Paraxylene Market 2020 by Manufacturers, Product, Device, Regions, Type and Application, Forecast to 2027
Paraxylene Market Overview
The global
market was valued at $ 36.1 billion in 2016, and it is predicted to grow at a
CAGR of 6% over the forecast period, reaching $ 68 billion.
PX stands
for paraxylene, which is an automated hydrocarbon compound made from benzene.
Paraxylene is a hazardous chemical that is colourless, sweet-smelling, and
highly combustible. Natural sources of xylene include petroleum and coal tar.
Paraxylene has a wide range of applications in large-scale manufacturing, and
it is one of the most difficult processes to produce. One of the key driving
forces in the paraxylene industry is demand from polyester manufacturers.
Dimethyl Terephthalate and refined terephthalic acid are two of the most common
products made from paraxylene. These products are also utilized in the
production of polyester. Polyester is utilized in a wide variety of
applications, including fibres, films, PET resin, and other plastics. Due to its
use in construction materials, packaging, and textiles, this is projected to
see a significant increase in demand.
The
expanding global demand for plastic is a primary factor propelling the Paraxylene
Market industry forward. Because paraxylene is widely used to make
plastic products, it is regularly used to make Polyethylene Terephthalate
bottles, which are used to hold water, soda, and other liquids. Cosmetic
containers, clothes, curtain textiles, and other products are all made from
paraxylene.
Regional
Classification
North
America, Europe, Asia Pacific, and the rest of the globe are the primary
regions in the paraxylene market. Because of the increasing demand for
paraxylene, Asia Pacific has the largest market share. In 2016, Asia Pacific
accounted for 79 per cent of the global paraxylene market. The market demand in
this region is being boosted by the rising need for polyester in packaging and
textile applications, as well as increased industrialization. China is the
world's largest producer and user of paraxylene, and the growing demand for PET
in China is one of the market's primary driving drivers in the Asia Pacific
region.
North
America is the second-largest producer of paraxylene. In 2016, it accounted for
11% of the market share. The use of paraxylene
in the automotive, electronics, healthcare, and construction industries is
propelling market expansion in this area.
Industry
News
The worth of
the global paraxylene (PX) market is examined (USD Billion). All of the
segments were examined on a global, regional, and country-level. For each phase
of the study, more than 30 countries were examined. For acquiring essential
market information, the research provides an in-depth analysis of driving
drivers, opportunities, constraints, and challenges.
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