Paraxylene Market Growth, Trend, Price, Demand and Forecasts To 2024 Global Paraxylene Market

Global Paraxylene Market: Rising Use of PET Packaging in APAC
to Drive Demand, observes TMR
The top three vendors in the global paraxylene market, namely Reliance Industries Limited, S-Oil
Corporation, and BP plc., collectively accounted for a meagre 12% of the overall market in 2015, says a
recent market research report by Transparency Market Research. Nearly 85% of the world’s paraxylene
production is credited to a vast number of small firms or subsidiaries of larger chemical companies, making
the market highly fragmented. Companies are focusing on export as a tool for geographical expansion in
existing as well as established markets in Asia Pacific. High chances of forward integration by key
manufacturers across the value chain are expected to increase competition in the market.
Transparency Market Research states that the global paraxylene market, which held an opportunity of
US$33.03 bn in 2015, is expected to exhibit a healthy 7.0% CAGR from 2016 through 2024. If the prediction
holds true, the market will rise to US$60.04 bn by 2024. Of the key applications of paraxylene, its use in
the production of purified terephthalic acid (PTA) earns the market its most significant and dominant share
in revenues. In 2015, the segment accounted for a nearly 97% of the overall volume of paraxylene
consumed in the global market. From a geographic perspective, the global paraxylene market is led by Asia
Pacific, which accounted for a nearly 84% of the global market in 2015.
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Demand for Polyester in Textile Industry to Remain Key Determinant of Paraxylene Consumption
Globally
Paraxylene is one of the key raw materials used in the production of purified terephthalic acid (PTA), which
is used to manufacture PET. The high use of PET in the textile industry across applications such as clothing,
furnishings, and technical textiles earns the global paraxylene market a significant share in its overall
revenues. In the next few years, the high growth expected across the textile industry is expected to have a
significant positive impact on the overall development of the global paraxylene market. Analysts estimate
that the textile industry will exhibit an 11% CAGR from 2016 to 2020. This factor is likely to lead to a vast
rise in demand for paraxylene in the global market in the near future.
The rising demand for PET container resins, especially in Asia Pacific, is also expected to lead to significant
traction to the global paraxylene market over the forecasting horizon. The increased use of PET containers
for packaging in the flourishing food and beverages industry in the region will result in the increased demand
for paraxylene.
Rising Consumer Awareness about Harms of Using Plastic to Hamper Global Paraxylene
Consumption
The global market for paraxylene, however, is expected to be hampered due to the rising concern regarding
the oversupply of paraxylene in Asia Pacific and growth in consumer awareness about plastic-free products.