New York, New York -- (SBWire) -- 12/14/2016 --the global Paraxylene market was valued at $34,745.7 million in 2015, and it is expected to grow at a CAGR of 12.8% during 2016 - 2022.
The major factors driving the growth of the market globally include growing demand of PTA in polyester manufacturing, rising demand for PET bottle resin due to increasing use of PET in soft drink and mineral water bottles, recycle and renewable raw material and the growth in end-user application. Based on application, the PTA segment accounted for the largest share in the total market in 2015, and it is expected to grow at a CAGR of 12.9% in terms of value during the period 2016 - 2022. Growing demand of PTA in polyester manufacturing is the major factor driving the demand for paraxylene. Most of purified terephthalic acid (PTA) is used in polyester production, including polyester fiber, polyethylene terephthalate (PET) bottle resin and polyester film. Among other grade of polyester used in textiles and food and beverage containers, PTA offers more economic feasibility and better solutions. In Asia, the strong growth rate of PTA consumption is driven by strong polyester fiber demand, which in total accounts for nearly two-third of global polyester demand.
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Polyester fibers are used to make fabrics for apparel and home furnishings such as bed sheets, bedspreads, curtains and draperies. The polyester fiber is used with natural fibers, such as cotton, to produce cloth line with enhanced properties such as high wrinkle resistance, high wear and tear and others. In North America and Europe, PTA consumption has observed slow in demand as growth of textile industry had shifted towards Asia-Pacific regions. Here, the growth has been seen in the PET bottle resin market.
Among the various end-users of paraxylene, the polyester fiber segment held the largest share in the global paraxylene market in 2015. The growth in disposable income of middle class population along with increasing population is creating pressure on textile industry to meet the growing household and apparel needs. To meet the growing demand, installation of new facilities and new developments are being carried out mainly in Asia-Pacific regions.
In 2015, Asia-Pacific held the largest share in the global paraxylene market with 82.4% share. The surging level of urbanization, growing domestic consumption along with increasing disposable income and strong GDP growth are some of the major forces supporting the growth of paraxylene market in Asia-Pacific, particularly in countries such as India and China. China is the largest market for paraxylene across the globe; however, India, South Korea is expected to witness significant growth in the near future. The impact of growing population and strong GDP in developing countries on the paraxylene market is anticipated to remain high during the next few years.
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Some of the major players operating in the global paraxylene market include Exxon Mobil, BASF SE, Chevron Phillips, Toray Industries, Reliance Industries, JX Nippon Oil & Energy Corp., British Petroleum, Saudi Aramco,, Petro China, Sinopec and Dragon Aromatics.
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Pure Terephthalic Acid (PTA) Application Segment Expected to Witness Fastest Growth (13% CAGR) During 2016 – 2022, in the Global Paraxylene Market
“Global Paraxylene Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Application (Pure Terephthalic Acid, Dimethyl Terephthalate, Di-Paraxylene, Others) and by End-Use (Packaging, Polyester Fibers, Others)”