Home » Business, Manufacturing & Industry, Marketing & Sales, Science, World » Paraxylene Market to Reach $66.93 Billion, Globally, by 2022: Hexa Reports
“Get key Market Research Reports and Insightful Company Profiles”
Global paraxylene market demand was 36.83 million tons in 2014 and is expected to reach 62.98 million tons by 2022, growing at a CAGR of 7.0% from 2015 to 2022.

The global paraxylene (PX) market is expected to reach USD 66.93 billion by 2022, according to a new report by Grand View Research, Inc. Increasing polyester resin and fiber demand from various end-use industries is expected to drive global paraxylene market over the forecast period.

Increasing demand for purified terephthalic acid (PTA) in polyester production particularly in Asia Pacific has triggered paraxylene demand in the recent past and this trend is likely to continue over the next seven years. Higher conversion efficiency along with lower polyester production cost for PTA over DMT has increased PTA demand exponentially over past few years.

Oversupply of PET in past few years has now forced PTA manufacturers to lower the capacity utilization rate in the recent past. PTA production capacity has expanded faster than the demand, affecting the 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.

Browse Detail Report With TOC @ http://www.hexareports.com/report/paraxylene-market/details

Increasing consumer awareness regarding non-disposable nature of petrochemical products and increasing demand for bio-based substitutes is expected to remain key challenges for market participants. Anti-PX movement in China initiated to increase societal awareness regarding pollution caused by PX production facilities is expected to inhibit the market growth over the forecast period. Huge difference between planned capacity additions and actual PX demand over the period is expected to drastically lower down the global operating rates over the forecast period, reducing profit margins for manufacturers.

Further key findings from the report suggest:

Global paraxylene market demand was 36.83 million tons in 2014 and is expected to reach 62.98 million tons by 2022, growing at a CAGR of 7.0% from 2015 to 2022.

Purified terephthalic acid (PTA) is expected to remain the largest application segment for PX in the global market. The segment accounted for over 95% of total PX demand in 2014. The growth may be attributed to increased demand for polyester from various end-use industries.

Request A Sample copy of This Report @ http://www.hexareports.com/sample/112524

Asia Pacific emerged as the leading regional market with demand share estimated at 79.2% in 2014. Growing demand for polyester fiber and PET particularly in emerging economies of China and India is expected to drive the regional market. Asia Pacific is also expected to witness the highest growth of 7.3% from 2015 to 2022.

Key market participants operating in the global PX market include JX Nippon Oil & Energy Corp., BP, CNPC, Reliance Industries Ltd., S-Oil, Dragon, FCFC, NPC Iran, GS Caltex, ONGC, KPPC, Orpic, Jurong Aromatics Corp., China National Offshore Oil Corporation (CNOOC), PTT, Lotte KP Chemical, Yanbu Aramco Sinopec Refining Company Ltd., ExxonMobil, Saudi Aramco, Dalian Fujia Dahua, Idemitsu Kosan Co., Ltd., Toyo, Teijin Fibers and Pertamina.

Related Reports:

Slideway Oil Market Analysis By Product (ISO VG 68, ISO VG 220) And Segment Forecasts To 2022:

United States Oil Refining Catalyst Industry 2015 Market Research Report:

About Us:

Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Media Contact
Company Name: Hexa Reports
Contact Person: Ryan Shaw
Email: sales@hexareports.com
Phone: 1-800-489-3075
Address:Felton Office Plaza, 6265 Highway 9
City: Felton
State: California
Country: United States
Website: http://www.hexareports.com/report/paraxylene-market/details

Comments are closed.