SAN FRANCISCO, September 17, 2018 /PRNewswire/ --

The global paraxylene market size is expected to reach USD 66.9 billion by 2022, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.5% over the forecast period. Rising demand for fiber and polyester resin from numerous end-use industries is projected to propel product demand over the coming years.

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Rapid growth in demand for polyester fabric is acting as a major market driver. Surging demand for purified terephthalic acid (PTA) in polyester production process is projected to provide fillip to the paraxylene market. Lower polyester manufacturing cost for Dimethyl terephthalate (DMT) and terephthalic acid and higher conversion efficiency of Purified Terephthalic Acid (PTA) have attracted polymer industry players to expand their terephthalic acid product portfolio.

Overall industry is facing oversupply, which is pushing manufacturers towards reducing product prices and output. Sudden drop in total import of PTA from China has adversely affected the global market. Oversupply of PET in past few years has now forced terephthalic acid manufacturers to lower the capacity utilization rate in recent past.

PTA production capacity has expanded faster than the demand, affecting global utilization rate. Sudden decrease in Chinese PTA import on account of increased in-house production has drastically affected PTA manufacturers located in Asia Pacific. Asia Pacific emerged as the largest region for the global paraxylene market with a share of more than 79% in 2014. Availability of low-cost labor and raw material along with the presence of end-use industries is projected to drive the regional market at the fastest CAGR over the next few years.

Browse full research report with TOC on "Paraxylene Market Size, Share & Trends Analysis Report By Application (Dimethyl Terephthalate, Purified Terephthalic Acid), By Region (North America, APAC, Europe, MEA, CSA), And Segment Forecasts, 2012 - 2022" at: https://www.grandviewresearch.com/industry-analysis/paraxylene-market

Further Key Findings From the Report Suggest: 

• PTA emerged as the dominant application segment in the paraxylene market with a share of more than 97.0% in 2014
• Paraxylene production cost varies depending upon raw material and production technology
• Huge planned capacity additions during next few years are expected to worsen the supply-demand scenario resulting in PX oversupply and increasing product pricing
• Some of the prominent companies operating in this market are BP, JX Nippon Oil & Energy Corp., Reliance Industries Ltd., CNPC, S-Oil, FCFC, Dragon, GS Caltex, ONGC, Orpic, ExxonMobil, Dalian Fujia Dahua, Toyo, Pertamina, and Teijin Fibers

Browse related reports by Grand View Research: 

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• Exterior Architectural Coating Market - The global exterior architectural coating market size was USD 22.54 billion in 2015.

• Base Oil Market - The global base oil market size was USD 28.32 billion in 2015.

• Iron Oxide Pigment Market - The global iron oxide pigment market size was USD 1.83 billion in 2015.

Grand View Research has segmented the global paraxylene market report on the basis of application and region: 

• Paraxylene Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022) 
  • Dimethyl Terephthalate (DMT)
  • Purified Terephthalic Acid (PTA)
  • Others
• Paraxylene Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022) 
  • North America
    • U.S.
  • Europe
    • Germany
    • France
    • U.K.
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
  • Middle East & Africa

Explore the BI enabled intuitive market research database, Grand View Compass, by Grand View Research, Inc.

About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Contact:
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Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

SOURCE Grand View Research, Inc.