xylene market, Manufacturers, Product Types, Sales And 2022-2030
Market Segmentation
The
worldwide para xylene
market has been
segmented on the basis of application, and end-user.The applications covered in
the report include plastic industry, textile industry, and others.
Depending
on the end-user, the market can be narrowed down to purified terephthalic acid
(PTA) and dimethyl terephthalate (DMT). PTA stands as the sole reason
responsible for the high product demand as most of the PX demand comes from PTA
production. Most of the polyester
manufacturers go for PTA instead of DMT on account of its economic nature. Yet,
the hike in demand during the manufacture of engineering polymers like polybutylene
terephthalate could benefit DMT in the following years.
Market Dynamics
Growth Boosters and Top
Barriers
Steadily
growing demand from polyester manufacturers has turned out to be a significant
reason behind the strong product demand. Paraxylene (PX) is predominantly used in the production
of purified terephthalic acid (PTA) as well as dimethyl terephthalate (DMT).
These products are used to manufacture polyester. PX acts as a solvent during
the production of di-paraxylene and herbicides.
Progress
of applications including polyester and PET, especially in Asia Pacific could
favor PX market in the coming years. Developing economies provide monitory
benefits for PTA and PX production. This leads to considerable growth prospects
for the worldwide market. In addition, non-traditional feedstock, as well as
lower feedstock consumption, could stimulate paraxylene demand during the
evaluation period.
Mounting
awareness about environment, however, could prove to be a major setback for the
market in the forthcoming years. But, with the PET industry experiencing a
surge in its consumption across diverse applications like packaging,
construction, and textiles materials, the PX market could soar to greater
heights during the review period. Apart from this, rising demand for polyester
fiber in developing markets of Bangladesh, India, Brazil, and Vietnam provides
ample impetus for the market to make a mark all over the globe.
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Regional Analysis
Asia
Pacific, Europe, North America, and Middle East and Africa are the primary
markets for para-xylene.
A
large portion of the consumers of para-xylene market are based in the Asia Pacific,
followed by Europe. The regional market could experience oversupply of product on
account of planned capacity expansion. Plus, mounting demand for polyester in
packaging and textile applications along with rapid industrialization could do
wonders for the market in the years ahead. In Southeast Asia, countries like Indonesia,
Thailand, and Vietnam, massive demand for polyester would benefit the market. Other
than this, surging demand for polyester fiber in developing markets of India is
estimated to accelerate the demand for para-xylene in the given timeframe. The Indian
Chemical Industry Five Year Plan (2012-2017) reveals that the para xylene’s
production had touched 5.5 million tons in 2016, while the consumption rate had
stood at USD 4.9 million tons the same year.
Having
said that, the market in Europe and North America could underperform in the
coming years. This could be due to capacity underutilization following unstable
feedstock supply, leading to tight supply of paraxylene. But the rising use
of non-traditional feedstock, as well
as lower feedstock consumption, could stimulate paraxylene adoption, working in
favor of the market in these regions.
Renowned Players
Top
players shaping the worldwide para xylene market include NPC Iran, CNPC, S-Oil,
Reliance Industries Ltd, Dragon, FCFC, Honeywell UOP, KPPC, ONGC, Orpic, BP, JX
Nippon Oil & Energy Corp., GS Caltex, China National Offshore Oil
Corporation, among others.
Latest News
July 2019
INVISTA
Performance Technologies (IPT) along with Sichuan Energy Investment Chemical
New Material Co., Ltd (Sichuan Energy) and Sichuan Shengda Chemical New
Material Co. has successfully launched a new startup of its purified
terephthalic acid (PTA) plant. The plant makes use of Invista’s P7 PTA process
technology, which has a capacity of about one million metric tonnes per year. It
also makes use of INVISTA’s R2R technology to produce benzoic acid as
co-product.
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