Para Xylene Market Growth - Size, Share, Trends, Covid-19 Impact, And Forecasts (2022 - 2030)
Para-Xylene Market – Market
Overview
Xylene is a clear, colorless and flammable solution which is
produced from crude oil. Xylene primarily exists in three isomeric forms such
as ortho-xylene, meta-xylene and para-xylene. Para xylene or PX or P-xylene is
basically an aromatic hydrocarbon compound, which is colorless, sweet-smelling,
toxic, and highly flammable chemical. Para-xylene is extensively used for the
production of dimethyl terephthalate (DMT) and terephthalic acid (PTA) which
are further used in the manufacturing of polyesters. Moreover, para-xylene is
primarily used in the production of polyethylene terephthalate (PET) which is
primarily used as a packaging materials for carbonated drinks, water bottles,
and other containers for food, beverages and personal care products.
According to the analysis of MRFR, the major market forces and
trends driving growth of the global Para-Xylene Market
Growth includes increasing demand for various applications such
as packaging, textile and construction materials among others. Moreover, the
increasing personal disposable income in the developing economies throughout
the globe has augmented the demand for polyester fibers which in turn is
expected to fuel the growth of the global Para-Xylene Market growth during the
forecast period. In addition, the growing demand for polyethylene terephthalate
(PET) as a packaging material is further expected to affect the market
positively. However, stringent government regulations regarding the use of
Polyethylene terephthalate due to the non-biodegradable nature and harmful
environmental effects in the developed regions such as Europe and North America
coupled with the lack of competent labor for handling and transportation of
hazardous para-xylene chemicals in the developing economies can act as a major
down side to the growth of the market.
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Key Players:
Braskem, Exxon Mobil Corporation, Formosa Chemicals & Fibre
Corporation, Reliance Industries Limited, Royal Dutch Shell plc., US
Petrochemical Industries Inc. The Dow Chemicals Company, BASF SE, Conoco
Phillips Corporation, JXTG Nippon Oil and Energy Corporation, China national
Petroleum Corporation, British Petroleum, Jurong Aromatics Corporation, Lotte
Chemical Corporation, Sinopec Corporation, and CNOOC Limited among others are
some of the prominent players at the forefront of competition in the global
Para-Xylene Market and are profiled in MRFR Analysis.
Para-Xylene Market- Competitive Landscape
The global Para-Xylene Market Growth is a highly lucrative
market driven by flourishing growth in packaging and petrochemical industry,
along with the propelling textile industry. Exxon Mobil Corporation, the Dow
Chemicals Company, Royal Dutch Shell plc. and BASF SE, China national Petroleum
Corporation among others are some of the major players operating in this market.
Most of these market participants are adopting the expansion and product launch
tactics to strengthen their production capacities and market position. Taking
account of these trends the global Para-Xylene Market is projected to witness
considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during
the forecast years. The growing population in the developing countries and
increasing GDP has augmented the demand for PET in the packaging sector coupled
with increasing use of para xylene as pesticides, solvents and coatings
especially in India and China is further expected to boost the market growth.
However, strict regulation in North America and Europe is expected to show
sluggish growth during the forecast years.
Industry/ Innovation/ Related News:
November 16, 2016- A team of chemical researchers including
doctorates and professors from university of Massachusetts has innovated a
process for production of para-xylene which involves the use of biomass as
feedstock with a 97% yield. This innovation is expected to fuel the production
of para-xylene owing to its cost efficiency and higher.
April 21, 2017 – Reliance Industries limited announced the
successful completion of the final phase of para-xylene project including
aromatic extraction units, trans-alkylation and PX crystalliser trains at
Jamnagar. The plant is constructed with efficient technology from British
Petroleum which is anticipated to push Reliance to the second spot in the
global market of para-xylene producers. Reliance has successfully implemented
the first phase of the project earlier in 2016. This development is expected to
augment the market of para-xylene in India which in turn will positively affect
the Asia Pacific para-xylene market.
February 11, 2016 – Hengli Petrochemical Company Limited
has collaborated with Axens for the procurement of technology, in the first
crude to paraxylene complex located in China. This complex is expected to hold
a capacity of processing 4,00,000 barrels of crude oil per day which will
further cater to the purified terephthalic acid (PTA) plants for the use in the
PET applications. This collaboration will further drive the market of PET
application will in turn will surge the growth of the para-xylene market.
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