Paraxylene Market Size was valued at USD 27.5 Billion in 2023. The Paraxylene industry is projected to grow from USD 29.15 Billion in 2024 to USD 43.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.22% during the forecast period (2024 - 2032). Rising demand for purified terephthalic acid and aromatic chemicals are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increased demand for polyester fibre is driving the paraxylene market CAGR. Paraxylene is a crucial raw material used in the manufacture of polyester fibre, which is widely utilized in the textile industry for the manufacture of clothing, bedding, and other household items. The increased demand for polyester fibre in emerging nations such as China and India, as a result of rising population, urbanization, and disposable income, has resulted in the expansion of the paraxylene market.
Moreover, because of the growing preference for synthetic fibres over natural fibres such as cotton, wool, and silk, demand for polyester fibre is expanding in developed economies such as the United States and Europe. Polyester fibre is less expensive, more durable, and easier to maintain than natural fibres, which has increased its appeal in the textile business. The paraxylene market is predicted to grow rapidly in the future years, owing to rising demand for polyester fibre. However, the market faces a number of obstacles, including the volatility of crude oil prices, which affects the cost of paraxylene manufacturing, and growing environmental concerns about the use of synthetic fibres.
The increased need for plastic bottles is another driver of the paraxylene market. Polyethylene terephthalate (PET) resin is a key raw material used in the production of polyethylene terephthalate (PET) resin, which is widely used in the packaging sector to make plastic bottles for beverages, food, and other consumer products. The increased demand for plastic bottles in emerging nations such as China and India as a result of population growth, urbanization, and rising disposable incomes has resulted in the expansion of the paraxylene market. For example, as people become more aware of the health benefits of drinking clean water, demand for bottled water in China has increased rapidly. Furthermore, due to a growing preference for ease and mobility in packaging, demand for plastic bottles is expanding in developed economies such as the United States and Europe. Because plastic bottles are lightweight, shatterproof, and easy to transport, they are becoming increasingly popular in the packaging sector.
In addition, aromatic compounds are in high demand. Paraxylene is a crucial raw ingredient in the synthesis of aromatic compounds such as terephthalic acid, dimethyl terephthalate, and diethyl terephthalate, which are widely utilized in the production of plastics, fibres, and resins. The increased demand for aromatic chemicals in emerging nations such as China and India as a result of population expansion, urbanization, and rising disposable incomes has fueled the rise of the paraxylene market. For example, China is the world's largest consumer of terephthalic acid, owing to rising demand for PET resin for the production of plastic bottles, fibres, and films.
Furthermore, demand for aromatic chemicals is rising in developed economies such as the United States and Europe, owing to increased demand for plastics, fibres, and resins in a variety of end-use sectors. Aromatic compounds are frequently utilized in the manufacture of a wide range of consumer goods, including clothing, bedding, food packaging, and automotive parts. The growing demand for aromatic compounds is projected to fuel significant growth in the paraxylene market in the coming years. However, the market faces a number of problems, including increased competition from bio-based chemicals and growing environmental concerns about the use of synthetic chemicals.
The Paraxylene Market segmentation, based on Product Type includes Phthalic Acid, Purified Terephthalic Acid, Dimethyl Terephthalate. The purified terephthalic acid segment has the biggest market share. PTA, which is widely utilized in the production of polyester fibres and PET resin, is a significant raw material used in the production of PTA. The increased demand for PTA in emerging nations such as China and India, owing to rising population, urbanization, and disposable income, has resulted in the expansion of the paraxylene market. Furthermore, demand for PTA is expanding in developed economies such as the United States and Europe, owing to rising demand for sustainable and eco-friendly textiles, as well as growing awareness of the benefits of employing PTA, such as durability, wrinkle resistance, and ease of care.
