As per the latest report by IMARC Group, titled “Paraxylene (PX) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global paraxylene market size is experiencing moderate growth. Paraxylene, also known as P-Xylene or PX, is a colorless, aromatic, toxic and organic compound that is highly flammable at room temperature. It is one of the isomers of xylene, other than M-xylene and O-xylene. Paraxylene occurs naturally in coal tar and petroleum and can be synthetically obtained from benzene. Paraxylene is used as a raw material for producing various industrial chemicals, including dimethyl-terephthalate (DMT) and purified terephthalic acid (PTA). These chemicals are further used to manufacture plastics such as polyethylene terephthalate (PET).
Global Paraxylene Market Trends:
Paraxylene finds several applications across the packaging, construction, textile and cosmetics industries. In the packaging and cosmetics industry, there has been an increase in the use of paraxylene in the production of plastic bottles and containers for toiletries and other personal care products. Other than this, various technological innovations within the textile industry have stimulated the demand for PET-based fiber for making curtains, upholstery and clothing. Other uses of PET include the production of construction materials, magnetic tapes, furniture, films for X-rays, packaging for processed meats, boil-in bags and polyester films. With rising prosperity, the demand for these products is growing, which in turn is influencing the global paraxylene market outlook. Apart from this, as paraxylene is moderately unsafe for aquatic organisms and the environment, several regulatory bodies are tracking the manufacturing units to regulate plant-generated emissions. This has pushed producers to employ biological paths to produce bio-based paraxylene, which is more environment-friendly. Owing to these factors, the market is projected to expand at a CAGR of 6% during 2019-2024.
- 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.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- Some of the paraxylene market competitors include BP PLC, Braskem SA, PT Pertamina, Chevron Phillips Chemical, China National Petroleum Corporation, Fujian Refining & Petrochemical (FREP) Company Limited, ExxonMobil Corporation, JX Nippon Oil & Energy Corporation, Mitsubishi Gas Chemical Co. Inc., The National Petrochemical Company (NPC) Iran, Reliance Industries Limited, China Petroleum & Chemical Corporation or Sinopec, Toray Industries, Inc., Mangalore Refinery and Petrochemicals Limited, and S.K. Innovation Co. Ltd.
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