Paraxylene Industry ,COVID19 impact on Industry and Outlook 2030
Paraxylene Market Overview
The global market was valued at $ 36.1 billion in 2016, and it is expected to see a CAGR of 6% and reach 41 billion in the paraxylene market forecast for 2021–2030.
According to the analysis of MRFR, the major market forces and trends driving the growth of the Paraxylene Industry includes increasing demand for various applications such as packaging, textile, and construction materials among others. Moreover, the increasing personal disposable income in developing economies throughout the globe has augmented the demand for polyester fibers which in turn is expected to fuel the growth of the global Para-Xylene Market during the forecast period. In addition, the growing demand for polyethylene terephthalate (PET) as a packaging material is further expected to affect the market positively. However, stringent government regulations regarding the use of Polyethylene terephthalate due to the non-biodegradable nature and harmful environmental effects in developed regions such as Europe and North America coupled with the lack of competent labor for handling and transportation of hazardous para-xylene chemicals in developing economies can act as a major downside to the growth of the market.
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Key Players:
Braskem, Exxon Mobil Corporation, Formosa Chemicals Fibre Corporation, Reliance Industries Limited, Royal Dutch Shell plc., US Petrochemical Industries Inc. The Dow Chemicals Company, BASF SE, Conoco Phillips Corporation, JXTG Nippon Oil and Energy Corporation, China National Petroleum Corporation, British Petroleum, Jurong Aromatics Corporation, Lotte Chemical Corporation, Sinopec Corporation, and CNOOC Limited among others are some of the prominent players at the forefront of competition in the global Para-Xylene Market and are profiled in MRFR Analysis.
Para-Xylene Market- Competitive Landscape
The Para xylene production process is a highly lucrative market driven by flourishing growth in the packaging and petrochemical industry, along with the propelling textile industry. Exxon Mobil Corporation, the Dow Chemicals Company, Royal Dutch Shell plc. and BASF SE, China National Petroleum Corporation among others are some of the major players operating in this market. Most of these market participants are adopting expansion and product launch tactics to strengthen their production capacities and market position. Taking account of these trends the global Para-Xylene Market is projected to witness considerable competition over the forecast period of 2017–2023.
Asia Pacific is expected to be the fastest-growing region during the forecast years. The growing population in developing countries and increasing GDP has augmented the demand for PET in the packaging sector coupled with the increasing use of para-xylene as pesticides, solvents, and coatings especially in India and China is further expected to boost the market growth. However, strict regulation in North America and Europe is expected to show sluggish growth during the forecast years.
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Industry/ Innovation/ Related News:
November 16, 2016- A team of chemical researchers including doctorates and professors from the university of Massachusetts has innovated a process for the production of para-xylene which involves the use of biomass as feedstock with a 97% yield. This innovation is expected to fuel the production of para-xylene owing to its cost efficiency and higher.
April 21, 2017 — Reliance Industries Limited announced the successful completion of the final phase of the para-xylene project including aromatic extraction units, trans-alkylation and PX crystallizer trains at Jamnagar. The plant is constructed with efficient technology from British Petroleum which is anticipated to push Reliance to the second spot in the global market of para-xylene producers. Reliance has successfully implemented the first phase of the project earlier in 2016. This development is expected to augment the market of para-xylene in India which in turn will positively affect the Asia Pacific para-xylene market.
February 11, 2016 — Hengli Petrochemical Company Limited has collaborated with Axens for the procurement of technology, in the first crude-to-paraxylene complex located in China. This complex is expected to hold a capacity of processing 4,00,000 barrels of crude oil per day which will further cater to the purified terephthalic acid (PTA) plants for use in PET applications. This collaboration will further drive the market of PET applications will in turn surge the growth of the para-xylene market.
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