Paraxylene is a colorless hydrocarbon of the aromatic series obtained by the distillation of camphor with zinc chloride. The product finds application in terephthalic acid (TPA), purified terephthalic acid (PTA), and dimethyl terephthalate (DMT). Paraxylene is widely used as a raw material for the production of purified terephthalic acid due to surging demand from the textile and packaging industry. PTA is increasingly used for the production of fiber, polyesters, and polyethylene terephthalate (PET). DMT is largely used for the manufacturing of engineering polymers. Growing demand for the product from apparel and textile industry as a result of rising aspiration based purchasing coupled with growing disposable income of the consumers is propelling the market growth. Paraxylene consumption is increasing from the household sector for the curtains and upholstery for decoration purpose. Rapidly expanding packaging industry with rising demand for the packaged food and beverages is another important driving factor for the growth of paraxylene market. Additionally, the product use is increasing in the manufacturing of containers for household chemicals, toiletries, and cosmetics.
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The global paraxylene market is segmented into applications, end-use industry, and region.
On the basis of the application, the paraxylene market is divided into terephthalic acid, purified terephthalic acid, and dimethyl terephthalate.
Based on the end use industry, the global paraxylene market is segmented into textile, packaging, and others.
Geographically, the market is segmented into five key regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific is the fastest growing market for paraxylene owing to the rapidly growing textile industry, especially in India and China due to the availability of raw material and labor at competitive cost. The product demand is increasing from the apparel industry as a result of growing urbanization and changing fashion trends. Paraxylene consumption is increasing in India and China due to the presence of major textile players such as Fabindia Overseas Pvt Ltd and Bombay Dyeing and Manufacturing Company Ltd. Furthermore, rapidly expanding packaging industry is likely to propel the market growth in this region. Surging demand for the packaged food and beverages due to convenience and improved shelf life of the products is another important factor driving the market growth. Additionally, in 2018, the ban imposed by the Indian government on plastic use is likely to stimulate the product demand in this region. Appealing cosmetics and personal care industry as a result of increased spending on the makeup products by the young working class is set to drive the market growth over the forecast period.
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North America and Europe are expected to witness the highest CAGR in the global paraxylene market during the review period 2017-2023. Growing apparel and textile industry as a result of increased spending on the apparels coupled with high per capita income of the consumers is likely to boost the product demand. Expanding packaging industry with rising requirement for packaged food and beverages is driving the market growth.
Latin America and the Middle East and Africa are likely experience a moderate growth in the global market with rising demand for the packaged food products from the working people.
Some of the prominent players operating in the global paraxylene market are Braskem (Brazil), Chevron Phillips Chemical Company (U.S.), BP p.l.c (UK), Exxon Mobil Corporation (U.S.), Reliance Industries Limited (India), China National Petroleum Corporation (China), GS Caltex India Pvt. Ltd. (South Korea), Formosa Chemical & Fibre Corp. (Taiwan), Honeywell International Inc. (U.S.), JXTG Holdings, Inc. (Japan), China Petrochemicals Corporation (China), and S-OIL Corporation (South Korea).
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