Paraxylene Market Share 2022 Technological, Future trend, and Business Opportunities 2030

Reliance successfully implemented the first phase of the project earlier in 2023. 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.

 

Para-Xylene Market — 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.

Paraxylene Xylene is a clear, colorless, and flammable solution that is produced from crude oil. Xylene primarily exists in three isomeric forms such as ortho-xylene, meta-xylene, and para-xylene. Para xylene or PX or P-xylene is basically an aromatic hydrocarbon compound, which is a colorless, sweet-smelling, toxic, and highly flammable chemical. Para-xylene is extensively used for the production of dimethyl terephthalate (DMT) and terephthalic acid (PTA) which are further used in the manufacturing of polyesters. Moreover, Paraxylene Market Share is primarily used in the production of polyethylene terephthalate (PET) which is primarily used as a packaging material for carbonated drinks, water bottles, and other containers for food, beverages and personal care products.

Paraxylene is a colorless, flammable liquid organic compound with a strong, sweet odor. It is a member of the xylene family of chemicals and is used primarily as a starting material in the production of terephthalic acid and dimethyl terephthalate, which are used in the manufacture of polyester fibers and plastic bottles. Paraxylene is also used as a solvent for fats, oils, waxes, and resins, as well as in the production of certain synthetic fragrances.

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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 global Para-Xylene Market 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, and 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 Petrochemical industry is projected to witness considerable competition over the forecast period of 2022–2030.

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. 

The production of paraxylene involves the reforming of naphtha or other petroleum-based feedstocks in the presence of a catalyst, followed by a separation and purification process. The safety and environmental implications of the production and use of paraxylene and related chemicals have been a subject of concern, and measures are being taken to minimize the potential release of these chemicals into the environment.

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