Paraxylene Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.21 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Paraxylene Market Analysis
The Paraxylene Market size is estimated at 62.66 Million tons in 2024, and is expected to reach 80.78 Million tons by 2029, growing at a CAGR of 5.21% during the forecast period (2024-2029).
The market was moderately impacted by COVID-19 in 2020. Purified terephthalic acid, a paraxylene product, was used to manufacture polyester coating resins in the formulation of automotive coatings. The declining automotive industry and the temporary shutdown of automotive manufacturing negatively impacted the market. However, face shields, transparent masks, food, and e-commerce packaging usage increased, thus boosting the demand for paraxylene derivatives. It also includes purified terephthalate acid, dimethyl terephthalate, and polyethylene terephthalate, further augmenting the demand for paraxylene.
- Over the short term, the high demand for polyethylene terephthalate (PET) from the plastic industry in Asia-Pacific is expected to drive the market's growth.
- However, increasing consumer awareness regarding plastic-free products and PET collection and recycling rates in Europe are hindering the market's growth.
- Innovation in using bio-based paraxylene in bioplastic PET bottles (Bio-PET) and other bioplastic products will likely create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market and register the highest CAGR during the forecast period.
Paraxylene Market Trends
Increasing Demand from Plastic Industries
- Paraxylene is a building block for manufacturing polyethylene terephthalate (PET) plastics, polyester fabrics, and others.
- Purified terephthalic acid (PTA) is an organic compound produced by reacting secondary petroleum product paraxylene (PX) and acetic acid.
- PTA is majorly used to produce polyesters, such as polyester films, PET bottles, and furniture. It is also used in making high-performance plastics, such as polybutylene terephthalate (PBT) and dimethyl-terephthalate (DMT).
- The increasing production in the automotive, food and beverage, electronics, and construction industries is boosting the demand for plastics, such as PET and PBT. Thus, it increases demand for high-performance plastics, likely increasing their production.
- According to the National Bureau of Statistics of China, around 38.21 million metric tons of plastic products were produced in the first half of 2022. In 2021, plastic product production increased by around 5.27% over the previous year.
- In May 2021, Indo Rama Synthetics (India) Limited (IRSL), a subsidiary of petrochemical producer Indorama Ventures Ltd, announced its plans to invest up to INR 6 billion (~USD 72.43 million) for the capacity expansion of PET resin. It comes with an additional 700-ton capacity per day and an equipment upgrading program in the manufacturing facility in Nagpur, India, to start production in the last quarter of 2022.
- Due to the abovementioned factors, the paraxylene (PX) market will likely grow during the forecast period.
China to Dominate the Asia-Pacific Region
- In Asia-Pacific, China emerged as one of the biggest production houses in the world. Presently, it is also the largest manufacturer and consumer of Paraxylene.
- China National Petroleum Corporation is one of the largest producers of Paraxylene, with an annual production quantity of 1 million tons. CNPC PTA technology is effective in using Paraxylene as an input to produce PET through a cost-effective method.
- Growing demand for PET in China is ramping up the PET value chain, rapidly driving the market for Paraxylene. In 2022 China accounted for around 38% of the global PET production capacity. Due to the growing demand for PET from the packaging and textile industries, China included added capacities through the years.
- China is a major producer of PET resins, with the PetroChina Group and Jiangsu Sangfangxiang among the largest global manufacturers in terms of volume, with more than 2 million ton capacities. Thus, the rising demand for PET from end-user industries is driving the demand for Paraxylene.
- China's textile industry is one of the major industries, and the country is the largest clothing exporter worldwide. According to the National Bureau of Statistics of China, textile production in the country stood at 38.20 billion m in 2022. In the first two months of 2023, the country produced 5 billion m of textiles.
- Due to rising e-commerce and increasing tech-savviness among the growing Chinese population, the demand for plastic resins is also expected to increase. This increase in demand is particularly driven by China's e-commerce, food production, and beverage consumption, among many others.
- Therefore, the market for Paraxylene will likely grow due to the rising demand from end-user industries during the forecast period.
Paraxylene Industry Overview
The paraxylene (PX) market is partially consolidated. By market share, few major players currently dominate the market. Some of the market's major players (not in any particular order) include ENEOS Corporation, INEOS, Reliance Industries Limited, S-OIL Corporation, and China National Petroleum Corporation.
