Paraxylene Market Analysis, Demand, Forecast 2022-2028

1. Global Paraxylene Market- Industry Size, Share, Growth, Opportunity and Forecast, 2022-2028

2. Global Paraxylene Market - Industry Trends & Forecast Report 2028 A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Paraxylene Market was 50.1 million tons in 2021 and is projected to reach 71.1 million tons by the year 2028, growing at a CAGR of 5.2% over the analysis period of 2022-2028. The expansion in the paraxylene market can be primarily attributed to the large and growing demand for dimethylterephthalic acid, terephthalic acid, and other derivatives of PTA. Additionally, the surging demand for PET bottles, fibers, resin and other products from food and beverage sectors, personal care and cosmetics sector, textile sector, pharmaceutical sector, and others is expected to boost the market growth substantially during the forecast period 2022-2028.

3. Growth Drivers  The Ever-Expanding Demand for Plastics to Propel Paraxylene Market Growth The demand for plastics throughout the world has been growing at an exceptional rate. Paraxylene, is one of the core components in production of plastics, consequently, it’s demand is also rising globally. Paraxylene is used for manufacturing polyethylene terephthalate (PET) bottles usually used as cans for water, soda and other beverages. Moreover, paraxylene is utilized for manufacturing several household products like containers for toiletries and cosmetics, curtain fabrics, upholstery as well as clothing. Thus, the growing demand for plastics across different end-user industries is expected to drive the demand for paraxylene and contribute to the growth of the paraxylene market during the forecast period.

4. Restraints  Instability in Crude oil prices Impeding the Paraxylene Market Growth The volatility in prices of crude oil is projected to hinder the Paraxylene (PTA) market in the close future. Since paraxylene is produced by catalytic reformation of petroleum naphtha as part of the BTX aromatics (benzene, toluene and the xylene isomers) derived from the catalytic reformate. So the instability in the price of crude oil directly affects paraxylene prices. Furthermore, the escalating adoption of substitute products coupled with advancement of bio-based items are expected to impede the market growth for paraxylene during the forecast period. Paraxylene has proven to be quite risky for the oceanic life forms as well as climate.

5. Impact of COVID-19 The paraxylene market was negatively impacted due to COVID-19 in 2020 in different ways. The transportation limitations implemented across the world in response to the pandemic and resulted in the disruption of the supply chain of major raw materials required for Paraxylene production. Moreover, many challenges were faced by the end-use industries including labor shortages as well as work stoppages. Numerous end-user sectors, such as consumer products, electrical and electronics, food and beverage, and others, were dramatically affected. Furthermore, the demand for polyethylene terephthalate resin shrank as a result of the pandemic.

6. Regional Insights In terms of the regional analysis, the global Paraxylene market can be segmented into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, the Asia Pacific region accounted for the largest market share in 2021 due to high consumption of paraxylene for PET production. Moreover, the Asia-Pacific region is expected to dominate the paraxylene market during the forecast period as well. Furthermore, North America and Europe is expected to exhibit significant growth in the coming years as a result of the large manufacturing base of polymers coupled with heavy demand for PET from various end-use industries in the region.

7. Competitive Landscape The global paraxylene market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global paraxylene market are BP PLC, Pertamina, Braskem, Chevron Phillips Chemical, China National Petroleum Corporation, Fujian Refining & Petrochemical Company Limited, ExxonMobil Corporation, JX Nippon Oil & Energy Corporation, Mitsubishi Gas Chemical Co. Inc., NPC Iran, Reliance Industries Ltd, Sinopec, Toray Industries, Mangalore Refinery and Petrochemicals Limited, S.K. Innovation Co. Ltd, etc., Mitsui Chemicals Inc., S-Oil Corporation and other prominent players. Sample Copy: https://www.blueweaveconsulting.com/report/global-paraxylene-market/report-sample

8. Recent Development September 2021:  ExxonMobil collaborated with researchers at the Georgia Institute of Technology to uncover new insights into the fabrication of carbon membranes that have the potential to drive substantial cost savings if the solution for xylene isolation separation is scaled for industrial use. January 2021: INEOS completed the acquisition of BP’s global aromatics and acetyls business for USD 5 billion for further enhancing its product portfolio. INEOS Aromatics is a world leader in PTA (Purified Terephthalic Acid) as well as PX (Paraxylene) technology with 6 sites and delivers the global polyester business including polyester fibre, film and polyethylene terephthalate (PET) packaging.

9. Key Players The key players operating in the global paraxylene market are BP PLC, Pertamina, Braskem, Chevron Phillips Chemical, China National Petroleum Corporation, Fujian Refining & Petrochemical Company Limited, ExxonMobil Corporation, JX Nippon Oil & Energy Corporation, Mitsubishi Gas Chemical Co. Inc., NPC Iran, Reliance Industries Ltd, Sinopec, Toray Industries, Mangalore Refinery and Petrochemicals Limited, S.K. Innovation Co. Ltd, etc., Mitsui Chemicals Inc., S-Oil Corporation and other prominent players.

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