The top three vendors in the global paraxylene
market, namely Reliance Industries Limited, S-Oil Corporation, and BP
plc., collectively accounted for a meagre 12% of the overall market
in 2015, says a recent market research report by Transparency Market
Research. Nearly 85% of the world’s paraxylene production is
credited to a vast number of small firms or subsidiaries of larger
chemical companies, making the market highly fragmented. Companies
are focusing on export as a tool for geographical expansion in
existing as well as established markets in Asia Pacific. High chances
of forward integration by key manufacturers across the value chain
are expected to increase competition in the market.
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Transparency Market Research states that the global
paraxylene market, which held an opportunity of US$33.03 bn in 2015,
is expected to exhibit a healthy 7.0% CAGR from 2016 through 2024. If
the prediction holds true, the market will rise to US$60.04 bn by
2024. Of the key applications of paraxylene, its use in the
production of purified terephthalic acid (PTA) earns the market its
most significant and dominant share in revenues. In 2015, the segment
accounted for a nearly 97% of the overall volume of paraxylene
consumed in the global market. From a geographic perspective, the
global paraxylene market is led by Asia Pacific, which accounted for
a nearly 84% of the global market in 2015.
Demand for Polyester in Textile Industry to Remain
Key Determinant of Paraxylene Consumption Globally
Paraxylene is one of the key raw materials used in
the production of purified terephthalic acid (PTA), which is used to
manufacture PET. The high use of PET in the textile industry across
applications such as clothing, furnishings, and technical textiles
earns the global paraxylene market a significant share in its overall
revenues. In the next few years, the high growth expected across the
textile industry is expected to have a significant positive impact on
the overall development of the global paraxylene market. Analysts
estimate that the textile industry will exhibit an 11% CAGR from 2016
to 2020. This factor is likely to lead to a vast rise in demand for
paraxylene in the global market in the near future.
The rising demand for PET container resins,
especially in Asia Pacific, is also expected to lead to significant
traction to the global paraxylene market over the forecasting
horizon. The increased use of PET containers for packaging in the
flourishing food and beverages industry in the region will result in
the increased demand for paraxylene.
Rising Consumer Awareness about Harms of Using
Plastic to Hamper Global Paraxylene Consumption
The global market for paraxylene, however, is
expected to be hampered due to the rising concern regarding the
oversupply of paraxylene in Asia Pacific and growth in consumer
awareness about plastic-free products. Many countries across
developed economies such as North America and Europe are taking
measures to completely ban the use of plastic bags and packaging
materials. Implementation of stringent government regulations
regarding the same is expected to have a significant negative impact
on the development of the paraxylene market, at least in these
developed economies.
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Chemicals such as antimony oxide, acetaldehyde, and
aldehydes are employed in the manufacture of polyethylene
terephthalate products. Antimony oxide, which is used as catalyst in
the manufacture of polyethylene terephthalate, and trace amounts of
acetaldehyde and aldehydes are some of the unavoidable byproducts in
the production of polyethylene terephthalate containers. These
chemicals are hazardous to the environment and human health.
Awareness regarding such adverse effects of paraxylene and its
substitutes on humans and the environment is rising at a promising
rate across developing economies as well. These factors will
collectively hamper the market’s development over the forecast
period.
This review of the market is based on a recent market
research report by Transparency Market Research, titled “Paraxylene
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 - 2024.”
For the study, the global paraxylene market has
been segmented as follows:
Paraxylene Market – Application Analysis
- Purified Terephthalic Acid (PTA)
- Dimethyl Terephthalate (DMT)
- Others (solvents, etc.)
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