Global Paraxylene Market to Grow at a CAGR of 6.4% During 2024-2032, Driven by the global polyester demand, packaged bottled drinks growth, and innovation in paraxylene production technology.

The Asia Pacific accounts for a significant share of the market due to the increased use of paraxylene in the chemical and petrochemical industries. The primary raw ingredient for polyester, purified terephthalic acid (PTA) is made primarily from paraxylene as feedstock.

Polyester fibres used in textiles (clothing and home furnishings) and solid-state resins used in the manufacture of bottles for beverages are some of the derivatives of this chemical substance. It is also used as a feedstock in PET manufacturing, which is a demanded material for packaging.

PET is also used as a binding additive in the construction sector. The rising construction activities and boost in tourism in developing countries such as China, India, and the Philippines expand the paraxylene market size.

The expansion of production facilities for paraxylene derivatives contributes to the market growth. In August 2021, Reliance Industries Limited (RIL) (NSE: RELIANCE) established a recycled polyester staple fibre (PSF) manufacturing facility in Andhra Pradesh, aimed at doubling the company's PET recycling capacity. The action is a component of RIL's pledge to strengthen the whole polyester and polymer value chain, raise its sustainability quotient, and lead circular economy initiatives.

India will sustain a recycling rate above 90% as a result of RIL's initiative to more than double its recycling capacity to 5 billion post-consumer PET bottles. To promote circularity and sustainability ideas in the textile, fashion, and polymer industries, the company is spearheading a number of projects, including Fashion for Earth, a collaboration with Lakmé Fashion Week, and the Circular Design Challenge.

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Market Analysis by Product Type, Application, And Region:

• The market, on the basis of product type, can be divided into dimethyl terephthalate (DMT) and purified terephthalic acid (PTA), among others.

• Based on application, the market can be divided into electronics, construction, textiles, food packaging, and beverage bottling, among others.

• The major regional markets for paraxylene include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing demand for polyester in several industries, such as apparel, home furnishings, automotive, filtration, and personal care, drives the paraxylene market demand. According to reports, polyester accounted for 57.57% of the global fibre market.

• The growing demand for packaged healthy drinks and vegan drinks aids the market, as bottles made of paraxylene are lightweight and easy to handle.

• Advancements in paraxylene production technology, such as single-stage crystallisation with double reslurry technology and the Lummus Technology/BP paraxylene process, expand the market.

• Synthetic fibres made from paraxylene are lightweight, durable, and waterproof in nature. Hence, the rising polyester demand in the textile industry propels the market demand.

Key Offerings of the Report:

• The EMR report gives an overview of the global paraxylene market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, applications, and major regions of paraxylene.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global paraxylene market are China National Petroleum Corporation, ENEOS Corporation, GS Caltex Corporation, INEOS Group Holdings S.A, S-OIL Corporation, Reliance Industries Limited, and Mitsubishi Gas Chemical Company, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.