Para-Xylene Market Size | growth, trends, covid-19 impact, and forecasts (2022 - 2027)
Para-Xylene Market – Market Overview
Xylene
Size 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 Size 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 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 Size 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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