Global Paraxylene Market Report and Forecast 2023-2028

Global Paraxylene Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global paraxylene market reached a volume of 55.60 Million Tonnes in 2022. Aided by the mounting demand for polyester and PET products and the escalating applications of paraxylene in diverse sectors, the market is projected to further grow at a CAGR of 4.63% between 2023 and 2028 to reach a volume of 71.95 Million Tonnes by 2028.

Paraxylene, often referred to as PX or P-Xylene, is an aromatic hydrocarbon and a crucial raw material in the manufacture of terephthalic acid (TPA) and purified terephthalic acid (PTA). Both TPA and PTA are precursors for the polyester sector, playing a foundational role in the production of polyester fibres, films, and polyethylene terephthalate (PET) resin. The vast array of applications for these polymers, ranging from textiles and packaging to automotive and electrical appliances, underscores the significance of paraxylene in the industrial realm.

The robust growth of the textiles sector remains one of the primary paraxylene market trends driving the market. As urbanisation progresses and disposable incomes rise across emerging economies, the demand for varied textile products, especially those based on polyester, has surged. Given the intrinsic tie of polyester to paraxylene, this uptrend has directly benefited the market.

Further amplifying the market's prospects is the escalating consumption of PET products. PET is a versatile plastic and is predominantly used in the packaging sector, especially for beverages. Its characteristics of being lightweight, recyclable, and offering a notable barrier resistance make it an ideal choice for bottling purposes. The burgeoning demand for bottled beverages, both carbonated and non-carbonated, coupled with the rising need for sustainable packaging solutions, has underpinned the growth of the PET sector and, which in turn has shaped the paraxylene market outlook.

In addition to its traditional uses, innovations in the realm of paraxylene have uncovered novel applications that bode well for its market. One such development is the emergence of bio-based paraxylene, which is derived from renewable resources. With the world gravitating towards sustainable and eco-friendly solutions, bio-based PX presents a green alternative to its fossil-based counterpart and holds immense potential for future paraxylene market growth.

Market Segmentation

The market can be divided based on product type, application, and region.

Market Breakup by Product Type

• Dimethyl Terephthalate (DMT)
• Purified Terephthalic Acid (PTA)
• Others

Market Breakup by Application

• Electronics
• Construction
• Textiles
• Food Packaging
• Beverage Bottling
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global paraxylene companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• China National Petroleum Corporation
• ENEOS Corporation
• GS Caltex Corporation
• INEOS Group Holdings S.A
• S-OIL Corporation
• Reliance Industries Limited
• Mitsubishi Gas Chemical Company, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.