Please Wait.....
Report
Paraxylene (Px) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 150 Pages I Mordor Intelligence
The paraxylene (PX) market was estimated at over 50 million ton in 2021, and it is projected to register a CAGR of more than 5% during the forecast period (2022-2027).
The market was moderately impacted by COVID-19 in 2020. Purified terephthalic acid, a paraxylene product, is used to manufacture polyester coating resins in the formulation of automotive coatings. The declining automotive industry and the temporary shutdown of automotive manufacturing negatively impacted the market. However, the use of face shields, clear masks, food, and e-commerce packaging increased, thus boosting the demand for paraxylene derivatives, including purified terephthalate acid, dimethyl terephthalate, and polyethylene terephthalate, which is further augmenting the demand for paraxylene.
Key Highlights
Over the short term, high demand for polyethylene terephthalate (PET) from the plastic industry in Asia-Pacific is expected to drive the market's growth.
However, increasing consumer awareness regarding the use of plastic-free products and increasing 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 register the highest CAGR during the forecast period.
Paraxylene (PX) Market Trends
Increasing Demand from the Purified Terephthalic Acid (PTA) Application
Purified terephthalic acid (PTA) is an organic compound produced by reacting secondary petroleum product paraxylene (PX) and acetic acid.
PTA is majorly used to produce polyesters, such as polyester films, PET bottles, and furniture. It is also used in making high-performance plastics, such as polybutylene terephthalate (PBT) and polyethylene terephthalate (PET).
The increasing production in industries, such as automotive, food and beverage, electronics, and construction, is boosting the demand for plastics, such as PET and PBT, thus leading to increased demand for high-performance plastics, which is likely to increase their production.
In April 2020, Thyssenkrupp received an order to build a new polyethylene terephthalate (PET) production plant for KOKSAN, 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 during the forecast period.
In May 2021, Indo Rama Synthetics (India) Limited (IRSL), a subsidiary of petrochemical producer Indorama Ventures Ltd, announced its plans to invest up to INR 6 billion for the capacity expansion of PET resin, with an additional 700 ton capacity per day and equipment upgrading program in the manufacturing facility in Nagpur, India.
Due to such factors, the paraxylene (PX) market is likely to grow 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. Presently, it is also the largest manufacturer and consumer of paraxylene.
China National Petroleum Corporation is one of the largest producers of paraxylene, with an annual production quantity of 1 million ton.
By the end of 2020, the total paraxylene capacity in the country reached 26 million ton. Around 15-16 million metric ton of new paraxylene production capacity is expected to be added by the end of 2022.
Growing demand for PET in China is ramping up the PET value chain, which is rapidly driving the market for paraxylene in the country. China accounted for around 32% of the global PET production capacity. Due to the growing demand for PET from the packaging and textile industries, China has been adding capacities through the years.
Petrochemical companies in China are massively increasing their PTA capacities. In June 2020, Hengli Petrochemicals started a new PTA plant with an annual capacity of 2.5 million ton. It is one of the world's largest stand-alone PTA production plant.
China is a major producer of PET resins, with the PetroChina Group and Jiangsu Sangfangxiang among the global largest manufacturers in terms of volume, with more than 2 million ton capacities. Thus, the rising demand for PET from end-user industries is driving the demand for paraxylene.
China's textile industry is one of the major industries, and the country is the largest clothing exporter across the world. According to the Ministry of Industry, Information Technology (MIIT), the Chinese textile industry grew steadily during the first nine months of 2021 with collective profits worth CNY 171.1 billion (approximately USD 26.80 billion), a 31.7% increase Y-o-Y.
Therefore, the market for paraxylene is likely to grow due to the rising demand from end-user industries during the forecast period.
Paraxylene (PX) Market Competitor Analysis
The paraxylene (PX) market is moderately consolidated. By market share, few major players currently dominate the market. Some of the major players (not in any particular order) in the market include ENEOS Corporation, INEOS, Reliance Industries Limited, S-OIL Corporation, and China National Petroleum Corporation.
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 Other Drivers
4.2 Restraints
4.2.1 Increase in Consumer Awareness Regarding the Use of Plastic-free Products
4.2.2 Other Restraints
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 Technological Snapshot
4.6 Import Export Trends
4.7 Price Trends
4.8 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
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East
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 China National Petroleum Corporation
6.4.3 ENEOS Corporation
6.4.4 Exxon Mobil Corporation
6.4.5 FUJAN REFINING & PETROCHEMICAL COMPANY LIMITED
6.4.6 INEOS
6.4.7 Indian Oil Corporation Limited
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
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security