Global Paraxylene Market Size To Worth USD 44.45 Billion By 2033 | CAGR of 5.19%
Category: Chemicals & MaterialsGlobal Paraxylene Market Size To Worth USD 44.45 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Paraxylene Market Size is Expected to Grow from USD 26.80 Billion in 2023 to USD 44.45 Billion by 2033, at a CAGR of 5.19% during the forecast period 2023-2033.
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Browse key industry insights spread across 256 pages with 114 Market data tables and figures & charts from the report on the "Global Paraxylene Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Phthalic Acid, Purified Terephthalic Acid, and Dimethyl Terephthalate), By Application (Textiles, Electronics, Food Packaging, Beverage Bottling, and Construction), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/paraxylene-market
The global market for paraxylene includes the production, distribution, and consumption of this essential aromatic hydrocarbon chemical, which is used as a major raw material in the production of goods like plastics, textiles, and resins. P-xylene is an essential chemical used in the production of PET bottles and polyester fibers. The market for paraxylene includes the entire supply chain, from production to use in various end products, with a focus on its vital role in the production of polyester and other chemicals. The global paraxylene (PX) market is mostly being driven by the expanding uses of paraxylene as an environmentally friendly substitute in the manufacturing of polyester fibers, construction materials, packaging materials, etc. The food and beverage, textile, personal care, pharmaceutical, and cosmetic industries are contributing to market expansion through rising consumer demand for PET bottles, fibers, resin, and other products. The growing use of polyester in the textile and packaging sectors is one of the key factors driving market expansion. However, the market's expansion is being restricted by rising consumer awareness of plastic-free items as well as PET collection and recycling rates.
The purified terephthalic acid segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the product type, the paraxylene market is classified into phthalic acid, purified terephthalic acid, and dimethyl terephthalate. Among these, the purified terephthalic acid segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Growing urbanization, population growth, and disposable income have all contributed to the growing demand for PTA, which has caused the paraxylene market to grow.
The beverage bottling segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the paraxylene market is divided into textiles, electronics, food packaging, beverage bottling, and construction. Among these, the beverage bottling segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The growing demand for bottled water, carbonated soft drinks, juices, and other beverages, especially in emerging markets, has led to a strong demand for PET bottles used in beverage bottling.
North America is estimated to hold the largest share of the paraxylene market over the forecast period.
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North America is estimated to hold the largest share of the paraxylene market over the forecast period. PET-based lightweight components used by the automotive industry aid in market expansion. Moreover, market trends are influenced by a growing focus on recycling and environmentally friendly packaging options.
Asia Pacific is predicted to have the highest CAGR growth in the paraxylene market over the forecast period. The increased use of xylene in the manufacturing of PET is ascribed to Asia-Pacific regional market growth. Rapid economic expansion and modernization, as well as the rise of the textile sector, also drive market growth in Asia Pacific region.
Major key players in the paraxylene market include Toyo, GS Caltex, Sinopec, Reliance, CNPC, NPC Iran, Dalian Fujia Dahua, ONGC, Jurong Aromatics Corp, ExxonMobil, Lotte KP Chemical, Saudi Aramco, Idemitsu Kosan Co.Ltd., Teijin Fibers, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In March 2023, The University of Toyama, Chiyoda Corporation, and HighChem announced the first effective synthesis and purification of p-Xylene from CO2.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the paraxylene market based on the below-mentioned segments:
Global Paraxylene Market, By Product Type
- Phthalic Acid
- Purified Terephthalic Acid
- Dimethyl Terephthalate
Global Paraxylene Market, By Application
- Textiles
- Electronics
- Food Packaging
- Beverage Bottling
- Construction
Global Paraxylene Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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