Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Global Paraxylene Market Report by Application, End Use Industry, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
An expansion from US$ 49.7 billion in 2023 to an anticipated US$ 78.6 billion by 2032 is expected, with a compound annual growth rate (CAGR) of 5.22% over the nine-year period. This growth underscores the central role of paraxylene in an array of industrial applications, primarily driven by the escalating global demand for plastics.
Applications and End-Use Industries Propelling Market Forward
Major end-use applications such as purified terephthalic acid (PTA) and dimethyl terephthalate (DMT) are contributing to the market expansion. The versatility of paraxylene is further exemplified by its utility in producing everyday objects ranging from PET bottles for beverages to everyday household products, as well as textiles including clothing and upholstery. This surge in utilization is facilitated by the material’s core properties, catering to a wide spectrum of industrial requirements.
In response to rising environmental concerns, the industry has observed a remarkable shift toward bio-based solutions. The development of bio-based paraxylene reflects the market's adaptation to sustainability trends, reinforcing the growth potential for bioplastics as viable replacements for traditional plastics across various sectors.
Regional Market Insights and Competitive Landscape
The global analysis of the market has been segmented into key regions, namely the Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. This comprehensive coverage offers insightful data guiding stakeholders in strategic decision-making. As industry participants navigate the competitive landscape, innovation, and strategic partnerships are anticipated to form the bedrock of growth and expansion strategies.
Future Outlook
As the market progresses, key trends and opportunities are set to shape the industry landscape. With increasing awareness and technological advancements, stakeholders are expected to witness significant developments within the paraxylene sector. With detailed insights into market dynamics, the industry looks towards a prosperous and innovative future.
The report further details the market’s anticipated growth and explores fundamental drivers such as the packaging industry's robust performance. Industry stakeholders are equipped with invaluable insights, aiding in informed decision-making and strategy formulation for the years ahead.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $49.7 Billion |
| Forecasted Market Value (USD) by 2032 | $78.6 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Companies Featured
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/hrzll6
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