Paraxylene Price Trend

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.

Paraxylene Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Paraxylene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” 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 market 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. Additionally, 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 market, 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 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.
• In June 2020, INEOS announced that it had purchased BP’s Aromatic and Acetyls business for a total value of $5 billion. This deal includes BP’s production assets for purified terephthalic acid, paraxylene, acetic acid, and other products.

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.

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 current price of paraxylene but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into 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

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

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

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.

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.