Figure1: Paraxylene Market, by Product Type, 2022&2032(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Paraxylene Market segmentation, based on Application, includes textiles, electronics, food packaging, beverage bottling, and construction. The beverage bottling segment is one of the fastest expanding in the paraxylene market. PET bottles, which are used in beverage packaging, are in high demand due to rising demand for bottled water, carbonated soft drinks, juices, and other beverages, particularly in emerging markets such as China and India. Furthermore, growing knowledge of the advantages of using PET bottles, such as its lightweight, durability, and recyclability, is supporting the expansion of the beverage bottle segment in developed countries such as the United States and Europe.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Paraxylene Market area will dominate this market, owing to growing demand for PET bottles and containers, which are utilized in the packaging of food, beverages, and other consumer items. Furthermore, the growing demand for polyester fibres, which are used in the production of textiles and clothing, is boosting the expansion of the paraxylene market in North America.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: PARAXYLENE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Paraxylene Market accounts for the second-largest market share because of the huge demand for PET and the enormous manufacturing base of polymers. Further, the German Paraxylene Market held the largest market share, and the UK Paraxylene Market was the fastest growing market in the European region
The Asia-Pacific Paraxylene Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rapid industrialisation, better economic conditions and favourable government policies. Moreover, China’s Paraxylene Market held the largest market share, and the Indian Paraxylene Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Paraxylene Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Paraxyleneindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Paraxylene industry to benefit clients and increase the market sector. In recent years, the Paraxylene industry has offered some of the most significant advantages to medicine. Major players in the Paraxylene Market, including Exxon Mobil Corporation (US), Reliance Industries Limited (India), China National Petroleum Corporation (China), JXTG Holdings, Inc (Japan) and others, are attempting to increase market demand by investing in research and development operations.
TotalEnergies SE, one of the seven supermajor oil companies, is a French multinational integrated energy and petroleum firm formed in 1924. Its operations span the whole oil and gas value chain, from exploration and production of crude oil and natural gas through power generation, transportation, petroleum product marketing, refining, and international crude oil and product trading. TotalEnergies also produces enormous quantities of chemicals. TotalEnergies is headquartered in the Tour Total sector of Courbevoie, west of Paris. The stock market index Euro Stoxx 50 includes the corporation. TotalEnergies was placed as the world's 21st largest public corporation in the Forbes Global. In 2021, TotalEnergies, a French business, reported the successful production of bio-based paraxylene from industrial waste gases and renewable hydrogen at its plant in Normandy, France. This advancement is projected to minimize the carbon footprint of the paraxylene production process and boost the industry's sustainability.
Honeywell International Inc. is a publicly listed American multinational firm headquartered in Charlotte, North Carolina. Its primary businesses are aircraft, building technologies, performance materials and technologies (PMT), and safety and productivity solutions (SPS). Honeywell is a Fortune 100 firm, and it will be ranked 115th in 2023. The corporation's employment was approximately 97,000 in 2022, down from 113,000 in 2019. Darius Adamczyk is the current chairman, and Vimal Kapur is the current CEO. In 2020, Honeywell, an American business, revealed the implementation of a digital twin solution at a paraxylene factory in China, which enabled to boost production capacity while reducing energy usage. This trend is projected to promote the expansion of the paraxylene market by increasing the industry's competitiveness.
March 2023, Chiyoda Corporation, the University of Toyama, and HighChem announced the first successful manufacture and purification of p-Xylene from CO2.
February 2023, Godrej & Boyce worked with Tecnimont to deliver equipment to Indian Oil Corporation Limited's (IOCL) integrated paraxylene-purified terephthalic acid (PX-PTA) Project at the Paradip refinery in Odisha.
January 2022, Shenghong Petrochemical in China began commercial paraxylene production in its recently commissioned unit in Lianyungang.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 27.5 Billion |
| Market Size 2024 | USD 29.15 Billion |
| Market Size 2032 | USD 43.8 Billion |
| Compound Annual Growth Rate (CAGR) | 5.22% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Braskem (Brazil), BP p.l.c (UK), Chevron Phillips Chemical Company (US), Exxon Mobil Corporation (US), Reliance Industries Limited (India), China National Petroleum Corporation (China), JXTG Holdings, Inc (Japan), S-OIL Corporation (South Korea), Kuwait Aromatics Co (Kuwait), and MITSUBISHI GAS CHEMICAL COMPANY, INC (Japan). |
| Key Market Opportunities | Obesity in children, healthier and more balanced diets |
| Key Market Dynamics | Increase in health difficulties and worries, leading in costly operations |
Paraxylene Market Highlights:
Frequently Asked Questions (FAQ) :
The Paraxylene Market size was valued at USD 27.5 billion in 2023.
The Paraxylene Market is projected to grow at a CAGR of 5.22% during the forecast period, 2024-2032.
North America had the largest share in the Paraxylene Market.
The key players in the Paraxylene Market are Exxon Mobil Corporation (US), Reliance Industries Limited (India), China National Petroleum Corporation (China), JXTG Holdings, Inc (Japan).
The purified terephthalic acid category dominated the Paraxylene Market in 2022.
The beverage bottle had the largest share in the Paraxylene Market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
