Paraxylene Market Analysis by Global Segments, Size, Trends, Growth and Forecast 2024

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.

View Full Report: https://www.transparencymarketresearch.com/paraxylene-market.html

Backed by high demand in China, the market for paraxylene in Asia Pacific has emerged as the most lucrative regional market across the globe. In 2015, the region constituted a massive 84% of the global market in terms of volume. China alone accounted for a more than 50% of the region’s total uptake of paraxylene in the mentioned year. The paraxylene market in India and South Korea is also anticipated to expand substantially over the next few years, chiefly owing to the rising demand for PET in the food and beverages (F&B) packaging sector.

Nevertheless, China is expected to remain the center of the Asia Pacific paraxylene market’s development and growth. Over the period between 2016 and 2024, China is expected to maintain its top spot in the Asia Pacific paraxylene market and continue to have a notable influence on the global market owing to the high consumption of paraxylene for the manufacturing of PET. Although the consumption of paraxylene in China will be slightly affected by the recent economic slowdown, sustainable demand for polyethylene terephthalate across the country’s textile and F&B packaging sectors will continue to drive the paraxylene market.

However, oversupply of paraxylene in Asia Pacific and increase in consumer awareness about plastic-free products are estimated to hamper market growth to a certain extent. Demand for paraxylene across developed regions such as North America and Europe, which collectively accounted for only about 13% of the global market in 2015, is expected to witness sluggish growth over the forecasting horizon.

Some of the key vendors operating in the global paraxylene market are China National Petroleum Corporation, Sinopec Corporation, Exxon Mobil Corporation, BP plc, JX Nippon Oil & Energy Corporation, S-Oil Corporation, Jurong Aromatics Corporation, Reliance Industries Limited, CNOOC Limited, Lotte Chemical Corporation, and BASF SE.

Request to view Sample Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=10223

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.

Contact

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.