Jul 7, 2020 10:11 PM ET
iCrowd Newswire – Jul 7, 2020
Paraxylene (PX) is an aromatic hydrocarbon used for the production of dimethyl terephthalate (DMT) and Purified Terephthalic Acid (PTA), which are among the primary entities used in making polyesters. It is derived from benzene. The high demands for polyesters in industries like packaging, constructions, and others are directly affecting the demands for PX, providing constant growth to this market. It is a colorless aromatic compound, which is toxic and highly flammable at room temperature.
As the demands for Polyethylene Terephthalate (PET) plastics worldwide are rising, the demands for PX in manufacturing are also growing gradually. The growing environmental concerns have pushed the manufacturers to look for alternates like bio-based PX.As the demands for PX rises due to an increase in numbers of end-users and demands from around the world, the gap between supply & demands widens as the production facilities are limited. However, the major challenge in front of the companies is the complex manufacturing process and the limited number of producers, responsible for the limited growth of this market.
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Also, the authorities have introduced rigid regulations for this market, which is one of the primary reasons damaging the market’s growth rates.This report will provide a complete detail about the market trends, growth factors, drivers & restraints, opportunities, and other primary factors followed by an in-depth analysis of the major markets around the world. Global Paraxylene Market is anticipated to show around a 12 % annual growth rate during the survey.
Global Paraxylene Market is segmented into the following categories:
Based on the Application, the Paraxylene is used in the manufacturing of dimethyl terephthalate (DMT) and purified terephthalic acid (PTA), and others.
Global Paraxylene Market is divided among textiles, construction, packaging, food & beverage, and other major industries based on end-users.
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As the businesses move to global markets from local markets, the demands for PX has seen an instant surge in the latest era. The primary consumers of this market are packaging, textiles, and constructions, which are growing at unstoppable speeds globally and are directly beneficial for this market. The companies are working towards producing bio-based PX, which will secure the future of this market and will provide additional growth to this market. The rapidly developing regions of the Asia Pacific market will show the fastest growth rates due to expanding industrial covers and possess maximum opportunities.
Para xylene is getting a healthy response from around the world due to heavy usage in various industries and increasing demands. This is getting stronger with time. North America, The Asia Pacific, Europe, and the rest of the world are the major regions observed for the Global Paraxylene Market. In the current era, the Asia Pacific region is leading the market due to extensive production capacities, demands for polyesters, expanding packaging industry, the presence of key market players, increasing research & development activities, and other factors. Europe is the second-largest market, followed by the rest of the regions.
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