Who are the key players in Paraxylene (PX) Market?

ENEOS Corporation, INEOS, Reliance Industries Limited, S-OIL CORPORATION and China National Petroleum Corporation are the major companies operating in the Paraxylene (PX) Market. Read More

Which is the fastest growing region in Paraxylene (PX) Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Paraxylene (PX) Market?

In 2024, the Asia Pacific accounts for the largest market share in Paraxylene (PX) Market. Read More

What years does this Paraxylene (PX) Market cover, and what was the market size in 2023?

In 2023, the Paraxylene (PX) Market size was estimated at 59.56 million tons. The report covers the Paraxylene (PX) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Paraxylene (PX) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Paraxylene (PX) Market Size

Market Size of Paraxylene (PX) Industry

Study Period	2019 - 2029
Market Volume (2024)	62.66 Million tons
Market Volume (2029)	80.78 Million tons
CAGR (2024 - 2029)	5.21 %
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order

Paraxylene Market Analysis

The Paraxylene Market size is estimated at 62.66 Million tons in 2024, and is expected to reach 80.78 Million tons by 2029, growing at a CAGR of 5.21% during the forecast period (2024-2029).

The market was moderately impacted by COVID-19 in 2020. Purified terephthalic acid, a paraxylene product, was used to manufacture polyester coating resins in the formulation of automotive coatings. The declining automotive industry and the temporary shutdown of automotive manufacturing negatively impacted the market. However, face shields, transparent masks, food, and e-commerce packaging usage increased, thus boosting the demand for paraxylene derivatives. It also includes purified terephthalate acid, dimethyl terephthalate, and polyethylene terephthalate, further augmenting the demand for paraxylene.

Over the short term, the high demand for polyethylene terephthalate (PET) from the plastic industry in Asia-Pacific is expected to drive the market's growth.
However, increasing consumer awareness regarding plastic-free products and PET collection and recycling rates in Europe are hindering the market's growth.
Innovation in using bio-based paraxylene in bioplastic PET bottles (Bio-PET) and other bioplastic products will likely create opportunities for the market in the coming years.
The Asia-Pacific region is expected to dominate the market and register the highest CAGR during the forecast period.

Paraxylene Industry Segmentation

Paraxylene, also known as 1.4-dimethyl benzene, is a colorless and flammable aromatic hydrocarbon mainly produced from catalytic reforming or thermal cracking of naphtha. Paraxylene produces polyethylene terephthalate (PET), which is further used as polyester fiber, resin, and film. The paraxylene (PX) market is segmented by application, end-user industry, and geography. The market is segmented by application into purified terephthalate acid (PTA), dimethyl terephthalate (DMT), and other applications. By end-user industry, the market is segmented into plastics, textiles, and other end-user industries. The report also covers the market size and forecast in 15 countries across major regions. The market sizing and forecasts are based on each segment's volume (million tons).

Application
		Purified Terephthalic Acid (PTA)
		Dimethyl Terephthalate (DMT)
		Other Applications

End-user Industry
		Plastics
		Textile
		Other End-user Industries

Geography

Asia-Pacific
	China
	India
	Japan
	South Korea
	Rest of Asia-Pacific

North America
	United States
	Canada
	Mexico

Europe
	Germany
	United Kingdom
	Italy
	France
	Rest of Europe

South America
	Brazil
	Argentina
	Rest of South America

Middle-East and Africa
	Saudi Arabia
	South Africa
	Rest of Middle-East and Africa

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Paraxylene (PX) Market Size Summary

The paraxylene market is poised for significant growth over the forecast period, driven by its critical role as a precursor in the production of polyethylene terephthalate (PET) plastics and polyester fabrics. The market experienced a moderate impact from the COVID-19 pandemic, particularly due to disruptions in the automotive sector, which affected the demand for purified terephthalic acid (PTA), a key product derived from paraxylene. However, the increased demand for paraxylene derivatives in sectors such as packaging, including food and e-commerce, helped mitigate some of the negative effects. The Asia-Pacific region, especially China, is expected to dominate the market, fueled by robust demand for PET in the plastic industry and the country's position as a leading producer and consumer of paraxylene. Innovations in bio-based paraxylene for bioplastic applications are anticipated to create new opportunities, despite challenges posed by rising consumer awareness regarding plastic use and recycling initiatives in Europe.

The market landscape is characterized by a partial consolidation, with major players like ENEOS Corporation, INEOS, Reliance Industries Limited, S-OIL Corporation, and China National Petroleum Corporation holding significant market shares. The demand for paraxylene is further bolstered by its application in high-performance plastics and the expanding production in industries such as automotive, food and beverage, electronics, and construction. China's substantial production capacity and its role as a major clothing exporter contribute to the increasing demand for paraxylene, driven by the growing need for PET in packaging and textiles. Recent developments, such as the successful production of paraxylene from CO2 and collaborations to enhance production capabilities, indicate a dynamic market environment with potential for continued expansion.

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Paraxylene (PX) Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 High Demand for Polyethylene Terephthalate (PET)
  2. 1.1.2 Other Drivers
2. 1.2 Restraints
  1. 1.2.1 Increase in Consumer Awareness Regarding the Use of Plastic-free Products
  2. 1.2.2 PET Collection and Recycling Rates in Europe
  3. 1.2.3 Other Restraints
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Consumers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 Application
  1. 2.1.1 Purified Terephthalic Acid (PTA)
  2. 2.1.2 Dimethyl Terephthalate (DMT)
  3. 2.1.3 Other Applications
2. 2.2 End-user Industry
  1. 2.2.1 Plastics
  2. 2.2.2 Textile
  3. 2.2.3 Other End-user Industries
3. 2.3 Geography
  1. 2.3.1 Asia-Pacific
    1. 2.3.1.1 China
    2. 2.3.1.2 India
    3. 2.3.1.3 Japan
    4. 2.3.1.4 South Korea
    5. 2.3.1.5 Rest of Asia-Pacific
  2. 2.3.2 North America
    1. 2.3.2.1 United States
    2. 2.3.2.2 Canada
    3. 2.3.2.3 Mexico
  3. 2.3.3 Europe
    1. 2.3.3.1 Germany
    2. 2.3.3.2 United Kingdom
    3. 2.3.3.3 Italy
    4. 2.3.3.4 France
    5. 2.3.3.5 Rest of Europe
  4. 2.3.4 South America
    1. 2.3.4.1 Brazil
    2. 2.3.4.2 Argentina
    3. 2.3.4.3 Rest of South America
  5. 2.3.5 Middle-East and Africa
    1. 2.3.5.1 Saudi Arabia
    2. 2.3.5.2 South Africa
    3. 2.3.5.3 Rest of Middle-East and Africa