Paraxylene Market 2022 - Competitive Landscape, Key Players Analysis and Trends by Forecast 2030
Market
Research Future (MRFR) in its recent study finds that the global paraxylene
market will exhibit a steady growth over the next five years. P-Xylene or
paraxylene is an industrial material that has been around for quite some time
now. Demand for paraxylene is expected to remain sturdy during the foreseeable
future as the product continues to find new avenues of application. Some of the
conventional application areas for p-xylene includes manufacturing of
terephthalic acids, dimethyl terephthalate and purified terephthalic acid.
The polymer
industry remains a major consumer of paraxylene and is likely to play an
important role in driving the growth of the market over the next couple of
years. The aromatic isomer is also popular in industries such as food &
beverage packaging, textile, and personal care. Over the years, application of
PET has risen substantially in textile industry owing to the innate
characteristics that allows it to be recycled. The aforementioned factors are
supporting the growth of the global P-Xylene market.
Global Paraxylene Market: Competitive Landscape
Some of the
top-notch companies operating in the global paraxylene market include BP p.l.c
(UK), Exxon Mobil Corporation (U.S.), China National Petroleum Corporation
(China), Formosa Chemical & Fibre Corp. (Taiwan), JXTG Holdings, Inc.
(Japan), S-OIL Corporation (South Korea), Braskem (Brazil), GS Caltex India
Pvt. Ltd. (South Korea), Chevron Phillips Chemical Company (U.S.), Reliance
Industries Limited (India), China Petrochemicals Corporation (China) and
Honeywell International Inc. (U.S.)
Global Paraxylene Market: Segmental Analysis
MRFR’s
study also includes a thorough assessment of the paraxylene market based on
end-use industry, application and region. By end-use industry, the market has
been segmented into packaging, textile and others. By application, the market
has been segmented into dimethyl terephthalate, purified terephthalic acid and
terephthalic acid.
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Report Details @ https://www.marketresearchfuture.com/reports/paraxylene-market-5905
Global Paraxylene Market: Regional Analysis
In the
study, the paraxylene market has been covered across regions such as North
America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and
Latin America. The market in Asia Pacific is projected to witness a significant
growth during the forecast period. The region presents lucrative opportunities
for market players. Many of the countries in the APAC region including China,
India and ASEAN members are witnessing a tremendous boom in the economy. The
manufacturing sector can be accredited for this economic upsurge. Policy
reforms and increased importance given to economic diversification has
bolstered the manufacturing sector in the region. Efforts are surely visible as
China and India are now establishing themselves as global manufacturing hubs.
Moreover, these countries are also preferred by foreign investors for setting
up manufacturing facilities due cost benefits and quicker access to raw
materials. Europe and North America are the other major markets for paraxylene.
Both the regions are expected to make sizable contribution to the growth of the
global paraxylene market during the assessment period. Existence of a
mega-scale textile and packaging section in the U.S. is reflecting favourably
on the paraxylene market in North America. The market in Europe, however, due
to the ongoing socio-political uncertainty is witnessing a momentary
sluggishness. Meanwhile Latin America and the MEA are expected to remain lesser
significant markets as compared to regions discussed above. A moderate growth of
the market is projected for LatAm and MEA.
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Industry News
• China retaliates to US’s new tariffs by
announcing that it would impose new rates on US imports worth $60 billion,
which also includes a 10% tariff on US-origin paraxylene.
• Anellotech, Inc. a sustainable technology
expert has recently completed a successful two-week non-stop pilot plant trial
in association with Japan-based Suntory Holdings Limited, a brewing and
distilling company to develop 100% Bio-based Plastic Bottle at its Texas plant.
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