Paraxylene (Px) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The paraxylene (PX) market was estimated at over 50 million ton in 2021, and it is projected to register a CAGR of more than 5% during the forecast period (2022-2027).
The market was moderately impacted by COVID-19 in 2020. Purified terephthalic acid, a paraxylene product, is used to manufacture polyester coating resins in the formulation of automotive coatings. The declining automotive industry and the temporary shutdown of automotive manufacturing negatively impacted the market. However, the use of face shields, clear masks, food, and e-commerce packaging increased, thus boosting the demand for paraxylene derivatives, including purified terephthalate acid, dimethyl terephthalate, and polyethylene terephthalate, which is further augmenting the demand for paraxylene.
Key HighlightsThe paraxylene (PX) market is moderately consolidated. By market share, few major players currently dominate the market. Some of the major players (not in any particular order) in the market include ENEOS Corporation, INEOS, Reliance Industries Limited, S-OIL Corporation, and China National Petroleum Corporation.
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