Growing demand for PET from the packaging industry is one of the significant factors influencing the market growth.

Paraxylene Market Size – USD 43.52 billion in 2018, Growth - CAGR of 9.3%, Trends – Growing demand from the APAC region

The global Paraxylene Market is expected to reach USD 97.69 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the growing applications of Paraxylene amongst the end-user industries.

Polyethylene terephthalate (PET) is a polymer produced from the organic chemicals ethylene glycol and terephthalic acid. It is a lightweight and robust plastic extensively used for packaging foods and beverages, particularly juices, soft drinks, and water. Moreover, it is popular for packaging peanut butter, salad dressings, cooking oils, shampoo, mouthwash, liquid hand soap, and window cleaner, among various other items. Special grades of polyethylene terephthalate are used for carry-home food containers and readymade food trays used in the oven or microwave.

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Top Companies: BASF SE, BP PLC, Exxon Mobil, Mitsubishi Gas Chemical Co. Ltd., Reliance Industries Ltd., Chevron Phillips Chemical Company, SINOPEC, Saudi Aramco, JXTG Nippon Oil Energy Corporation, and CNPC, among others.

Further key findings from the report suggest:

• By application, purified terephthalic acid contributed to the largest market share in 2018 and is expected to grow at a rate of 9.3% in the forecast period. Purified Terephthalic Acid (PTA) is used to produce polyester coatings resins for utilization in the formulation of general automotive, appliance, industrial maintenance, and coil coatings, among others.
• By distribution channel, the offline channel held a larger market share in 2018. Offline channel is the most preferred channel for distribution as it includes the opportunity for customers to create personal connections with business, which is beneficial in building loyalty
• By the end-user, the textile industry dominated the market in 2018. PET fabric, a synthetic fiber, is an economical alternative and has several benefits as compared to cotton. This synthetic fabric does not wear down quickly as well as it is flexible and resistant to shrinking and wrinkles.
• The market in the Asia Pacific region contributed to the largest market share in 2018 and is expected to grow at a rate of 9.6% in the forecast period. The market dominance of the APAC region is mainly owing to the growth of the textile and construction industries in the region.

Paraxylene Market Demand:

Paraxylene is a chemical intermediate used in the production of various materials, including polyester fibers, films, and resins. Here are some factors that are driving the demand for PX:

1. Growing demand for polyester: The demand for polyester fibers and materials is increasing due to its low cost, durability, and versatility. PX is a key raw material in the production of polyester, which is driving the demand for PX.
2. Increasing population and urbanization: The growth of the global population and urbanization is driving the demand for textiles, packaging materials, and other polyester-based products, which is further increasing the demand for PX.
3. Growth of the automotive industry: The automotive industry is a significant consumer of polyester fibers and materials. The growth of the automotive industry, particularly in emerging markets, is driving the demand for PX.
4. Expansion of the packaging industry: The packaging industry is a significant consumer of polyester-based materials, including bottles, containers, and films. The growth of the packaging industry, driven by e-commerce and online shopping, is driving the demand for PX.
5. Advancements in PX production technology: The development of new and improved technologies for the production of PX, such as the use of advanced catalysts and energy-efficient processes, is expected to drive the demand for PX.

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Market Segmentation:

The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.

The global Paraxylene Market is segmented into:

Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

• Purified Terephthalic Acid (PTA)
• Dimethyl Terephthalate (DMT)
• Others

Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

• Online
• Offline

Industry Verticals Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

• Electronics
• Textile
• Packaging
• Construction
• Others

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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