PUBLISHER: Grand View Research | PRODUCT CODE: 1679498
PUBLISHER: Grand View Research | PRODUCT CODE: 1679498
The global paraxylene market size is expected to reach USD 159.80 billion by 2030, registering a CAGR of 11.5% from 2025 to 2030, according to a new report by Grand View Research, Inc. Rising demand for fiber and polyester resin from numerous end-use industries is projected to propel product demand over the coming years.
Rapid growth in demand for polyester fabric is acting as a major market driver. Surging demand for purified terephthalic acid (PTA) in the 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.
The overall industry is facing oversupply, which is pushing manufacturers towards reducing product prices and output. A sudden drop in the total import of PTA from China has adversely affected the global market. Oversupply of PET in the past few years has now forced terephthalic acid manufacturers to lower the capacity utilization rate in the recent past.
PTA production capacity has expanded faster than the demand, affecting the global utilization rate. A sudden decrease in Chinese PTA import on account of increased in-house production has drastically affected PTA manufacturers located in the Asia Pacific. Asia Pacific emerged as the largest region for the global paraxylene market with a share of more than 79% in 2014. The 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.