Global Paraxylene Market is Revolutionized the Chemical Industry due to the Growing demand for polyethylene terephthalate (PET) bottles
According to a new report published by Reports Monitor titled, “Paraxylene Market by Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Paraxylene Market was valued at XX million in 2016 and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. The Asia Pacific region holds the major share, especially countries such as India and China. The consumption of PTA is high in APAC owing to the increasing demand for polyester fiber.
Paraxylene is basically used as a raw material in the manufacture of terephthalic acid (TPA), purified terephthalic acid (PTA) and dimethyl-terephthalate (DMT). polyethylene terephthalate (PET) saturated polyester polymers are manufactured by the use of TPA, PTA and DMT. Moreover, PET bottles are largely used for water because of its non-breakable property and also carbonated beverages because of good carbon dioxide barrier properties.
Growing use of purified terephthalic acid (PTA) in polyester manufacturing is one of the important factor driving the market. There is growing demand for PET bottle resin due to rising use of PET in soft drink and mineral water bottles is further boosting the market. Moreover, the market is driving owing to the increasing demand for the application of paraxylene in different non-traditional applications such as polyethylene terephthalate (PET) bottles. However, the complicated process of formation of paraxylene is a major factor hampering the growth of the market. Additionally, there are various challenges including growing consumer awareness regarding the usage of plastic-free products.
Based on the segmentation of the global paraxylene market, it is bifurcated into application, end-user, and region. Depending upon the application, the market is classified into purified terephthalic acid, dimethyl terephthalate, solvents, pesticides, and coatings. According to the end-user segment, the market is categorized into polyester fiber and packaging.
The major companies in the report include: British Petroleum (BP), JX Nippon Oil & Energy, Reliance Industries, ExxonMobil, BASF, Braskem, Chevron Phillips Chemical, Dragon Aromatics, Fujian Refining & Petrochemical, Toray Industries, Pemex, Kuwait Paraxylene Production, and Samsung Total Petrochemicals.
For instance, in March 2017, JX Nippon Oil & Energy, a major petrochemical producer in Japan has lowered the contract price of paraxylene for April in Asia.
Key Question Answered: •What will be the market size in 2025 and at what rate it will grow? •Who are the major key players in global paraxylene market and what are their strategies? •Which vertical industry is expected to show major growth? •What segment and region will lead the market and why?
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