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Paraxylene also called as p-xylene is an aromatic hydrocarbon. It is one pf the three isomers of dimethylbenzene which is collectively known as xylenes. The methyl groups are on the diametrically opposite carbons of the benzene. Paraxylene is a colorless liquid with high flammability. It is generally produced by catalytic reforming of naphtha and is a part of BTX aromatics. P-xylene is one of the important chemical used in production of PET bottles and polyester fibers.
Increasing demand for PET bottles, resin, fibers, and other products from food & beverages, textiles, personal care, pharmaceutical, and cosmetic sectors shall bolster the market growth. Additionally, growing demand for terephthalic acid, dimethyl terephthalic acid, and other derivatives of PTA shall boost the market.
However, Paraxylene is hazardous for aquatic organisms and habitat. Also, green and safe alternatives are available in market. this is expected to hinder the market growth.
Key Market Driver -
Increasing demand for polyester fibers and PET bottles.
Key Market Restraint -
Hazardous nature and availability of safer and greener alternatives.
Based on product type, the global Paraxylene market is segmented into phthalic acid, terephthalic acid, dimethyl terephthalate and others. Based on application, market is segmented into textile, food packaging, electronics, beverage bottling, construction, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global Paraxylene market consists of global & regional players operating. Some of the key players in the market include Braskem, Chevron Phillips Chemical Company, BP P.L.C., Exxon Mobil Corporation, Reliance Industries Limited, China National Petroleum Corporation, Mitsubishi Gas Chemical Company, INC and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia pacific is accounted for the largest market in2018 attributed to the high consumption of Paraxylene for PET production. fast-paced industrialization coupled with improving economic conditions is expected to drive the regional market. North America and Europe is expected to shoe substantial growth attributed to large manufacturing base of polymers and high demand for PET from various end sectors. Latin America & Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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