Paraxylene Market Size, Share, Growth, and Industry Growth by Type (Purified terephthalic acid (PTA), Dimethyl terephthalate (DMT), and Others), By Application (Plastics, Textile, and Other), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

Paraxylene Market REPORT OVERVIEW

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The global paraxylene market size was USD 56430 million in 2022 and market is projected to touch USD 120554 million by 2032, exhibiting a CAGR of 7.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with paraxylene experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Paraxylene is collectively known as xylenes which is one of the three isomers of dimethyl benzene. It is also known as p-xylene, which is an aromatic hydrocarbon. The chemical compound is highly flammable and a colorless liquid. It is one of the vital chemicals used in the production of polyester fiber and PET bottles.

Growing demand for resin, PET bottles, fibers, and other products is expected to surge market growth. Increasing demand from textiles, food & beverages, pharmaceutical, and personal care, and cosmetic sectors is projected to drive market growth. High demand for dimethyl terephthalic acid, terephthalic acid, and other derivatives of PTA is anticipated to surge market expansion. Growing demand for plastic products in packaging industry is estimated to fuel market progress in the forthcoming years. Rising environmental awareness and consumers seek for eco-friendly options are predicted to expand market growth. On the contrary, the availability of greener and safer alternatives are anticipated to hamper market expansion. Further, the hazardous nature of aquatic organisms is predicted to reduce market development.

COVID-19 Impact: Shut down of Multiple Manufacturing Plants to Hamper Production Rate

An outbreak of the COVID-19 pandemic impacted market performance. Shut down of several manufacturing plants reduced production growth. The market witnessed delays in raw materials, financial flows, and supply and chain disruption. Increasing absenteeism among production line staff and partial capacity, and lower workforce hampered market growth during the pandemic period.

However, the uplifting of lockdown restrictions shows positive market growth post-COVID-19. Growth in construction activities and high demand from plastic industry is projected to drive market growth.

LATEST TRENDS

"Increasing Demand for Plastics Globally to Foster Market Growth "

Growing need for plastics across the worldwide is anticipated to surge market growth. The chemical product is used to hold soda, water, and other liquids. Growing production of plastic products is predicted to expand market growth. Rapid development for bio-based paraxylene is respossible to stimulate market development. Growing need for plastic products for packaging is estimated to expand market expansion. Fastest growing economy and increasing demand for hygienic packaging are predicted to boost organic compound demand. The product is low in weight, shatter-resistance, and have high tensile strength. Such advantages of the product are projected to drive paraxylene market growth in the coming years.

Paraxylene Market SEGMENTATION

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• By Type

Based on type, the market is divided into dimethyl terephthalate (DMT), purified terephthalic acid (PTA), and others.

Purified terephthalic acid (PTA) is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into plastics, textile, and others.

Plastics are expected to be the leading part of application segmentation.

DRIVING FACTORS

"Growing Concerned about Non Disposable Plastic to Stimulate Market Expansion  "

High concern about non-disposable plastics among people is predicted to drive market growth. Growing need for eco-friendly products is anticipated to accelerate market growth. Increasing government initiatives for eco-friendly and recycling plastics is anticipated to stimulate market development. High demand to replace traditional plastic with paraxylene. Further, high awareness about pollution, waste, and land consumption is projected to boost product adoption. Growing need for PET bottles and polyester fibers is estimated to grow market development in the forthcoming years. High demand for dimethyl terephthalic acid, terephthalic acid, and other derivatives of PTA is anticipated to surge paraxylene market expansion.

"Increasing Usage of PET Bottles to Expand Market Performance"

Growing need for PET bottles in soft drinks and mineral water is anticipated to surge market growth. The product is extensively used in bioplastics applications is projected to fuel market growth. Increasing need to maintain hygiene in healthcare care sector to protect from a virus is responsible to boost product adoption. High demand for the product in food & beverage industry for keeping food fresh is estimated to surge market expansion. Plastics are required to reduce weight and improve fuel efficiency in aeroplanes and automotive sectors. Further, growing demand for synthetic fibers in textile industry is projected to drive market growth. High demand for the product in the furniture sector for its fabrics is predicted to fuel market expansion in the forthcoming years. The product is used in coil coating, videotapes, audio, and sheet materials. Such benefits of the product are estimated to fuel paraxylene market growth.

RESTRAINING FACTORS

"Health Hazards and Environmental Pollution to Hamper Market Growth   "

The organic compound is hazardous to aquatic habitats and organisms. Further, safer and greener alternatives available in the market hamper product demand. The mechanism is toxic, and interaction with the endocrine system is a threat to human health. Such poisonous nature of the product is estimated to restrict paraxylene market development.

Paraxylene Market REGIONAL INSIGHTS

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"Growth in Plastic Industry in Asia Pacific to Drive Market Share "

Asia Pacific is expected to dominate paraxylene market share due to growing of polyethylene terephthalate (PET) in the plastic industry. Rapid industrialization and improving economic conditions are projected to drive market growth. Increasing demand from textiles, food & beverages, pharmaceutical, and personal care, and cosmetic sectors is projected to drive market growth. High demand for dimethyl terephthalic acid, terephthalic acid, and other derivatives of PTA is anticipated to surge market expansion. Growing demand for plastic products in the packaging industry is estimated to fuel market progress in the forthcoming years. Rising environmental awareness and consumers seek for eco-friendly options are predicted to expand market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopted New Technology Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• BASF (U.S.)
• BP (U.K.)
• Chevron Phillips Chemical (U.S.)
• CNPC (U.S.)
• ExxonMobil (U.S.)  
• Mitsubishi Gas Chemical (Japan)
• NPC (India)
• RIL (India)
• Saudi Aramco (Saudi Arabia)

INDUSTRIAL DEVELOPMENT

July 2020- NEDO announced most advanced technology for production of CO2 to substitute traditional or existing fossil fuel derived chemical.

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.