Paraxylene Prices

Paraxylene Prices June 2024

During the second quarter of 2024, the paraxylene prices in the United States reached 1032 USD/MT in June. In Q2 2024, paraxylene prices in the USA fell due to a surplus in supply and weak demand. Seasonal declines in the polyester industry and inexpensive raw materials contributed to the downward trend. The market faced challenges with production outpacing demand, leading to a subdued pricing environment.

In the second quarter of 2024, paraxylene saw a rise in prices in Japan due to strong seasonal demand and increased crude oil costs. The quarter ended with the product priced at 1048 USD/MT in June. Supply chain disruptions and strategic import shifts also supported the upward trend. The market experienced notable price increases due to these combined factors.

Paraxylene Prices March 2024

During the first quarter of 2024, the paraxylene prices in the United States reached 893 USD/MT in March. The market prices saw an uptick driven by rising crude oil costs. Despite a generally stable market, production challenges and fluctuating raw material prices exerted pressure on prices throughout the quarter.

In Q1 of 2024, paraxylene prices in China observed an increase in prices during the first quarter of 2024 due to strong consumption across FMCG and packaging sectors. The quarter ended with paraxylene priced at 727 USD/MT in March. Improved delivery times and sufficient supply supported this positive trend. However, geopolitical uncertainties and high costs continued to affect overall market conditions.

During the Q1 of 2024, paraxylene pricing in Germany saw a modest increase driven by strong demand and tight supply. The quarter ended with paraxylene-priced at 887 USD/MT in March. The impact of the rising cost of crude oil and supply chain disturbances influenced the market, resulting in higher prices despite ongoing challenges and delays in raw material deliveries.

Paraxylene Prices December 2023

During the last quarter of 2023, the price of paraxylene in Belgium decreased and by the end of December, it was just 1091 USD/MT. The low demand from downstream industries like bottling and packing is the reason for this. The low pricing for feedstock and the product's excess supply also added to this pessimistic trend.

Regional Coverage

The report provides a detailed analysis of the paraxylene market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the paraxylene price trend.

Global Paraxylene Price

The report offers a holistic view of the global paraxylene pricing trends in the form of paraxylene price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into paraxylene historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into paraxylene price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed paraxylene demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Paraxylene Price

Q2 2024:

In second quarter of 2024, the European market saw a prominent price decline due to a combination of ample supply and muted demand, especially from the polyester and PET sectors. The drop in the global cost of crude oil and ongoing uncertainties in the economy and geopolitics further limited consumer spending. Germany, in particular, reflected this trend with significant price reductions driven by oversupply and weak demand. The market's cautious stance and the seasonal pattern of weakening prices underscored the broader bearish sentiment of the paraxylene market, influenced by complex market dynamics and high supply levels.

Q1 2024:

The European market witnessed growth due to rising end user demand. This surge led to longer delivery times and increased prices owing to limited accessibility. The supply chain disruptions combined with the Red Sea crisis further affected the market, causing delivery delays for raw materials and increased purchasing costs. Germany witnessed a slight increase in paraxylene prices, supported by static market growth and a balanced supply. A shortage of raw materials and an increase in the cost of crude oil put additional strain on the market, influencing price trends despite various operational challenges and disruptions.

Q4 2023:

The European paraxylene market was impacted by weak demand from packaging and bottling industries during Q4 of 2023, which caused a decline in prices. Additionally, the increasing low-cost imports from Asia, coupled with a decline in crude oil prices, further contributed to the downward trend.

This analysis can be extended to include detailed paraxylene price information for a comprehensive list of countries.

North America Paraxylene Price

Q2 2024:

In the second quarter of 2024, North America's paraxylene market saw a persistent downward trend driven by weak demand and an oversupply situation. The market was under pressure from the decreasing cost of crude oil, excess inventory, and a slowing global economy, all of which had an indirect effect on paraxylene consumption. The USA observed notable price variations due to production exceeding demand and seasonal decreased rates of polyester industrial need. The overall decrease in product prices was exacerbated by inexpensive raw materials, lowering the cost of production. Consequently, the market remained subdued throughout the quarter, highlighting ongoing challenges from oversupply and weakened demand.

Q1 2024:

In the first quarter of 2024, North America displayed a generally positive outlook, supported by a rebound in the world economy and rising requirements from local and foreign sources. Despite this, prices remained relatively low compared to the previous quarter, influenced by unpredictable raw material costs. In addition, the region's production was hampered by irregular supplier performance and delayed input deliveries. In the U.S., paraxylene prices increased towards the end of March due to rising crude oil costs. Overall, market outlook and seasonal patterns showed stability, although ongoing supply and demand fluctuations influenced pricing trend.

Q4 2023:

The paraxylene market in North America was bearish during the last quarter of 2023 because of moderate to high levels of supply and reduced demand from downstream sectors like PTA and PET bottles. Also, the contraction of the manufacturing sector in the region led to a significant decline in new orders, which further caused the prices to plummet.

Specific paraxylene historical data within the United States and Canada can also be provided.

Middle East and Africa Paraxylene Price

The report explores the paraxylene pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on paraxylene prices for countries can also be provided.

Asia Pacific Paraxylene Price

Q2 2024:

During the second quarter of 2024, the Asia Pacific region saw a substantial rise in paraxylene prices due to increased feedstock crude oil rates and strong consumption across the PTA and PET industries. Supply chain interruptions from plant maintenance also contributed to the upward price trend. Japan observed the most pronounced price variations, motivated by a robust seasonal requirement from the polyester sector and changes in the import strategies for crude oil. The price increase was also supported by higher input rates and a shortage of imports at competitive prices. Overall, the quarter reflected a robust market landscape marked by rising prices and limited supply.

