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.
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.
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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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