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.
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.
The information and data in the publication “Global Paraxylene Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. Bottom-up and top down approach has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
News Courtesy: P&S Market Research