Dublin, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The "Paraxylene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global paraxylene (PX) market size reached US$ 47.0 Billion in 2022. Looking forward, the market is poised to reach US$ 65.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
Paraxylene, also recognized as PX or P-Xylene, stands as an aromatic hydrocarbon compound. It presents itself as a colorless, transparent, highly flammable, and hazardous chemical, with its origins rooted in benzene-derived products.
The production of paraxylene involves a complex process, commencing with the catalytic reforming of petroleum derivatives and culminating in separation via crystallization, distillation, and the reaction of ethylbenzene. Its primary role lies in serving as a fundamental raw material for the manufacturing of industrial chemicals, including purified terephthalic acid (PTA) and purified dimethyl terephthalate (DMT), among others. Additionally, it extends its utility to the creation of diverse products such as packaging materials, polyester fibers, construction materials, and more.
The surging global demand for plastics emerges as the pivotal force propelling the paraxylene market forward. Paraxylene assumes a central role in the plastic production process, notably contributing to the creation of polyethylene terephthalate (PET) bottles that serve as ubiquitous containers for beverages like soda, water, and various other drinks. Moreover, paraxylene finds application in crafting an array of everyday items, including containers for cosmetics and toiletries, as well as materials for curtains, clothing, and upholstery.
Furthermore, the emergence of bio-based paraxylene signifies a substantial stride in market expansion. Heightened environmental consciousness has prompted consumers to seek eco-friendly alternatives, prompting the widespread adoption of bioplastics, where bio-based paraxylene plays a pivotal role. These bioplastics are rapidly gaining traction across industries as sustainable substitutes for conventionally used plastics. Additionally, the thriving packaging sector lends further impetus to market growth.
The latest report from the publisher offers an in-depth exploration of the global paraxylene (PX) market, encompassing all essential facets. This comprehensive coverage ranges from a macro-level market overview to micro-level insights into industry performance, recent trends, key drivers, challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, and more.
Entrepreneurs, investors, researchers, consultants, business strategists, and anyone with a stake or interest in the paraxylene (PX) market will find this report an indispensable resource for making informed decisions and gaining a competitive edge.
Key Questions Answered in This Report
- What was the size of the global paraxylene (PX) market in 2022?
- What is the expected growth rate of the global paraxylene (PX) market during 2023-2028?
- What are the key factors driving the global paraxylene (PX) market?
- What has been the impact of COVID-19 on the global paraxylene (PX) market?
- What is the breakup of the global paraxylene (PX) market based on the application?
- What are the key regions in the global paraxylene (PX) market?
- Who are the key players/companies in the global paraxylene (PX) market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 137 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $47 Billion |
| Forecasted Market Value (USD) by 2028 | $65.9 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being
- Braskem
- China National Petroleum Corporation
- ENEOS Corporation
- ExxonMobil Corporation
- Fujian Refining & Petrochemical Company Limited
- Mangalore Refinery & Petrochemicals Ltd (Oil and Natural Gas Corporation Limited)
- Mitsubishi Gas Chemical Company Inc.
- National Petrochemical Company
- PT Pertamina
- Reliance Industries Limited
- SK incheon petrochem Co. Ltd.
- Toray International Inc.
Key Market Segmentation:
Breakup by Type:
- Purified Terephthalic Acid (PTA)
- Dimethyl Terephthalate (DMT)
- Others
Breakup by End Use Industry:
- Plastics
- Textile
- Others
Breakup by Region:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
For more information about this report visit https://www.researchandmarkets.com/r/vtdalr
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