Paraxylene (PX) Market Trend 2027 | The growing demand for PET from the packaging industry is a major driver of growth

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Reports and data

Paraxylene (PX) Market Size – USD 43.52 Billion in 2018, Market Growth – CAGR of 9.3%, Market Trends – Growing Demand from APAC Region

NEW YORK CITY, NEW YORK, USA, August 5, 2022 /EINPresswire.com/ — The Global Paraxylene (PX) Market is expected to reach $97.69 billion by 2027, according to a new report from Reports and Data. The growth of the market is attributed to the growing applications of paraxylene (PX) among end-user industries.

Polyethylene terephthalate (PET) is a polymer produced from the organic chemicals ethylene glycol and terephthalic acid. It is a lightweight and sturdy plastic widely used for packaging food and beverages, especially juices, soft drinks and water. Additionally, it is popular for packaging peanut butter, salad dressings, cooking oils, shampoo, mouthwash, liquid hand soap, and glass cleaner, among other items. Special grades of polyethylene terephthalate are used for take-out food containers and ready-to-use food trays used in the oven or microwave.

The increasing use of PET in the textile industry is expected to drive the market growth in the coming years. Fabrics made from the polyester fiber warp possess good elasticity, shape retention, wrinkle resistance, exceptional wash and wear performance, washability and longevity, among others, and therefore , find wide application in various types of clothing fabrics. It is used to make fashionable dresses, weatherproof clothes and is a favorite material for children’s clothing. PET fiber is frequently blended with other fibers such as cotton, to achieve the combined benefits of both materials. It offers better tear resistance compared to cotton or other materials used in the manufacture of clothing items. Currently, more than half of the world’s synthetic fiber is made from this PET

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Other key findings from the report suggest

By application, purified terephthalic acid contributed the largest market share in 2018 and is expected to grow at a rate of 9.3% during the forecast period. Purified terephthalic acid (PTA) is used to produce polyester coating resins for use in the formulation of automotive, appliance, industrial maintenance and coil coatings, among others.
By distribution channel, the offline channel held a larger market share in 2018. The offline channel is the preferred distribution channel because it provides customers with the opportunity to create personal connections with businesses, which is beneficial for retain
By end-user, the textile industry dominated the market in 2018. PET fabric, a synthetic fiber, is an economical alternative and has several advantages over cotton. This synthetic fabric does not wear out quickly, it is flexible and resistant to shrinking and wrinkling.
The Asia-Pacific region market contributed the largest market share in 2018 and is expected to grow at a rate of 9.6% during the forecast period. The market dominance of the APAC region is mainly due to the growth of textile and construction industries in the region.
Major participants include BASF SE, BP PLC, Exxon Mobil, Mitsubishi Gas Chemical Co. Ltd., Reliance Industries Ltd., Chevron Phillips Chemical Company, SINOPEC, Saudi Aramco, JXTG Nippon Oil & Energy Corporation, and CNPC, among others.

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For the purposes of this report, Reports and Data has segmented the global paraxylene (PX) market based on type, application, and region:

Application Outlook (Volume, Kilotons; 2016-2027 and Revenue, USD Million; 2016-2027)

Purified terephthalic acid (PTA)
Dimethyl terephthalate (DMT)
Others

Distribution Channel Outlook (Volume, Kilotons; 2016-2027 and Revenue, USD Million; 2016-2027)

On line
Offline

Industry Verticals Outlook (Volume, Kilotons; 2016-2027 & Revenue, USD Million; 2016-2027)

Electronic
Textile
Packaging
Construction
Others

Key Regional Markets Covered in the Report:

North America (United States, Canada, Mexico)
Europe (Italy, UK, Germany, France, Rest of Europe)
Asia-Pacific (India, China, Japan, South Korea, Australia, Rest of Asia-Pacific)
Latin America (Chile, Brazil, Argentina, Peru, rest of Latin America)

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Key questions answered by the report:

What is the expected annual growth of paraxylene (PX) during the forecast period?
What key trends are expected to influence market revenue growth in the future?
Which region is expected to account for the largest revenue share during the forecast period?
Which key companies are profiled in the report?

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Reports and Data is a market research and consulting firm that provides syndicated research reports, custom research reports and consulting services. Our solutions are uniquely focused on your goal of locating, targeting and analyzing changes in consumer behavior across demographics, across industries, and helping customers make smarter business decisions. We offer market intelligence research ensuring relevant and factual research across multiple sectors including healthcare, touchpoints, chemicals, commodities and energy. We are constantly updating our search offerings to ensure that our clients are aware of the latest trends existing in the market. Reports and Data has a strong base of experienced analysts from a variety of areas of expertise. Our industry experience and ability to develop a workable solution to any research problem gives our clients the ability to secure an edge over their respective competitors.

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