The ‘global paraxylene market size, share, price, outlook, report and forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global paraxylene market, assessing the market on the basis of its segments like product type, application, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Paraxylene Market Size, Share, Price, Growth, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 46.97 billion
- Forecast CAGR (2023-2028): 6.40%
- Forecast Market Size (2028): USD 68.15 billion
Paraxylene is a key component in the manufacturing of polyester which is principally utilised in the manufacturing of PET resins, fibres, and films. Due to the rising application of these products across sectors such as packaging, construction, and textiles, among others, the global paraxylene market is expected to witness an upward trajectory.
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Purified terephthalic acid (PTA) production is projected to expand as a result of the rising production in sectors including food and beverage, electronics, and automotive, which are driving up demand for high-performance plastics like PET and PBT. Over the next few years, the market for paraxylene is expected to grow, driven by the rising demand for PTA in the beverage sector and advancements in packaging and bottling technology.
The Asia Pacific accounts for a sizable share of the global paraxylene market, supported by rapid industrialisation and rising demand for polyester in textile and packaging applications. A production surplus of paraxylene is anticipated in the market due to planned capacity expansion in China and India throughout the forecast period. In addition, there is significant potential for growth for the due to rising demand for polyester fibre in developing nations like India, Vietnam, Bangladesh, and Brazil.
Paraxylene Industry Definition and Major Segments
Paraxylene, often regarded as p-Xylene, refers to an aromatic hydrocarbon which is frequently used as a component in the production of polyester and PET plastics. This compound is colourless, with a melting point of 13.2°C and is a flammable and toxic chemical which has a high demand from the industrial sector.
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Based on product type, the market is segmented into:
- Dimethyl Terephthalate (DMT)
- Purified Terephthalic Acid (PTA)
- Others
By application, the market is categorised into:
- Electronics
- Construction
- Textiles
- Food Packaging
- Beverage Bottling
- Others
On the basis of region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Paraxylene Market Trends
The key trends driving the global paraxylene market include the rising demand for plastics on a global scale, owing to their lightweight, durable, and flexible properties. Furthermore, paraxylene is used to make a variety of home items, including apparel, upholstery, and containers for cosmetics and toiletries.
Additionally, the expansion of the market for paraxylene is being greatly aided by the development of bio-based paraxylene. Consumers are now more inclined to look for eco-friendly solutions due to rising environmental consciousness. As a result, bioplastics are widely used in a variety of industries as a sustainable replacement for currently used plastics, with bio-based paraxylene being a key component.
Furthermore, as the need for plastic items rises, rapid industrial and economic development across the emerging economies is likely to fuel the global paraxylene market expansion in the forecast period. These nationwide developments are expected to provide businesses the chance to increase their market share in new locations.
The manufacturing of PX and PTA is receiving monitoring benefits from developing nations, which is supporting the market growth prospects. In the upcoming years, it is anticipated that the use of non-traditional feedstock will increase demand for paraxylene. Moreover, the market for paraxylene is expected to increase due to innovative production techniques that reduce resource waste and adhere to strict emission rules.
Key Market Players
The major players in the global paraxylene market report are China National Petroleum Corporation, ENEOS Corporation, GS Caltex Corporation, INEOS Group Holdings S.A, S-OIL Corporation, Reliance Industries Limited, and Mitsubishi Gas Chemical Company, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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