U.S. paraxylene market volume by application, 2012-2022, (Kilo Tons)
- Global paraxylene market demand was 36.83 million tons in 2014 and is expected to reach 62.98 million tons by 2022, growing at a CAGR of 7.0% from 2015 to 2022.
- Purified terephthalic acid (PTA) is expected to remain the largest application segment for PX in the global market. The segment accounted for over 95% of total PX demand in 2014. The growth may be attributed to increased demand for polyester from various end-use industries.
- Asia Pacific emerged as the leading regional market with demand share estimated at 79.2% in 2014. Growing demand for polyester fiber and PET particularly in emerging economies of China and India is expected to drive the regional market. Asia Pacific is also expected to witness the highest growth of 7.3% from 2015 to 2022.
- Key market participants operating in the global PX market include JX Nippon Oil & Energy Corp., BP, CNPC, Reliance Industries Ltd., S-Oil, Dragon, FCFC, NPC Iran, GS Caltex, ONGC, KPPC, Orpic, Jurong Aromatics Corp., China National Offshore Oil Corporation (CNOOC), PTT, Lotte KP Chemical, Yanbu Aramco Sinopec Refining Company Ltd., ExxonMobil, Saudi Aramco, Dalian Fujia Dahua, Idemitsu Kosan Co., Ltd., Toyo, Teijin Fibers and Pertamina.