ParaXylene Market Bonded to a Striking Growth by 2030; Asserts MRFR

Paraxylene Market – Market Overview

Xylene is a clear, colorless and flammable solution which is produced from crude oil. Xylene primarily exists in three isomeric forms such as ortho-xylene, meta-xylene and paraxylene. Para xylene or PX or P-xylene is basically an aromatic hydrocarbon compound, which is colorless, sweet-smelling, toxic, and highly flammable chemical. Paraxylene is extensively used for the production of dimethyl terephthalate (DMT) and terephthalic acid (PTA) which are further used in the manufacturing of polyesters. Moreover, paraxylene is primarily used in the production of polyethylene terephthalate (PET) which is primarily used as a packaging materials for carbonated drinks, water bottles, and other containers for food, beverages and personal care products.

According to the analysis of MRFR, the major market forces and trends driving growth of the global Paraxylene market includes increasing demand for various applications such as packaging, textile and construction materials among others. Moreover, the increasing personal disposable income in the developing economies throughout the globe has augmented the demand for polyester fibers which in turn is expected to fuel the growth of the global Paraxylene Market during the forecast period. In addition, the growing demand for polyethylene terephthalate (PET) as a packaging material is further expected to affect the market positively. However, stringent government regulations regarding the use of Polyethylene terephthalate due to the non-biodegradable nature and harmful environmental effects in the developed regions such as Europe and North America coupled with the lack of competent labor for handling and transportation of hazardous paraxylene chemicals in the developing economies can act as a major down side to the growth of the market.

Key Players:

Braskem, Exxon Mobil Corporation, Formosa Chemicals & Fibre Corporation, Reliance Industries Limited, Royal Dutch Shell plc., US Petrochemical Industries Inc. The Dow Chemicals Company, BASF SE, Conoco Phillips Corporation, JXTG Nippon Oil and Energy Corporation, China national Petroleum Corporation, British Petroleum, Jurong Aromatics Corporation, Lotte Chemical Corporation, Sinopec Corporation, and CNOOC Limited among others are some of the prominent players at the forefront of competition in the global Paraxylene Market and are profiled in MRFR Analysis.

Paraxylene Market- Competitive Landscape

The global Paraxylene Market is a highly lucrative market driven by flourishing growth in packaging and petrochemical industry, along with the propelling textile industry. Exxon Mobil Corporation, the Dow Chemicals Company, Royal Dutch Shell plc. and BASF SE, China national Petroleum Corporation among others are some of the major players operating in this market. Most of these market participants are adopting the expansion and product launch tactics to strengthen their production capacities and market position. Taking account of these trends the global Paraxylene Market is projected to witness considerable competition over the forecast period of 2021-2030.

Asia pacific is expected to be the fastest growing region during the forecast years. The growing population in the developing countries and increasing GDP has augmented the demand for PET in the packaging sector coupled with increasing use of para xylene as  pesticides, solvents and coatings especially in India and China is further expected to boost the market growth. However, strict regulation in North America and Europe is expected to show sluggish growth during the forecast years.

Industry/ Innovation/ Related News:

November 16, 2016- A team of chemical researchers including doctorates and professors from university of Massachusetts has innovated a process for production of paraxylene which involves the use of biomass as feedstock with a 97% yield. This innovation is expected to fuel the production of paraxylene owing to its cost efficiency and higher.

April 21, 2017 – Reliance Industries limited announced the successful completion of the final phase of paraxylene project including aromatic extraction units, trans-alkylation and PX crystalliser trains at Jamnagar. The plant is constructed with efficient technology from British Petroleum which is anticipated to push Reliance to the second spot in the global market of paraxylene producers. Reliance has successfully implemented the first phase of the project earlier in 2016. This development is expected to augment the market of paraxylene in India which in turn will positively affect the Asia Pacific paraxylene market.

February 11, 2016 – Hengli Petrochemical Company Limited has collaborated with Axens for the procurement of technology, in the first crude to paraxylene complex located in China. This complex is expected to hold a capacity of processing 4,00,000 barrels of crude oil per day which will further cater to the purified terephthalic acid (PTA) plants for the use in the PET applications. This collaboration will further drive the market of PET application will in turn will surge the growth of the paraxylene market.Get Full Information About This Report:  paraxylene market trends