Global Paraxylene Market report published by Accurize Market Research forecast that the global market is expected to reach $81 billion by 2025; growing at a CAGR of 9.6% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Increasing demand for polyesters to drive the growth of Paraxylene market

Major factors pushing the growth of the paraxylene market include growing demand for polyesters, increasing application segments, the necessity for conservation efficiency, and low manufacturing cost. However, rising demand for bio-based products and complex process of formation would hamper the market growth. Furthermore, the development of advanced technologies and potential markets could provide market opportunities in forecast years.

Market Segmentation

The global paraxylene market is segmented based on end-user, application, and geography. End-user comprises packaging, polyester fiber, and others. Application is segmented as purified terephthalic acid (PTA), dimethyl-terephthalate (DMT), di-paraxylene (DI-PX), and others.

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By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the world (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers Russia, the U.K., Germany, France, Italy and the Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. The rest of the World (RoW) covers South America, the Middle East, and Africa.

"Polyester fiber accounted for the largest market share in the end-user segment", says Accurize

Polyester fiber held the largest market share in 2017 and is anticipated to continue its dominance during the forecast period driven by the growth of the home furnishing market, changing lifestyles, and growth in the building and construction industry. Purified terephthalic acid (PTA) dominated the application segment, owing to the growing demand for PTA films in the construction and commercial industries.

"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize

Asia-Pacific dominated the global paraxylene market with the largest market share of 83%, and the fastest CAGR during the forecast period, owing to, presence of major manufacturers, increasing demand from food and beverage packaging industry, and growing production capacity.

Top players in the market

Major companies operating in the market include Toray Industries Inc., British Petroleum PLC, ONGC, XJ Nippon Oil & Energy Corp., Reliance Industries Ltd., Teijin Fibers, S-Oil Corporation, CNOOC Limited, BASF SE, and Chevron Phillips Chemical Company LLC, among others.