Paraxylene Market Leaders
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ENEOS Corporation
-
INEOS
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Reliance Industries Limited
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S-OIL CORPORATION
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China National Petroleum Corporation
*Disclaimer: Major Players sorted in no particular order
Paraxylene Market News
- March 2023: Chiyoda Corporation, the University of Toyama, and HighChem announced the first successful production and purification of p-Xylene from CO2.
- February 2023: Godrej & Boyce collaborated with Tecnimont to deliver the equipment to Indian Oil Corporation Limited (IOCL)'s integrated paraxylene-purified terephthalic acid (PX-PTA) Project at Paradip refinery in Odisha.
- January 2022: Shenghong Petrochemical in China started commercial paraxylene production in the newly commissioned plant in Lianyungang.
Paraxylene Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 High Demand for Polyethylene Terephthalate (PET)
- 4.1.2 Other Drivers
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4.2 Restraints
- 4.2.1 Increase in Consumer Awareness Regarding the Use of Plastic-free Products
- 4.2.2 PET Collection and Recycling Rates in Europe
- 4.2.3 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Application
- 5.1.1 Purified Terephthalic Acid (PTA)
- 5.1.2 Dimethyl Terephthalate (DMT)
- 5.1.3 Other Applications
-
5.2 End-user Industry
- 5.2.1 Plastics
- 5.2.2 Textile
- 5.2.3 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Braskem
- 6.4.2 China National Petroleum Corporation
- 6.4.3 ENEOS Corporation
- 6.4.4 Exxon Mobil Corporation
- 6.4.5 FUJAN REFINING & PETROCHEMICAL COMPANY LIMITED
- 6.4.6 INEOS
- 6.4.7 Indian Oil Corporation Limited
- 6.4.8 Mangalore Refinery & Petrochemicals Ltd
- 6.4.9 MITSUBISHI GAS CHEMICAL COMPANY INC.
- 6.4.10 National Petrochemical Company
- 6.4.11 PT Pertamina (Persero)
- 6.4.12 Reliance Industries Limited
- 6.4.13 Rongsheng Petrochemical Co. Ltd
- 6.4.14 S.K. Innovation Co. Ltd
- 6.4.15 China Petroleum & Chemical Corporation
- 6.4.16 S-Oil Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Innovation in the Use of Bio-based Paraxylene in Bioplastic PET Bottles (Bio-PET) and Other Bioplastic Products.
Paraxylene Industry Segmentation
Paraxylene, also known as 1.4-dimethyl benzene, is a colorless and flammable aromatic hydrocarbon mainly produced from catalytic reforming or thermal cracking of naphtha. Paraxylene produces polyethylene terephthalate (PET), which is further used as polyester fiber, resin, and film. The paraxylene (PX) market is segmented by application, end-user industry, and geography. The market is segmented by application into purified terephthalate acid (PTA), dimethyl terephthalate (DMT), and other applications. By end-user industry, the market is segmented into plastics, textiles, and other end-user industries. The report also covers the market size and forecast in 15 countries across major regions. The market sizing and forecasts are based on each segment's volume (million tons).
| Application | Purified Terephthalic Acid (PTA) | |
| Dimethyl Terephthalate (DMT) | ||
| Other Applications | ||
| End-user Industry | Plastics | |
| Textile | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Paraxylene Market Research FAQs
How big is the Paraxylene (PX) Market?
The Paraxylene (PX) Market size is expected to reach 62.66 million tons in 2024 and grow at a CAGR of 5.21% to reach 80.78 million tons by 2029.
What is the current Paraxylene (PX) Market size?
In 2024, the Paraxylene (PX) Market size is expected to reach 62.66 million tons.
Who are the key players in Paraxylene (PX) Market?
ENEOS Corporation, INEOS, Reliance Industries Limited, S-OIL CORPORATION and China National Petroleum Corporation are the major companies operating in the Paraxylene (PX) Market.
Which is the fastest growing region in Paraxylene (PX) Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Paraxylene (PX) Market?
In 2024, the Asia Pacific accounts for the largest market share in Paraxylene (PX) Market.
What years does this Paraxylene (PX) Market cover, and what was the market size in 2023?
In 2023, the Paraxylene (PX) Market size was estimated at 59.56 million tons. The report covers the Paraxylene (PX) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Paraxylene (PX) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Paraxylene Industry Report
Statistics for the 2024 Paraxylene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Paraxylene analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
