Albany, NY -- (SBWire) -- 12/21/2018 --Global Paraxylene Market: Snapshot
The global market for paraxylene is driven by the significant growth observed across the global polyester market in the past few years, which is led by the rising demand from textile applications, and the high demand for polyethylene terephthalate (PET) in Asia Pacific. Although the market is expected to embark upon a smooth growth path in the region in the next few years, it will witness limited growth avenues in developed regions such as North America and Europe. Strict government regulations regarding proper use of non-biodegradable materials and rising consumer awareness about the use of plastic-free products will have the most drastic influence on the consumption of paraxylene across these regions.
Nevertheless, the global paraxylene market will continue to exhibit growth at a healthy pace owing to demand across the textile and packaging industry and expand at a 7.0% CAGR over the period between 2016 and 2024. If the number holds true, the market, which had a valuation of US$33.03 bn in 2015, will reach US$60.04 bn by 2024
Production of Purified Terephthalic Acid (PTA) to Remain Market's Leading Application
In terms of application, the global paraxylene market has been segmented into purified terephthalic acid, dimethyl terephthalate, solvents, pesticides, and coatings. Of these, the segment of purified terephthalic acid (PTA) is the most important application area of the global paraxylene market, contributing revenues that constitute the lion's share of the market's overall revenues. In 2015, the segment held more than 97% of the global market in terms of volume. The segment is expected to remain the most lucrative application area of the market and witness a slight rise in its stake in the global market by 2024, chiefly owing to the high demand from the polyethylene terephthalate (PET) industry.
The other important applications of paraxylene, including dimethyl terephthalate, solvents, pesticides, and coatings accounted for a meagre 3% share of the overall market in 2015. Demand for paraxylene across these application areas is expected to achieve little or no rise in the next few years.
Asia Pacific to Remain Hub of Market Development
Backed by high demand in China, the market for paraxylene in Asia Pacific has emerged as the most lucrative regional market across the globe. In 2015, the region constituted a massive 84% of the global market in terms of volume. China alone accounted for a more than 50% of the region's total uptake of paraxylene in the mentioned year. The paraxylene market in India and South Korea is also anticipated to expand substantially over the next few years, chiefly owing to the rising demand for PET in the food and beverages (F&B) packaging sector.
Nevertheless, China is expected to remain the center of the Asia Pacific paraxylene market's development and growth. Over the period between 2016 and 2024, China is expected to maintain its top spot in the Asia Pacific paraxylene market and continue to have a notable influence on the global market owing to the high consumption of paraxylene for the manufacturing of PET. Although the consumption of paraxylene in China will be slightly affected by the recent economic slowdown, sustainable demand for polyethylene terephthalate across the country's textile and F&B packaging sectors will continue to drive the paraxylene market.
However, oversupply of paraxylene in Asia Pacific and increase in consumer awareness about plastic-free products are estimated to hamper market growth to a certain extent. Demand for paraxylene across developed regions such as North America and Europe, which collectively accounted for only about 13% of the global market in 2015, is expected to witness sluggish growth over the forecasting horizon.
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Some of the key vendors operating in the global paraxylene market are China National Petroleum Corporation, Sinopec Corporation, Exxon Mobil Corporation, BP plc, JX Nippon Oil & Energy Corporation, S-Oil Corporation, Jurong Aromatics Corporation, Reliance Industries Limited, CNOOC Limited, Lotte Chemical Corporation, and BASF SE.
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Paraxylene Market to Reap Excessive Revenues by 2024