The top three vendors in the global paraxylene market, namely
Reliance Industries Limited, S-Oil Corporation, and BP plc.,
collectively accounted for a meagre 12% of the overall market in
2015, says a recent market research report by Transparency Market
Research. Nearly 85% of the world’s paraxylene production is
credited to a vast number of small firms or subsidiaries of larger
chemical companies, making the market highly fragmented. Companies
are focusing on export as a tool for geographical expansion in
existing as well as established markets in Asia Pacific. High chances
of forward integration by key manufacturers across the value chain
are expected to increase competition in the market.
Transparency Market Research states that the global paraxylene
market, which held an opportunity of US$33.03 bn in 2015, is expected
to exhibit a healthy 7.0% CAGR from 2016 through 2024. If the
prediction holds true, the market will rise to US$60.04 bn by 2024.
Of the key applications of paraxylene, its use in the production of
purified terephthalic acid (PTA) earns the market its most
significant and dominant share in revenues. In 2015, the segment
accounted for a nearly 97% of the overall volume of paraxylene
consumed in the global market. From a geographic perspective, the
global paraxylene market is led by Asia Pacific, which accounted for
a nearly 84% of the global market in 2015.
Get
PDF Brochure for more Professional and Technical insights :
Demand
for Polyester in Textile Industry to Remain Key Determinant of
Paraxylene Consumption Globally
Paraxylene is one of the key raw materials used in the production of
purified terephthalic acid (PTA), which is used to manufacture PET.
The high use of PET in the textile industry across applications such
as clothing, furnishings, and technical textiles earns the global
paraxylene market a significant share in its overall revenues. In the
next few years, the high growth expected across the textile industry
is expected to have a significant positive impact on the overall
development of the global paraxylene market. Analysts estimate that
the textile industry will exhibit an 11% CAGR from 2016 to 2020. This
factor is likely to lead to a vast rise in demand for paraxylene in
the global market in the near future.
The rising demand for PET container resins, especially in Asia
Pacific, is also expected to lead to significant traction to the
global paraxylene market over the forecasting horizon. The increased
use of PET containers for packaging in the flourishing food and
beverages industry in the region will result in the increased demand
for paraxylene.
Rising
Consumer Awareness about Harms of Using Plastic to Hamper Global
Paraxylene Consumption
The global market for paraxylene, however, is expected to be hampered
due to the rising concern regarding the oversupply of paraxylene in
Asia Pacific and growth in consumer awareness about plastic-free
products. Many countries across developed economies such as North
America and Europe are taking measures to completely ban the use of
plastic bags and packaging materials. Implementation of stringent
government regulations regarding the same is expected to have a
significant negative impact on the development of the paraxylene
market, at least in these developed economies.
Browse
Market Research Report with ToC & Analysis :
Chemicals such as antimony oxide, acetaldehyde, and aldehydes are
employed in the manufacture of polyethylene terephthalate products.
Antimony oxide, which is used as catalyst in the manufacture of
polyethylene terephthalate, and trace amounts of acetaldehyde and
aldehydes are some of the unavoidable byproducts in the production of
polyethylene terephthalate containers. These chemicals are hazardous
to the environment and human health. Awareness regarding such adverse
effects of paraxylene and its substitutes on humans and the
environment is rising at a promising rate across developing economies
as well. These factors will collectively hamper the market’s
development over the forecast period.
This review of the market is based on a recent market research report
by Transparency Market Research, titled “Paraxylene Market -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2016 - 2024.”
For
the study, the global paraxylene market has been segmented as
follows:
Paraxylene
Market – Application Analysis
- Purified Terephthalic Acid (PTA)
- Dimethyl Terephthalate (DMT)
- Others (solvents, etc.)
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
No comments:
Post a Comment