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
Details of Report @ 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
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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