Albany, New York, May 15, 2017 Paraxylene, produced from naphtha, is an aromatic hydrocarbon, which acts as the basic raw material for the commercial production of dimethyl terephthalate (DMT) and purified telephthalic acid (PTA). These two materials are used for the production of polyester, a highly useful petrochemical that is used in various industrial purposes such as textile manufacturing and packaging. Paraxylene also finds application as a solvent as well as is the raw material for the production of Di-PX and herbicides. Owing to this vast usefulness, a recent study by Transparency Market Research (TMR) projects the global Paraxylene Market to expand at a healthy CAGR of 7.0% during the forecast period of 2016 to 2024. The TMR report estimates the opportunities in the global paraxylene market to be worth US$33.03 bn in 2015, and projects the valuation to increase up to US$60.04 bn by the end of 2024.
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According to the TMR report, Asia Pacific accounted for a dominating 84% of the demand in 2015, with China serving nearly 50% of the demand all by itself. Manufacturing of polyethylene terephthalate (PET) is the primary source of demand for paraxylene in the country, although the recent economic slowdown has hampered the market expansion in the recent times. The report also credits India and South Korea for this significant demand for paraxylene from Asia Pacific, gaining from the demand for PET from the food and beverage packaging industry. On the other hand, the growing awareness regarding ill-effects of plastic in this region is anticipated to moderately hamper the growth rate during the forecast period. The growth of North American and European market for paraxylene is expected to remain sluggish in the near future, owing to stringent government regulations against the use of plastic.
Purified Terephthalic Acid Segment Most Profitable
Based on application, the report segments the global paraxylene market into purified terephthalic acid (PTA), dimethyl terephthalate (DMT), and others including solvents. Out of these, the segment of PTA accounted for nearly 97% of the demand in 2015, according to the TMR report. This huge demand was a reflection of continuous demand from the polyethylene terephthalate (PET) sector and is expected to remain most fruitful throughout the forecast period. Other applications of paraxylene, such as dimethyl terephthalate, coatings, pesticides, and solvents are anticipated to remain negligible as compared to PET in the near future.
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Highly Fragmented Competitive Landscape
The global paraxylene market exhibits a divided market with the top three companies accounting for a mere 12% of the overall shares in 2015, according to the TMR report. These three players were S-Oil Corporation, Reliance Industries Limited, and BP plc. Large number of domestic players or the subsidiaries of prominent chemical companies own the most significant chunk of the paraxylene market, forcing global players to collaborate with these domestic vendors to enlarge their geographical presence. Some of the smaller and yet significant players identified by the report in the global paraxylene market include China National Petroleum Corporation, JX Nippon Oil & Energy Corporation, Sinopec Corporation, Exxon Mobil Corporation, Jurong Aromatics Corporation, Lotte Chemical Corporation, CNOOC Limited, and BASF SE.
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