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 |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
