Global Paraxylene Market Report and Forecast 2024-2032

Global Paraxylene Market Outlook

The global paraxylene market size reached a value of around USD 49.98 billion in 2023. The global market is expected to grow at a CAGR of 6.4% between 2024 and 2032, reaching a value of USD 87.34 billion by 2032.

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Global Paraxylene Market Trends

Paraxylene also known as p-Xylene, is a chemical that is largely used as a building block to manufacture polyester and PET plastics. As PET plastic is robust, lightweight, and shatter-resistant, it is frequently used to make bottles for water, sodas, and other liquids. P-Xylene is a hydrocarbon which is usually obtained from crude oils.

• The growing demand for plastic goods in the packaging sector is one of the key market growth factors. In addition, bottles made of polyethylene terephthalate (PET) are often used to keep soda, water, and other liquids, and the rising demand for the PET plastics has enhanced the market development for paraxylene.

• The paraxylene market is anticipated to receive various growth opportunities during the forecast period due to the rising utilisation of bio-based paraxylene in bioplastic PET bottles (Bio-PET) and various other bioplastic applications, such as food utensils.

• Furthermore, rapid industrial and economic development in various regions would propel the market growth as the demand for plastic products rise. This will also enable opportunities for companies to expand their market presence into other regions.

Global Paraxylene Market Analysis

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Based on product type, the market is segmented into dimethyl terephthalate, and purified terephthalic, among others. On the basis of application, the market is categorised into electronics, construction, textiles, food packaging, and beverage bottling, among others. The regional markets for paraxylene can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global paraxylene market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• China National Petroleum Corporation

• ENEOS Corporation

• GS Caltex Corporation

• INEOS Group Holdings S.A

• S-OIL Corporation

• Reliance Industries Limited

• Mitsubishi Gas Chemical Company, Inc.

• Others

Different Product Types Available in the Paraxylene Market

The market for paraxylene, based on type, can be segmented into dimethyl terephthalate and purified terephthalic, among others. Dimethyl terephthalate is produced through the formal condensation of the carboxy groups of terephthalic acid with methanol. It is a diester, phthalate ester, and methyl ester. It is widely used in the manufacturing of polyesters and commercial plastics and is also commonly used to produce esters for the production of plasticisers. These plasticisers are usually found in polyester resins, polyester polyols, dyes and pigments, anhydrides, and insect repellents. Dimethyl terephthalate is a key component of thermoplastics, electrical capacitors, and several valuable X-ray and video films.

Regional markets for Paraxylene

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the market segments for the global paraxylene market.

The Asia Pacific regional market for paraxylene is anticipated to be driven by the rapid industrialisation and economic growth. Due to the significant use of paraxylene for the manufacture of PET, the Asia-Pacific region is expected to hold a leading position in the market. China, India, Malaysia, and Indonesia, among others, are some of the largest manufacturers and consumers of paraxylene, which can significantly propel the development of the market.

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Competitive Landscape

China National Petroleum Corporation founded in 1988, is one of the largest integrated energy organisations in the world and a significant national oil and gas corporation of China. Its main office is located in Beijing. The company has expertise in the oil and gas sector and distributes its products around the world. The company is engaged in searching, refining, and selling a variety of products, including fuel oils, solvent oils, diesel oils, lubricant oils, chemical light oils, and gasolines.

ENEOS Corporation, based in Tokyo, Japan, is a company that operates in the oil and gas industry. The company, founded in 1888, was formerly known as JXTG Nippon Oil & Energy Corporation, or NOC or Shin-Nisseki. Its operations include the exploration, import, and refinement of crude oil, as well as the production and marketing of petroleum goods including fuels and lubricants. 

GS Caltex Corporation is jointly controlled by Chevron and GS Group. The company was established in 1967 with headquarters in Seoul, South Korea, and was Korea's first privately owned oil firm. The company is engaged in various business sectors including petroleum, aromatics, olefin, polymer, base oil, and lubricants, while also increasingly focused on production processes and research and development.

Other market players include INEOS Group Holdings S.A, S-OIL Corporation, Reliance Industries Limited, and Mitsubishi Gas Chemical Company, Inc., among others.

Key Highlights of the Report