The global paraxylene market size is expected to reach USD 66.9
billion by 2022, according to a new report by Grand View Research, Inc. It is
expected to expand at a CAGR of 10.5% over the forecast period. Rising demand
for fiber and polyester resin from numerous end-use industries is projected to
propel product demand over the coming years.
Rapid growth in demand for polyester
fabric is acting as a major market driver. Surging demand for purified
terephthalic acid (PTA) in polyester production process is projected to provide
fillip to the paraxylene market. Lower polyester manufacturing cost for
Dimethyl terephthalate (DMT) and terephthalic acid and higher conversion
efficiency of Purified Terephthalic Acid (PTA) have attracted polymer industry
players to expand their terephthalic acid product portfolio.
Overall industry is facing oversupply,
which is pushing manufacturers towards reducing product prices and output.
Sudden drop in total import of PTA from China has adversely affected the global
market. Oversupply of PET in past few years has now forced terephthalic acid
manufacturers to lower the capacity utilization rate in recent past.
PTA production capacity has expanded
faster than the demand, affecting global utilization rate. Sudden decrease in
Chinese PTA import on account of increased in-house production has drastically
affected PTA manufacturers located in Asia Pacific. Asia Pacific emerged as the
largest region for the global paraxylene market with a share of more than 79%
in 2014. Availability of low-cost labor and raw material along with the
presence of end-use industries is projected to drive the regional market at the
fastest CAGR over the next few years.
Browse full research report on Paraxylene Market: https://www.grandviewresearch.com/industry-analysis/paraxylene-market
Further key findings from the report suggest:
- PTA emerged as the dominant application segment in the
paraxylene market with a share of more than 97.0% in 2014
- Paraxylene production cost varies depending upon raw material
and production technology
- Huge planned capacity additions during next few years are
expected to worsen the supply-demand scenario resulting in PX oversupply
and increasing product pricing
- Some of the prominent companies operating in this market are
BP, JX Nippon Oil & Energy Corp., Reliance Industries Ltd., CNPC,
S-Oil, FCFC, Dragon, GS Caltex, ONGC, Orpic, ExxonMobil, Dalian Fujia
Dahua, Toyo, Pertamina, and Teijin Fibers
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/paraxylene-market/request/rs1
Grand View Research has segmented the global paraxylene market
report on the basis of application and region:
Paraxylene Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2012 - 2022)
- Dimethyl
Terephthalate (DMT)
- Purified
Terephthalic Acid (PTA)
- Others
Paraxylene Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2012 - 2022)
- North
America
- U.S.
- Europe
- Germany
- France
- U.K.
- Asia
Pacific
- China
- India
- Japan
- Central
& South America
- Middle
East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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