Industry/ Innovation/ Related News:
November 16, 2016- A team of chemical researchers including doctorates and professors from university of Massachusetts has innovated a process for production of para-xylene which involves the use of biomass as feedstock with a 97% yield. This innovation is expected to fuel the production of para-xylene owing to its cost efficiency and higher.
April 21, 2017 – Reliance Industries limited announced the successful completion of the final phase of para-xylene project including aromatic extraction units, trans-alkylation and PX crystalliser trains at Jamnagar. The plant is constructed with efficient technology from British Petroleum which is anticipated to push Reliance to the second spot in the global market of para-xylene producers. Reliance has successfully implemented the first phase of the project earlier in 2016. This development is expected to augment the market of para-xylene in India which in turn will positively affect the Asia Pacific para-xylene market.
February 11, 2016 – Hengli Petrochemical Company Limited has collaborated with Axens for the procurement of technology, in the first crude to paraxylene complex located in China. This complex is expected to hold a capacity of processing 4,00,000 barrels of crude oil per day which will further cater to the purified terephthalic acid (PTA) plants for the use in the PET applications. This collaboration will further drive the market of PET application will in turn will surge the growth of the para-xylene market.
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Para Xylene Market Key Players:
Market Research Future (MRFR) recognizes the following companies as the key players in the global para xylene market;
- Honeywell UOP,
- JX Nippon Oil & Energy Corp.,
- CNPC, S-Oil,
- Reliance Industries Ltd,
- NPC Iran,
- GS Caltex,
- China National Offshore Oil Corporation,
Para Xylene Market Overview:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “The global para xylene market is anticipated to witness a CAGR of approx. 12.05% during the forecasted period. Para xylene (PX) had witnessed steady demand from last few years due to stable demand from polyester manufactures. It is majorly used for producing PTA (Purified Terephthalic acid) and DMT (Dimethyl Terephthalate).
In 2015, the polyesters demand reached around USD 50 million tons making it the most commonly used synthetic fiber across the globe. Rising demand for para xylene from numerous end user industries including packaging, textiles and construction materials is significantly influencing the demand for para xylene.
Para Xylene Market Regional Analysis:
The geographic analysis of para xylene market includes North America, Asia Pacific, Europe and RoW. Asia Pacific market is expected to hold the largest market share in the global para xylene market in 2017. In-addition, APAC region is the major producer of para xylene with several capacity expansions planned in India and China over the coming years. Within the Asia Pacific region, China is the largest consumer and producer of polyester and para xylene, vital for the country’s textile industry, which generated USD 290 billion of overseas sales. The regional market is also anticipated to experience oversupply after the upcoming capacities come into operation.
High demand for polyester from packaging and textile industry coupled with rapid industrialization is anticipated to drive regional growth during the forecasted period. However, North America is expected to hold the second largest market share owing to the growth in the chemical industry as well as the expansion of the end user industries within the region. In 2016, the US consumed around USD 3.8 million tons of para xylene and a considerable proportion of this demand is met through imports.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
Para Xylene Market Table of Content:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Para Xylene Market
Para Xylene Market Table of Content to be Continue………,
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