P-Xylene Market

The global p-xylene market is projected to show continued growth in consumption over the next eight years, with the market volume estimated to reach 40M tons by 2030. Market performance is expected to accelerate with a projected CAGR of +5.6% from 2022 to 2030. In 2022, consumption of p-xylene decreased by -3.8%, but the market value increased by 6.9% to $29.6B. China is the largest consumer and importer of p-xylene, with South Korea leading in production. The average p-xylene import price was $1,069 per ton in 2022, while the export price was $1,007 per ton.

Market Forecast

Driven by increasing demand for p-xylene worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.6% for the period from 2022 to 2030, which is projected to bring the market volume to 40M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.3% for the period from 2022 to 2030, which is projected to bring the market value to $55.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of P-Xylene

In 2022, consumption of p-xylene decreased by -3.8% to 26M tons, falling for the second year in a row after three years of growth. In general, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at 28M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global p-xylene market value rose sharply to $29.6B in 2022, surging by 6.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. Global consumption peaked at $32.7B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (10M tons) remains the largest p-xylene consuming country worldwide, accounting for 40% of total volume. Moreover, p-xylene consumption in China exceeded the figures recorded by the second-largest consumer, South Korea (2.5M tons), fourfold. India (1.7M tons) ranked third in terms of total consumption with a 6.6% share.

In China, p-xylene consumption expanded at an average annual rate of +5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-8.3% per year) and India (-1.5% per year).

In value terms, China ($11.4B) led the market, alone. The second position in the ranking was taken by Portugal ($3.6B). It was followed by South Korea.

In China, the p-xylene market expanded at an average annual rate of +3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Portugal (+7.2% per year) and South Korea (-12.2% per year).

In 2022, the highest levels of p-xylene per capita consumption was registered in Oman (284 kg per person), followed by Singapore (113 kg per person), Portugal (39 kg per person) and the Netherlands (32 kg per person), while the world average per capita consumption of p-xylene was estimated at less than 0.1 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the p-xylene per capita consumption in Oman stood at +4.8%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Singapore (-4.6% per year) and Portugal (+7.5% per year).

Production

World Production of P-Xylene

In 2022, the amount of p-xylene produced worldwide stood at 26M tons, therefore, remained relatively stable against the previous year. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 2.3%. Global production peaked in 2022 and is expected to retain growth in years to come.

In value terms, p-xylene production dropped to $19.1B in 2022 estimated in export price. In general, production, however, continues to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 15%. Global production peaked at $30.3B in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Production By Country

South Korea (7.8M tons) remains the largest p-xylene producing country worldwide, accounting for 29% of total volume. Moreover, p-xylene production in South Korea exceeded the figures recorded by the second-largest producer, Japan (3.4M tons), twofold. India (2.3M tons) ranked third in terms of total production with an 8.8% share.

In South Korea, p-xylene production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (-0.1% per year) and India (+0.8% per year).

Imports

World Imports of P-Xylene

Global p-xylene imports reduced dramatically to 17M tons in 2022, with a decrease of -16.9% compared with the year before. Overall, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.8% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 30%. As a result, imports attained the peak of 22M tons. From 2019 to 2022, the growth of global imports remained at a lower figure.

In value terms, p-xylene imports expanded sharply to $17.8B in 2022. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 38%. As a result, imports attained the peak of $23.8B. From 2019 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

China was the major importer of p-xylene in the world, with the volume of imports amounting to 11M tons, which was approx. 63% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (1.8M tons) and the United States (1M tons), together achieving a 17% share of total imports. India (588K tons), Indonesia (440K tons), Portugal (369K tons) and Pakistan (320K tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to p-xylene imports into China stood at +5.3%. At the same time, the United States (+14.2%), Portugal (+9.9%) and Taiwan (Chinese) (+3.0%) displayed positive paces of growth. Moreover, the United States emerged as the fastest-growing importer imported in the world, with a CAGR of +14.2% from 2012-2022. India and Pakistan experienced a relatively flat trend pattern. By contrast, Indonesia (-3.7%) illustrated a downward trend over the same period. While the share of China (+13 p.p.) and the United States (+3.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Indonesia (-2.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($11.5B) constitutes the largest market for imported p-xylene worldwide, comprising 65% of global imports. The second position in the ranking was taken by Taiwan (Chinese) ($1.5B), with an 8.6% share of global imports. It was followed by the United States, with a 5.9% share.

In China, p-xylene imports increased at an average annual rate of +1.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-2.8% per year) and the United States (+10.6% per year).

Import Prices By Country

The average p-xylene import price stood at $1,069 per ton in 2022, increasing by 26% against the previous year. Over the period under review, the import price, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 42% against the previous year. Global import price peaked at $1,518 per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Pakistan ($1,164 per ton) and Portugal ($1,124 per ton), while Taiwan (Chinese) ($835 per ton) and Indonesia ($1,047 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (-2.6%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of P-Xylene

In 2022, approx. 17M tons of p-xylene were exported worldwide; waning by -11.8% compared with the previous year. Overall, total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -19.8% against 2018 indices. The growth pace was the most rapid in 2013 when exports increased by 19% against the previous year. The global exports peaked at 21M tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, p-xylene exports stood at $17.1B in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 42% against the previous year. The global exports peaked at $21.9B in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

South Korea was the key exporting country with an export of about 5.3M tons, which finished at 31% of total exports. Japan (2.3M tons) ranks second in terms of the total exports with a 13% share, followed by Brunei Darussalam (7.8%), Taiwan (Chinese) (7.1%), India (7%), Singapore (6.4%), the United States (5.8%), Kuwait (5.4%) and Saudi Arabia (5.1%).

Exports from South Korea increased at an average annual rate of +9.2% from 2012 to 2022. At the same time, Saudi Arabia (+19.9%), Taiwan (Chinese) (+7.3%), India (+5.8%) and Singapore (+5.1%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the world, with a CAGR of +19.9% from 2012-2022. Kuwait and Brunei Darussalam experienced a relatively flat trend pattern. By contrast, Japan (-2.9%) and the United States (-2.9%) illustrated a downward trend over the same period. While the share of South Korea (+14 p.p.), Brunei Darussalam (+7.8 p.p.), Saudi Arabia (+4 p.p.), Taiwan (Chinese) (+2.3 p.p.) and India (+1.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-4.8 p.p.) and Japan (-10.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($5.7B) remains the largest p-xylene supplier worldwide, comprising 33% of global exports. The second position in the ranking was taken by Japan ($1.9B), with an 11% share of global exports. It was followed by Brunei Darussalam, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value in South Korea stood at +5.8%. In the other countries, the average annual rates were as follows: Japan (-8.0% per year) and Brunei Darussalam (0.0% per year).

Export Prices By Country

The average p-xylene export price stood at $1,007 per ton in 2022, rising by 22% against the previous year. Over the period under review, the export price, however, showed a pronounced slump. The pace of growth appeared the most rapid in 2021 an increase of 40%. The global export price peaked at $1,460 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($1,143 per ton), while Saudi Arabia ($738 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-2.7%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform