Global Paraxylene Market by Applications, End-user Industries, Sales Channels — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026
Global Paraxylene Market was valued at USD 32.4 Billion in 2016, and is expected to grow at CAGR of 10.2% over forecast period 2020–2026. Growing demand for polyester fiber in emerging economies, increase in PET collection and recycling rates, usage of non-traditional feedstock and lower feedstock consumption are key driving factors of the market.
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The growing demand for plastics across the globe is the key factor driving the market. Paraxylene forms the core component in the production of plastic products. As a result, it is utilized for manufacturing polyethylene terephthalate (PET) bottles commonly used as containers for soda, water and other beverages. Paraxylene is also being used in the production of various household products such as containers for cosmetics and toiletries, and curtain fabrics, clothing and upholstery. Furthermore, the development of bio-based paraxylene is significantly contributing to the market growth. Increasing environmental awareness has encouraged consumers to seek eco-friendly options. Consequently, bioplastics, of which bio-based paraxylene is an integral component, are widely being incorporated across industries as a sustainable alternative to the conventionally used plastics. Other factors such as a thriving packaging industry are also contributing to the growth of the market.
Dataintelo latest report provides a deep insight into the global paraxylene (PX) market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the paraxylene (PX) market in any manner.