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Paraxylene Market 2020 by Manufacturers, Product, Device, Regions, Type and Application, Forecast to 2027

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Market Overview

The global market was valued at $ 36.1 billion in 2016, and it is predicted to grow at a CAGR of 6% over the forecast period, reaching $ 68 billion.

PX stands for paraxylene, which is an automated hydrocarbon compound made from benzene. Paraxylene is a hazardous chemical that is colourless, sweet-smelling, and highly combustible. Natural sources of xylene include petroleum and coal tar. Paraxylene has a wide range of applications in large-scale manufacturing, and it is one of the most difficult processes to produce. One of the key driving forces in the paraxylene industry is demand from polyester manufacturers. Dimethyl Terephthalate and refined terephthalic acid are two of the most common products made from paraxylene. These products are also utilized in the production of polyester. Polyester is utilized in a wide variety of applications, including fibres, films, PET resin, and other plastics. Due to its use in construction materials, packaging, and textiles, this is projected to see a significant increase in demand.

The expanding global demand for plastic is a primary factor propelling the Paraxylene Market industry forward. Because paraxylene is widely used to make plastic products, it is regularly used to make Polyethylene Terephthalate bottles, which are used to hold water, soda, and other liquids. Cosmetic containers, clothes, curtain textiles, and other products are all made from paraxylene.

 

Regional Classification

North America, Europe, Asia Pacific, and the rest of the globe are the primary regions in the paraxylene market. Because of the increasing demand for paraxylene, Asia Pacific has the largest market share. In 2016, Asia Pacific accounted for 79 per cent of the global paraxylene market. The market demand in this region is being boosted by the rising need for polyester in packaging and textile applications, as well as increased industrialization. China is the world's largest producer and user of paraxylene, and the growing demand for PET in China is one of the market's primary driving drivers in the Asia Pacific region.

North America is the second-largest producer of paraxylene. In 2016, it accounted for 11% of the market share. The use of paraxylene in the automotive, electronics, healthcare, and construction industries is propelling market expansion in this area.

 

Industry News

The worth of the global paraxylene (PX) market is examined (USD Billion). All of the segments were examined on a global, regional, and country-level. For each phase of the study, more than 30 countries were examined. For acquiring essential market information, the research provides an in-depth analysis of driving drivers, opportunities, constraints, and challenges.

About Market Research Future:

 

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

 

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