Paraxylene Market Worldwide With Impressive Sales Trends By 2030

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Growing demand for the product from the apparel and textile industry as a result of rising aspiration-based purchasing coupled with the growing disposable income of the consumers is propelling the market growth. 

Market Overview

Paraxylene is a colorless hydrocarbon of the aromatic series obtained by the distillation of camphor with zinc chloride. The product finds application in terephthalic acid (TPA), purified terephthalic acid (PTA), and dimethyl terephthalate (DMT). Paraxylene is widely used as a raw material for the production of purified terephthalic acid due to surging demand from the textile and packaging industry. PTA is increasingly used for the production of fiber, polyesters, and polyethylene terephthalate (PET). DMT is largely used for the manufacturing of engineering polymers. Growing demand for the product from apparel and textile industry as a result of rising aspiration based purchasing coupled with growing disposable income of the consumers is propelling the market growth. 

Paraxylene consumption is increasing from the household sector for the curtains and upholstery for decoration purpose. Rapidly expanding packaging industry with rising demand for the packaged food and beverages is another important driving factor for the growth of paraxylene market. Additionally, product use is increasing in the manufacturing of containers for household chemicals, toiletries, and cosmetics.

Market Segmentation

The global paraxylene market is segmented into applications, end-use industry, and region.

On the basis of the application, the paraxylene market is divided into terephthalic acid, purified terephthalic acid, and dimethyl terephthalate.

Based on the end use industry, the global paraxylene market is segmented into textile, packaging, and others.

Geographically, the market is segmented into five key regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East Africa.

Regional Analysis

Asia Pacific is leading the paraxylene market due to growing major end-use industries such as textile and packaging industry in this region. Growing textile industry in India with rising demand for the apparels from the expanding population is likely to propel the market growth. Moreover, increasing requirement for the packaged food products by the working population owing to convenience is stimulating the product demand.

North America and Europe are expected to propel the market growth during the review period due to the growing apparel industry with changing lifestyle and high per capita income of the consumers.

Competitive Analysis

Some of the prominent players operating in the global paraxylene market are Braskem (Brazil), Chevron Phillips Chemical Company (U.S.), BP p.l.c (UK), Exxon Mobil Corporation (U.S.), Reliance Industries Limited (India), China National Petroleum Corporation (China), GS Caltex India Pvt. Ltd. (South Korea), Formosa Chemical Fibre Corp. (Taiwan), Honeywell International Inc. (U.S.), JXTG Holdings, Inc. (Japan), China Petrochemicals Corporation (China), and S-OIL Corporation (South Korea).

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