According to the latest report by IMARC Group, titled "Paraxylene (PX) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global paraxylene (PX) market reached a value of US$ 44.1 Billion in 2021. Paraxylene (PX) refers to a toxic and aromatic hydrocarbon compound. Also known as P-Xylene, it is colorless, transparent and organic in nature while being highly flammable at room temperature. One of the isomers of xylene, it is chemically derived from products containing benzene. It can be widely obtained via the process of catalytic reforming of petroleum derivatives, which is further separated through crystallization, distillation and the reaction of ethylbenzene. PX is commonly utilized as a raw material for manufacturing various industrial chemicals, such as dimethyl-terephthalate (DMT) and purified terephthalic acid (PTA), which are further used in the production of plastics, such as polyethylene terephthalate (PET).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Paraxylene (PX) Market Trends:
The global market is majorly driven by the increasing uptake of plastics from multiple end use industries. There has been a considerable rise in the demand for PET bottles from the packaging, cosmetic and food and beverages sector, which is creating a positive outlook for the market. Moreover, continual technological innovations in the textile industry have contributed to the demand for PET-based fiber for the production of curtains, upholstery and clothing. The market is further driven by the launch of bio-based paraxylene. Along with an enhanced focus on sustainable development among consumers, this is providing an impetus to the market growth. Apart from this, increasing product demand from the construction sector and extensive research and development (R&D) activities conducted by key players to upgrade production technologies are providing a boost to the market growth further. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 6.51% during the forecast period (2022-2027).
- On the basis of the application, the market has been divided into purified terephthalic acid (PTA), dimethyl terephthalate (DMT) and others.
- Based on the end use industry, the market has been segregated into plastics, textile and others.
- On the geographical front, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Braskem, China National Petroleum Corporation, ENEOS Corporation, ExxonMobil Corporation, Fujian Refining & Petrochemical Company Limited, Mangalore Refinery & Petrochemicals Ltd (Oil and Natural Gas Corporation Limited), Mitsubishi Gas Chemical Company Inc., National Petrochemical Company, PT Pertamina, Reliance Industries Limited, SK incheon petrochem Co. Ltd. and Toray International Inc.
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