The global paraxylene (PX) market is anticipated to reach USD 66.93
billion by 2022 owing to increasing demand for fiber and polyester resin in
numerous end-use applications across various industries. Growing utilization of
purified terephthalic acid (PTA) for polyester production, particularly in Asia
Pacific is expected to fuel growth in paraxylene market over the forecast
period
Demand for PTA has been increasing exponentially
over the past years owing to its efficient conversion rate coupled with lower
costs associated with polyester production. The global utilization rate of PET
has been adversely affected due to the fast growth of PTA production capacity.
PTA manufacturers are now required to lower capacity utilization on account of
the oversupply of PET. PTA producers in Asia Pacific have been adversely
affected by sudden fall in PTA import in China due to increased domestic
production, and this is expected to hamper market growth.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/paraxylene-market
Further key findings from the report
suggest:
·
Rising demand for bio-based alternatives and
increasing consumer awareness subject to non-biodegradable nature of
petrochemical products is expected to be the major obstacles for market participants.
Also, campaigns involving sensitizing consumers about the harmful effects of PX
production is supposed to impede the future market demand.
·
In 2014, global paraxylene demand was estimated
at 36.83 million tons and is estimated to exceed 62.98 million tons at a CAGR
of 7.0% from 2015 to 2022.
·
PTA occupied over 95.0% of the overall PX demand
on account of increasing utilization of polyester across various end-use
industries. It is anticipated to remain the largest application segment for PX
in the global market.
·
Asia Pacific was the dominant regional market in
2014 with 79.2% of the share. Increasing consumption of PET and polyester fiber
in developing countries including India and China is expected to augment the
market. Asia Pacific is anticipated to observe the fastest growth of nearly
7.3% in the next seven years.
·
Rapid Industrialization together with increasing
polyester demand in textile and packaging is expected to propel growth over the
forecast period. South Asian countries such as Vietnam, Thailand, and Indonesia
are likely to witness expansion in the next seven years owing to high demand
for polyester. Growing PET demand in industrial applications, sheets and films
are anticipated to drive the regional market.
·
Key industry players include BP, JX Nippon Oil
& Energy Corp., CNPC, S-Oil, Reliance Industries Ltd, Dragon, NPC Iran,
FCFC, GS Caltex, KPPC, ONGC, Orpic, China National Offshore Oil Corporation
(CNOOC), Jurong Aromatics Corp., PTT, Yanbu Aramco Sinopec Refining Company
Ltd., Lotte KP Chemical, ExxonMobil, Dalian Fujia Dahua, Teijin Fibers, Toyo,
Idemitsu Kosan Co., Ltd., Pertamina and Saudi Aramco.
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Grand View Research has segmented the global paraxylene market on the basis of application and region:
Paraxylene Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
·
Dimethyl Terephthalate (DMT)
·
Purified Terephthalic Acid (PTA)
·
Others
Paraxylene Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2012 - 2022)
·
North America
·
U.S.
·
Europe
·
Germany
·
France
·
UK
·
Asia Pacific
·
China
·
India
·
Japan
·
Middle East & Africa
·
Central & South America
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