Exxon Mobil Corp. held the largest market share in the global paraxylene market, followed by Sinopec and BP. A diversified product portfolio and better geographic coverage enabled Exxon Mobil Corp. to generate maximum revenues from the global market. Exxon Mobil Corp. continues to strengthen its market position in the paraxylene manufacturing businesses through joint ventures and strategic investments. Exxon Mobil Corp has a strong regional presence and this diversification helps the company maintain its market position. The vertically integrated operations help the company in their raw material and final product sales. By focusing on mergers & acquisitions, the company is trying to improve its regional presence in new locations. The company focuses on driving constant developments in its base businesses; deriving value-added growth opportunities across the chemical value chain; geographical diversification; establishing and maintaining the lowest possible cost to serve wholesale position; and investing counter-cyclically.
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In Dec 2013, BP invested $95 million in its Finley Island Road plant. This expansion helped the company to enhance the chemicals production, where the chemicals are mainly used as raw materials to produce PTA. Under the expansion project, the company announced its decision to upgrade its paraxylene and PTA production capacity.
As a part of its business strategy, CNPC focuses on taking full advantage of economies of scale and integration of its upstream and downstream operations, in order to seek a dominant position in the market and maximize profits. It consistently works on its business strategy to develop its domestic and overseas businesses in a coordinated manner and promoting the orderly development of its business.
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The leading players in the market are Exxon Mobil Corp., BP plc, Sinopec Ltd., Reliance Industries, Formosa Plastics Corp., GS Holdings, Nippon Petroleum, National Petrochemical Company, Chevron Corporation, and China National Petroleum Corporation (CNPC), among others.
