
Table 31: The Middle East & Africa Paraxylene Market Size, By Product Type, By Value (USD Million), 2018-2028
Table 32: The Middle East & Africa Paraxylene Market Size, By Product Type, By Volume (MT), 2018-2028
Table 33: The Middle East & Africa Paraxylene Market Size, By End-Use Industry, By Value (USD Million), 2018-2028
Table 34: The Middle East & Africa Paraxylene Market Size, By End-Use Industry, By Volume (MT), 2018-2028
Table 35: 76 The Middle East & Africa Paraxylene Market Size (USD Million), By Country, By Value 2018-2028
Table 36: The Middle East & Africa Paraxylene Market Size (MT), By Country, By Volume 2018-2028
Table 37 BP PLC Company Overview
Table 38 BP PLC Financial Overview
Table 39 Pertamina Company Overview
Table 40 Pertamina Financial Overview
Table 41 Braskem Company Overview
Table 42 Braskem Financial Overview
Table 43 Chevron Phillips Chemical Company Overview
Table 44 Chevron Phillips Chemical Financial Overview
Table 45 China National Petroleum Corporation Company Overview
Table 46 China National Petroleum Corporation Financial Overview
Table 47 Fujian Refining and Petrochemical Company Ltd. Company Overview
Table 48 Fujian Refining and Petrochemical Company Ltd. Financial Overview
Table 49 ExxonMobil Corporation Company Overview
Table 50 ExxonMobil Corporation Financial Overview
Table 51 JX Nippon Oil & Energy Corporation Company Overview
Table 52 JX Nippon Oil & Energy Corporation Financial Overview
Table 53 Mitsubishi Gas Chemical Co. Inc. Company Overview
Table 54 Mitsubishi Gas Chemical Co. Inc. Financial Overview
Table 55 NPC Iran Company Overview
Table 56 NPC Iran Financial Overview
Table 57 Reliance Industries Ltd Company Overview
Table 58 Reliance Industries Ltd Financial Overview
Table 59 Sinopec Company Overview
Table 60 Sinopec Financial Overview
Table 61 Toray Industries Company Overview
Table 62 Toray Industries Financial Overview
Table 63 Mangalore Refinery Company Overview
Table 64 Mangalore Refinery Financial Overview
Table 65 Petrochemicals Limited Company Overview
Table 66 Petrochemicals Limited Financial Overview
Table 67 S.K. Innovation Co. Ltd Company Overview
Table 68 S.K. Innovation Co. Ltd Financial Overview
Table 69 Mitsui Chemicals Inc. Company Overview
Table 71 Mitsui Chemicals Inc. Financial Overview
Table 72 S-Oil Corporation Company Overview
Table 73 S-Oil Corporation Financial Overview
Market Segmentation
By Product Type
- Purified Terephthalic acid
- Dimethyl Terephthalate
- Others
By End-Use Industry
- Plastics
- Textiles
- Electrical & Electronics
- Food Packaging
- Construction
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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