Para xylene Market / Overview:
The global para xylene market is expected to grow at USD 81.02 billion by 2022 growing with the CAGR of 12.05% from 2018 to 2022.
The source for producing para xylene is naphtha. Para xylene (PX), an aromatic hydrocarbon, is the source for the commercial production of purified terephthalic acid (PTA) and dimethyl terephthalate (DMT), which are further used to produce polyester. The para xylene production process includes the conversion of naphtha into BTX, a mixture of benzene, xylene, and toluene, and the separation of PX by fractional crystallization. PX is an important petrochemical as its end-product polyester is used for various industrial purposes, including textile manufacturing and packaging. It also finds usage as a solvent, along with being the raw material to manufacture Di-PX and herbicides.
Para xylene (PX) had witnessed a rapid growth demand from last few years due to steady demand from polyester manufactures. It is majorly used for producing PTA (Purified Terephthalic acid) and DMT (Dimethyl Terephthalate) which are used in production of polyester. In 2017, the polyesters demand reached around USD 50 million tons making it the most commonly used synthetic fiber across the globe. A small amount of Para xylene is also used as a solvent and in the production of herbicides and di-Para xylene. Rising demand for Para xylene from numerous end user industries including packaging, textiles and construction materials is significantly influencing the demand for Para xylene.
The Asia-Pacific para xylene market is anticipated to grow at fastest growing CAGR. Due to high production growth rate in the automotive industry in the region. The report estimates the size of the para xylene market, both in terms of volume and value. Asia-Pacific para xylene market is estimated to reach USD 9,909 million by 2022. The key driver of the market is the growing demand from the automotive, electrical & electronics market
China has grown at a fast pace in the past decade. In the next decade, both production and demand will continue to grow. The Chinese economy maintains a high speed growth which has been stimulated by the consecutive increases of industrial output, import & export, consumer consumption and capital investment for over two decades.
Para xylene market, application is segmented into two types namely Purified Terephthalic Acid and Dimethyl Terephthalate (DMT). Purified Terephthalic Acid is expected to growth a significant growth rate due its extensive use in packaging and textile industry, Purified Terephthalic Acid and expanding textile industry is likely to drive the market. Dimethyl Terephthalate (DMT) is anticipated to grow at a faster pace for the forecasted period
Global Para xylene Market Players:
- Honeywell UOP,
- JX Nippon Oil & Energy Corp.,
- CNPC, S-Oil,
- Reliance Industries Ltd,
- NPC Iran,
- GS Caltex,
- China National Offshore Oil Corporation.
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