Paraxylene Market Size Expected to Reach US$68.5 Billion by 2026 – IndustryARC

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The paraxylene market size is expected to reach US$68.5 billion by 2026 and growing at a CAGR of 7.3% during the period 2021-2026.

HYDERABAD, TELANAGANA, INDIA, September 1, 2022 /EINPresswire.com/ — paraxylene market the size is expected to reach US$68.5 billion by 2026 and grows at a CAGR of 7.3% over the period 2021-2026. Paraxylene is an aromatic hydrocarbon derived from dimethylbenzene and an isomer of the xylene molecule. Parylene is a general term for a specific family of paraxylene-based polymers. The highest volume isomer of mixed xylenes is paraxylene (PX). About 98% of PX is consumed in the polyester chain, mainly in the production of fibers, films. PX is used as a solvent and in the production of di-paraxylene and herbicides. Rising consumption of PTA in polyester manufacturing has fueled strong growth in the PX market. Therefore, due to the increasing use of paraxylene, the paraxylene market is going to grow during the forecast period.

Key points to remember:

1. Asia-Pacific dominates the paraxylene market, owing to the growing demand for polyethylene terephthalate (PET) from the plastics industry in the region.

2. The paraxylene market is benefiting from an increased demand for PET bottle resin due to the increased use of PET bottles in soft drinks and mineral water. The increasing use of bio-based paraxylene in bioplastic PET (Bio-PET) bottles and other bioplastic applications such as catering utensils is expanding the global paraxylene market.

3. The need for plastics and plastic products is driven by India’s growing middle class, and the industry is now one of the fastest growing in the Indian economy. EDC (Export Development Canada) believes this creates potential for Canadian machinery and equipment manufacturers whose skills can meet the demand for plastics from buyers in this expanding region.

4. Plastic packaging is the largest segment of the plastics industry, accounting for over 40% of total plastic use.

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Segmental analysis:

1. Polyester coating resins are made from purified terephthalic acid (PTA) and are used in the formulation of general coatings for metals, appliances, automobiles, industrial maintenance and coils. PTA is most commonly used in polyester powder coating resins.

2. X-ray films, magnetic tapes, photographic films and electrical insulation. Packaging for heated pouches, processed meats, shrink films and blisters Packaging for heated pouches, processed meats, shrink films and blisters.

3. Flexible packaging for food, medical, pharmaceutical and industrial retail and institutional products, shrink and stretch film, retail shopping bags, consumer storage bags, and wrap and trash bags have seen growth steady in recent years

Competitive landscape:

The top 5 players in the paraxylene industry are:

1.BP plc

2. Chevron Phillips Chemicals.

3.CNPC

4. ExxonMobil

5.Mitsubishi Gas Chemical.

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Related reports:

A. Petrochemical market

https://www.industryarc.com/Report/19541/petrochemicals-market.html

B. Ortho Xylene Market

https://www.industryarc.com/Report/16184/ortho-xylene-market.html

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