Growing trends of polyester to influence demand for paraxylene

The demand for Paraxylene in the global paraxylene market is being attributed to the growing global trends of polyester. This growth can be attributed to the growing demand for textile applications and the rising need for polyethylene terephthalate (PET) in Asia Pacific.

Paraxylene is employed as feedstock for manufacturing dimethyl terephthalate (DMT), notably purified terephthalic acid (PTA), and industrial chemicals. DMT and PTA are further used in the production of polyethylene terephthalate (PET) polyester. PET/Polyester is available in various forms such as filaments, staple, and fiberfill. It is used in clothing, furnishings, and technical textiles.

Smooth growth is expected for the market over the next couple of years in Asia Pacific, it might witness limited avenues for growth in developed economies such as Europe and North America. The market will witness dramatic influence from the restrictions imposed by governments regarding the use of non-biodegradable materials and growing awareness among consumers regarding the use of products which are plastic-free.

The global market for paraxylene is anticipated to witness a CAGR of 7.0% during the coming years. The market is expected to be touch US$60.04 bn by the end of 2024 from a valuation of US$33.03 bn in 2015.

Some of the key companies operating in the global paraxylene market are BASF SE, Lotte Chemical Corporation, CNOOC Limited, Jurong Aromatics Corporation, Reliance Industries Limited, JX Nippon Oil & Energy Corporation, China National Petroleum Corporation, Sinopec Corporation, Exxon Mobil Corporation, and BP plc.

Recently, Asia Pacific has surfaced as the most profitable regional market backed by soaring demand from China. In 2015, Asia Pacific accounted for a massive share of 84% in terms of volume in the global paraxylene market with China alone, accounting for over 50% of the total uptake of the region in the same year.