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Paraxylene (PX) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)


Product Code : MDCH00122417
Survey : Mordor Intelligence
Publish On : 12, August, 2022
Category : Chemicals and Advanced Materials
Study Area : North America (U.S. and Others), Europe (Germany, France, U.K. and Others), Asia-Pacific (Japan, China, India and Others), Rest of World (Brazil, Rest of Latin America, Middle East & Others)
Report format : PDF
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 - Braskem
- Chevron Phillips Chemical Company LLC
- China National Petroleum Corporation
- ENEOS Corporation
- Exxon Mobil Corporation
- FUJAN REFINING & PETROCHEMICAL COMPANY LIMITED
- INEOS
- Mangalore Refinery & Petrochemicals Ltd
- MITSUBISHI GAS CHEMICAL COMPANY INC.
- National Petrochemical Company
- PT Pertamina (Persero)
- Reliance Industries Limited
- Rongsheng Petrochemical Co. Ltd
- S.K. Innovation Co. Ltd
- China Petroleum & Chemical Corporation
- S-Oil Corporation
- Toray Industries
- Total

[Report Description]

The paraxylene (PX) market was estimated at over 55 million tons in 2020, and the market is projected to register a CAGR of over 5.5% during the forecast period (2021-2026).



The market was negatively impacted by COVID-19 in 2020. Purified terephthalic acid, a paraxylene product, is used to manufacture polyester coating resins for use in the formulation of automotive coatings. The declining automotive industry, along with the temporary shutdown of automotive manufacturing units due to the ongoing pandemic scenario, has declined the consumption of automotive coatings, thus, creating a negative impact on the demand for paraxylene. However, the use of face-shield, clear masks, food, and e-commerce packaging has increased, thus, enhancing the demand for paraxylene derivatives, including purified terephthalate acid, dimethyl terephthalate, and polyethylene terephthalate, which, in turn, stimulating the demand for paraxylene.



Key Highlights


  • Over the short term, high demand for polyethylene terephthalate (PET) from the plastic industry in the Asia-Pacific region and an increase in PET collection and recycling rates in the European region are the driving factors for the growth of the market. The rising income levels and the increasing population levels are the primary factors that have been driving the growth of the food industry in these regions. Moreover, with huge scope for growth in these regions and new investments being observed in the food and beverage sector, which is intended toward setting up of individual confectionaries, food processing, and beverage producing facilities, is likely to propel market demand.

  • An increase in consumer awareness regarding the use of plastic-free products and an increase in PET collection and recycling rates in Europe are hindering the market s growth.

  • Innovation in the use of bio-based paraxylene in bioplastic PET bottles (Bio-PET) and other bioplastic products is likely to create opportunities for the market in the coming years.

  • The Asia-Pacific region is expected to dominate the market, and it is also likely to witness the highest CAGR during the forecast period.



Key Market Trends



Increasing Demand from the Purified Terephthalic Acid (PTA) Application




  • Purified terephthalic acid (PTA) is an organic compound that is produced by reacting secondary petroleum product paraxylene (PX) and acetic acid. PTA has a form of a white crystalline powder that looks like sugar. It is quite inert and is thus difficult to dissolve in water or other liquids.

  • PTA is majorly used for the production of polyesters, such as polyester films, PET bottles, and furniture, and it is further used in making high-performance plastics, such as polybutylene terephthalate (PBT) and polyethylene terephthalate (PET).

  • With the increasing production in industries, such as automotive, food and beverage, electronics, and construction, the demand for plastics, such as PET, PBT, etc., is also increasing. This, in turn, is leading to increased demand for such high-performance plastics, which is likely to increase their production. Thus, as PTA is used in the production of such plastics, the demand for PTA is also expected to increase with the production of such plastics.

  • In April 2020, Thyssenkrupp received an order to build a new polyethylene terephthalate (PET) production plant for KÖKSAN, a packaging producer, in Gaziantep of Turkey, which will double the site’s annual production capacity to 432 kiloton of PET resin after commissioning in 2022, thus, increasing the global demand in the paraxylene market for the forecast period.

  • Additionally, the plastics industry, at present, is focusing on manufacturing plastics made from bio-made materials, owing to the increasingly detrimental effects of plastic on the environment. The emerging market for bioplastics is expected to drive the market of PTA as well.

  • Owing to all these factors, the market for paraxylene (PX) is likely to grow globally during the forecast period.



China to Dominate the Asia-Pacific Region




  • In Asia- Pacific, China has emerged as one of the biggest production houses in the world today and is also the largest manufacturer and consumer of paraxylene, at present.

  • Growing demand for PET in China is ramping up the PET value chain, which, in turn, is rapidly driving the market for paraxylene in the country.

  • China accounted for around 32% of the global PET production capacity and is been adding capacities continuously, through the years, owing to the growing demand for PET from the packaging and textile industries.

  • Such factors are increasing the demand for PTA that is used as a precursor for PET resin production, which, in turn, is driving up the consumption of paraxylene continuously.

  • Petrochemical companies in China are massively increasing their PTA capacity. In June 2020, Hengli petrochemicals has started a new PTA plant with an annual capacity of 2.5 million tons, which is world’s largest stand alone PTA production plant. Apart from this, further PTA plants are to be started by the end of 2020 in the China, such as from Fujian Baihong, Xinjiang Lanshan Tunhe, Honggang Petrochemical and Ningbo Yisheng, which in-turn stimulates the demand of paraxylene in the country.

  • Around 14 to 15 million metric tons of new paraxylene production capacity are expected to be added in Asia, with the majority in China, annually.

  • But, due to COVID-19 pandemic scenario, the end-user industries of paraxylene have been affected and have witnessed a negative growth rate, thus hindering the paraxylene demand.

  • However, the market for paraxylene is likely to grow post-pandemic scenario as the end-user industries are likely to pick up pace during the later stage of the forecast period.



Competitive Landscape



The paraxylene (PX) market is moderately consolidated. In terms of market share, few major players currently dominate the market. Some of the major players in the market include ENEOS Corporation, INEOS, Reliance Industries Limited, S-OIL CORPORATION, and China National Petroleum Corporation, among others.



Additional Benefits:



  • The market estimate (ME) sheet in Excel format

  • 3 months of analyst support

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 Increase in PET Collection and Recycling Rates in Europe
4.2 Restraints
4.2.1 Increase in Consumer Awareness Regarding the Use of Plastic-free Products
4.2.2 Increase in PET Collection and Recycling Rates in Europe
4.2.3 Unfavorable Conditions Arising Due to the Impact of COVID-19
4.3 Industry Value Chain Analysis
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
4.5 Feedstock Analysis
4.6 Technological Snapshot
4.7 Import Export Trends
4.8 Price Trends
4.9 Supply Scenario
4.10 Regulatory Policies

5 MARKET SEGMENTATION
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
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 & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & 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
6.4 Company Profiles
6.4.1 Braskem
6.4.2 Chevron Phillips Chemical Company LLC
6.4.3 China National Petroleum Corporation
6.4.4 ENEOS Corporation
6.4.5 Exxon Mobil Corporation
6.4.6 FUJAN REFINING & PETROCHEMICAL COMPANY LIMITED
6.4.7 INEOS
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
6.4.17 Toray Industries
6.4.18 Total

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

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