Q1 2024:

The Q1 of 2024 saw an upward trend across the Asia Pacific region. This positive movement was fueled by a recovery in consumption across sectors like FMCG and packaging, and increased purchasing activity from major export markets. Japan is one of the prominent regions that experienced a moderate price increase, reflecting strong demand and improved market conditions. However, despite these positive trends, some Asian markets continued to face challenges, including geopolitical uncertainties and high prices, which impacted overall demand and market performance.

Q4 2023:

The Asia Pacific market for paraxylene displayed a downward trajectory during Q4FY2023 due to uncertain naphtha prices in the region. Also, the demand from the downward sector remained mostly stable, causing a bullish trend in some areas and a bearish one in others. Beyond this, the presence of weak economic conditions and slower demand from overseas contributed to the bearish price trend.

This paraxylene price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Paraxylene Price

The analysis of paraxylene prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Paraxylene Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Paraxylene Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of paraxylene pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of paraxylene at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of paraxylene price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing paraxylene price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Paraxylene Market Analysis

The global paraxylene industry size reached US$ 49.7 Billion in 2023. By 2032​, IMARC Group expects the market to reach US$ 78.6 Billion, at a projected CAGR of 5.10% during 2023-2032.

• One major factor driving the need for paraxylene is the growing global demand for polyethylene terephthalate (PET). By 2032, the PET market is projected to have grown at a 5.4% annual pace to reach USD 56.7 billion. Paraxylene is one of the most important raw materials used to make PET, which is used in plastic bottles and containers to package food and drink.
• The market is also growing due to the global textile industry's expansion, which produces polyester fibers using paraxylene. It is a top-notch material that is valued for its affordability, adaptability, and durability. The European textile and apparel sector generated a revenue of 170 billion euros in 2023. Additionally, 4.5 billion euros were invested in this business throughout Europe. Also, the garment and textile sector in India makes up 2.3% of the GDP of the nation. Additionally, it is anticipated that by FY26, the nation's overall textile exports will amount to $65 billion.
• Another important factor supporting the demand for paraxylene is the expansion of the packaging industry. It is used in the manufacturing of PET, which is preferred in the packaging industry due to its strength, clarity, and barrier qualities. The use of PET based on paraxylene will rise in tandem with the packaging market, which is expected to increase at a 3.9% compound annual growth rate (CAGR) to reach $1.42 trillion in 2028. Between 2023 and 2028, the packaging market in Asia alone is expected to grow by 5.3% YoY, with China providing 25.3% of the global packaging demand in terms of value.
• The industry is benefiting from technological developments in the paraxylene production process, such as improved catalytic processes and alternate product techniques. For example, at Anellotech's TCat-8® pilot plant in Texas, the company has successfully recovered high-purity bio-based paraxylene in collaboration with its partner companies, IFPEN and Axens.
• Also, global infrastructure development is significantly accelerating market expansion. PET based on paraxylene finds use in industrial and construction settings because of its strength, low weight, and ability to withstand abrasion, chemicals, and weather. Through October 2023, financing under the Bipartisan Infrastructure Law (BIL) is expected to total about $350 billion in the United States. The demand for paraxylene-based PET has been increased by the allocation of $9.8 billion for passenger and freight rail, $7.8 billion for airports, $174.7 billion for highways, bridges, and major projects, $34.1 billion for public transportation, and $5.9 billion for ports and waterways.

Paraxylene News

The report covers the latest developments, updates, and trends impacting the global paraxylene industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in paraxylene production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the paraxylene price trend.

Latest developments in the paraxylene industry:

• In July 2024, Indorama Ventures joined a seven-company consortium to develop a sustainable polyester fiber supply chain. The project, involving firms from Japan, South Korea, India, and Finland, will use renewable and bio-based materials, including carbon capture-derived paraxylene, for polyester fibers in THE NORTH FACE products in Japan.
• In August 2023, Neste RE entered into a collaboration with ENEOS, Suntory, and Mitsubishi Corporation to produce polyethylene terephthalate (PET) with 100% bio-based raw materials. Under this collaboration, ENEOS will utilize bio-intermediated to produce bio-paraxylene at its Mizushima Refinery, which will then be converted into purified terephthalic acid (PTA) and subsequently to PET.

Product Description

Paraxylene (C6H4(CH3)2), also known as 1,4-Dimethylbenze, is a colorless, liquid organic compound with a sweet odor. Its different physical characteristics include molecular weight (106.16 g/mol), freezing point (56 °F), boiling point (280.9 °F at 760 mmHg), and melting point (55.9 °F). Paraxylene is soluble in chloroform and miscible in alcohol, ether, acetone, and benzene.

It is naturally found in Basella alba, Helianthus tuberosus, and other organisms. On a commercial scale, paraxylene is produced by low-temperature fractional crystallization. Currently, 60% of paraxylene is produced worldwide by adsorption technology, where molecular sieves are used to produce high-purity paraxylene.

It is used in non-food pesticides, herbicides, chemical synthesis, and the production of paints, printing, rubber, polyester resins, fibers, and leather. Paraxylene is also used as a cleaning agent and is found in small quantities in gasoline and airplane fuel.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of paraxylene pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting paraxylene price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The paraxylene price charts ensure our clients remain at the forefront of the industry.