Worldwide paraxylene (PX) market demand was valued at 36 million tons in 2014. Paraxylene demand has gone through sluggish growth since past few years on account of fair demand from polyester manufacturers. It is primarily used for producing purified terephthalic acid (PTA) and dimethyl terephthalate. Furthermore, these are mainly consumed for manufacturing polyesters. During the herbicides and di-paraxylene production, small amount of PX is used as a solvent.
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A major use of polyester is in film, polyethylene terephthalate (PET) resin, fibers and other plastic end uses. Applications like construction materials, textile and packaging has increased the paraxylene market demand over the past few years. On addition, rising demand for polyester fiber in developing markets like Brazil, India, Vietnam and Bangladesh has provided sufficient momentum for product saturation.
Rapid industrialization coupled with high polyester demand in textile is anticipated to drive the market over the forecast period. Moreover, High polyester demand also in Southeast Asian countries like Thailand, Indonesia and Vietnam is anticipated to positively impact the market. Rising PET demand in industrial sheets, films and other applications is projected to boost paraxylene market demand over the coming years.
Mounting application segments like PET and polyester, mainly in Asia Pacific region are anticipated to advance the paraxylene market over the coming years. Monitory benefits offered by several emerging countries on PX and PTA production are estimated to positively impact the industry growth. Use of non- traditional feedstock coupled with lower feedstock consumption is will drive the paraxylene market over the forecast period.
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Worldwide paraxylene market is segmented in the midst of several market players. In the recent past, numerous regional players have entered in the industry resulting in over supply. Moreover, Manufacturers have reduced operating rates owing to lowered PTA demand in the market. This is anticipated to continue over the forecast period. Worldwide paraxylene market is distinguished by existence of key international corporations which have occurrence across the value chain.
Increasing consumer concerning petrochemical demand &usage for natural substitutes and bio-based products to conventional products projected to hinder the overall market growth. Several government agencies severely observe production units for control parameters as paraxylene is quite harmful to aquatic organisms.
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