Para Xylene 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 material 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 includes increasing demand for various applications such as packaging, textile and construction materials among others.
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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.
Industry/ Innovation/ Related News:
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.
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.
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.
Para Xylene Market Key Players:
Key players leading the global paraxylene market include BP Plc. (UK), Braskem (Brazil), Chevron Phillips Chemical Company (U.S.), Reliance Industries Limited (India), Exxon Mobil Corporation (U.S.), China National Petroleum Corporation (China), Formosa Chemical & Fibre Corp. (Taiwan), GS Caltex India Pvt. Ltd. (South Korea), Honeywell International Inc. (U.S.), China Petrochemicals Corporation (China), JXTG Holdings, Inc. (Japan), and S-OIL Corporation (South Korea) among others.
Para Xylene Market Regional Analysis:
The Asia Pacific region heading with the rapidly growing textile industry dominates the global paraxylene market. The high demand for polyester fiber and polyester resins, especially in India and China along with the increasing applications of paraxylene in fabric and packaging industries, the APAC will be escalated to the next level, witnessing the heightened demand.
The ample availability of cost-competitive logistic such as workforce, land, and the raw materials required for the production of paraxylene is a key force attracting several foreign investors. Resultantly, many key players from the developed regions such as North America and Europe are increasingly shifting their prominent manufacturing bases to China and India. This, as a result, is likely to foster the market growth in the APAC over the forecasted period.
Para Xylene Market Segments Analysis:
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Application:
Purified Terephthalic Acid, Terephthalic Acid, and Dimethyl Terephthalate among others.
By End-use Industry:
Textile and Packaging among others.
By Regions:
Asia Pacific, North America, Europe, and the Rest-of-the-World.
Para Xylene Market Table of Content:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Para Xylene Market
Para Xylene Market Table of Content to be Continue………,
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