Pune, March 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Paraxylene (PX) market is anticipated to grow from USD 41.43 billion in 2020 to USD 125.35 billion by 2028, at a CAGR of 14.28% during the forecast period 2021-2028.
The increase in the production in the textile industry and the surge in the production in automotive, food & beverages, construction industry, are some of the factors fuelling the Paraxylene (PX) market.
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The Paraxylene (PX) are used for the production of Polyethylene Terephthalate (PET) and Polybutylene terephthalate (PBT), which is a high-performance plastic. There is a huge demand for high-performance plastics such as PBT and PET etc. in industries like automotive, electronics, construction, food and beverage etc. The increase in the production of industries like electronics, automotive, food and beverage, etc., increases the demand for high-performance plastics which in turn increases the demand for Paraxylene (PX) market. Paraxylene is majorly used in the production of purified Terephthalic Acid (PTA) and dimethyl terephthalate (DMT), which are used in the making of polyester. There is a great demand of polyester in the emerging economies like India, Brazil, Bangladesh, etc., which in turn is driving the market. The increasing demand for cosmetic industry has increased the demand for paraxylene as it is widely used in the making of plastic bottles and containers for toiletries and other cosmetic products. The advancement in technologies has led textile industries to use PET-based fiber in the making of different types of clothing, curtains etc. The rise in the demand for bioplastic market also fuel the PTA market, which in turn is driving the Para Xylene market.There are varied applications of bioplastics from pharmaceuticals, to automotive to food and beverage etc. Bioplastics at present widely used in consumer electronics goods in the form of casing, also used in the making of circuit boards etc. Also used in touch screen computer casings, headphones, keyboards, laptops etc. they are also widely used in foodservice as application in thermoformed coffee cup lids, disposable cutlery and plates etc. They are also used in the packaging of cosmetics products. The expanding textile industries in the developing country like India, Brazil etc. are increasing the demand for PET market, which in turn is driving the paraxylene (PX) market. The polyester is also used in the making of abradable seals in the jet engines. The bioplastics are in great demand because of its biodegradable nature. Thou this market is still in the developing phase, there is a huge scope of bioplastics in the market.
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All plastic industries are now focusing on the manufacturing of biodegradable plastics using bio-made materials. This is because of the general plastics are not biodegradable, which are destroying the environment causing the greenhouse effect and global warming. This plastics are also harmful for the aquatic beings, so all these factors are acting as a restraint for the market. The non-disposable nature of PET and also its high prices are acting as a restraint for the market.
Key players for the global Paraxylene (PX) market include BP, China National Offshore Oil Corporation (CNOOC), Lotte KP Chemical, PTT, Yanbu Aramco Sinopec Refining Company Ltd., CNPC, JX Nippon Oil & Energy Corp., S-Oil, Reliance Industries Ltd., Dragon, NPC Iran, GS Caltex, FCFC, ONGC, Orpic, Jurong Aromatics Corp., KPPC, Toyo, Pertamina and Teijin Fibers among others.
• For instance, in April 2020, China National Petroleum Corp. planned to acquire petroleum exploration in Oman by buying 50% of the stake of MazoonPetrogas (BVI) Ltd. This acquisition will increase the oil reserves for the organization and would also boost the earnings.
• In February 2019, Chevron signed a merger agreement with GS Caltex. Under this agreement, LNG is supplied to South Korea, where there is an emerging market.
Purified Terephthalic Acid (PTA) is accounted for the highest market value of USD 28.26 Billion in 2020
The application segment is divided into Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT) and other. Purified Terephthalic Acid (PTA) is accounted for the highest market value of USD 28.26 Billion in 2020. This is due to the fact that it has many application in the furniture and in the production of polyester films, in the production of PET bottles and also used in the making of high-performance plastics used by many industries.
The polyester fiber accounted for USD 24.94 Billion of market value in 2020
The end-user segment includes Polyester fiber and Packaging. The polyester fiber accounted for USD 24.94 Billion of market value in 2020. They are broadly used in the production of apparels, bed sheets, curtains etc. and in other home furnishings like draperies and upholstery.
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Regional Segment Analysis of the Paraxylene (PX) Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the Paraxylene (PX) market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region is having the highest market value of USD 14.26 Billion in 2020. This is because there is a significant growth in the textile industry in the developing region like India and China. Europe had the second-largest market value of USD 10.45 Billion in 2020. The country like Germany, Switzerland, Spain, Belgium, etc. have a textile industry with an increase in the production. The region is also considered to have great demand for organic clothing.
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About the report:
The global Paraxylene (PX) market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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