Para-Xylene Market — Market Overview
The Para-Xylene Market was valued at $ 36.1 billion in 2016, and it is expected to see a CAGR of 6% and reach 41 billion in the paraxylene market forecast 2021-2030.
Para-xylene is extensively used for the production of dimethyl terephthalate (DMT) and terephthalic acid (PTA) which are further used in the manufacturing of polyesters. Moreover, para-xylene is primarily used in the production of polyethylene terephthalate (PET) which is primarily used as a packaging material for carbonated drinks, water bottles, and other containers for food, beverages, and personal care products.
According to the analysis of MRFR, the major market forces and trends driving the growth of the Paraxylene Market Size includes increasing demand for various applications such as packaging, textile, and construction materials among others. Moreover, the increasing personal disposable income in developing economies throughout the globe has augmented the demand for polyester fibers which in turn is expected to fuel the growth of the global Para-Xylene Market during the forecast period. In addition, the growing demand for polyethylene terephthalate (PET) as a packaging material is further expected to affect the market positively. However, stringent government regulations regarding the use of Polyethylene terephthalate due to the non-biodegradable nature and harmful environmental effects in developed regions such as Europe and North America coupled with the lack of competent labor for handling and transportation of hazardous para-xylene chemicals in developing economies can act as a major downside to the growth of the market.
Key Players:
Braskem, Exxon Mobil Corporation, Formosa Chemicals Fibre Corporation, Reliance Industries Limited, Royal Dutch Shell plc., US Petrochemical Industries Inc. The Dow Chemicals Company, BASF SE, Conoco Phillips Corporation, JXTG Nippon Oil and Energy Corporation, China National Petroleum Corporation, British Petroleum, Jurong Aromatics Corporation, Lotte Chemical Corporation, Sinopec Corporation, and CNOOC Limited among others are some of the prominent players at the forefront of competition in the global Para-Xylene Market and are profiled in MRFR Analysis.
Para-Xylene Market- Competitive Landscape
The Para-Xylene is a highly lucrative market driven by flourishing growth in the packaging and petrochemical industry, along with the propelling textile industry. Exxon Mobil Corporation, the Dow Chemicals Company, Royal Dutch Shell plc. and BASF SE, and China National Petroleum Corporation among others are some of the major players operating in this market. Most of these market participants are adopting expansion and product launch tactics to strengthen their production capacities and market position. Taking account of these trends the global Para-Xylene Market is projected to witness considerable competition over the forecast period of 2022–2030.
Asia Pacific is expected to be the fastest-growing region during the forecast years. The growing population in developing countries and increasing GDP has augmented the demand for PET in the packaging sector coupled with the increasing use of para-xylene as pesticides, solvents, and coatings especially in India and China is further expected to boost the market growth. However, strict regulation in North America and Europe is expected to show sluggish growth during the forecast years.
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