Market Research Future (MRFR) envisions a bright future for the paraxylene market 2022 as it is set to reach USD 81.02 billion by 2022. Additionally, the market can make significant progress at a rate of 12.05% between 2022 and 2030 (appraisal period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
The escalating demand for PET films, fibers and resins as well as many other plastics has been favorable for the paraxylene market. Paraxylene can note further demand in the near future, as a result of the extensive range of applications including construction material, packaging and textiles. It is anticipated that the surging consumption of polyester fiber across emerging countries like India, Bangladesh, Brazil and Vietnam can be a striking opportunity for the leading firms in the paraxylene market.
The growing demand for personalized apparel as well as high end household and domestic products could also benefit the global market in the coming years. A key trend in the light of mounting concerns with regard to the non-disposability nature of PET and the expensiveness of resins is the introduction of bio-based PET. The environment aspect is prompting various manufacturers to come up with bio based techniques to develop PTA and PX, a few primary raw materials used for PET.
Competitive Leaderboard:
Prominent market vendors analyzed in the MRFR report are NPC Iran, Orpic, Reliance Industries Ltd, UOP, BP, KPPC, ONGC, JX Nippon Oil Energy Corp., CNPC, China National Offshore Oil Corporation, FCFC, Dragon, GS Caltex, S-Oil, to name a few.
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Market Segmentation:
Application and end-user industry are the key segments based on which the market has been covered in the MRFR report.
Applications of para xylene are textile industry, plastic industry and more.
The end-use industries mentioned in the study are purified terephthalic acid/PTA as well as dimethyl terephthalate/DMT and more. The expanding beverage sector combined with the growth of the bottling and packaging technologies could mean better demand for PTA over the coming years.
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Regional Analysis:
APAC has the highest coverage in the para xylene market, followed by Europe. The rising focus on capacity expansion across India and China and the mounting demand for polyester for textile and packaging applications are cited to be some of the top boosters in the market. The fast growth of industrialization can also be a prime factor inducing market growth in the region. Southeast Asian countries like Indonesia, Thailand and Vietnam are generating huge demand for polyester, which gives a considerable push to the overall market growth. Also, the increasing emphasis on deployment of advanced manufacturing technologies to bring down the resource waste while fulfilling the stringent carbon emission rules is also bolstering the market position in APAC.
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