Market Research Future (MRFR) envisions a bright future for the Paraxylene Market 2020 as it is set to reach USD 81.02 billion by 2022. Additionally, the market can make significant progress at a rate of 12.05% between 2016 and 2022 (appraisal period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Main Restraints:
The escalating demand for PET films, fibers and resins as well as many other plastics has been favorable for the Paraxylene Market. Paraxylene can note further demand in the near future, as a result of the extensive range of applications including construction material, packaging and textiles. It is anticipated that the surging consumption of polyester fiber across emerging countries like India, Bangladesh, Brazil and Vietnam can be a striking opportunity for the leading firms in the Paraxylene Market.
The growing demand for personalized apparel as well as high end household and domestic products could also benefit the global market in the coming years. A key trend in the light of mounting concerns with regard to the non-disposability nature of PET and the expensiveness of resins is the introduction of bio-based PET. The environment aspect is prompting various manufacturers to come up with bio-based techniques to develop PTA and PX, a few primary raw materials used for PET.
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An increasing number of manufacturers in the market have been adopting innovative technologies in the production processes, with the aim to bring down the resource waste and cater to the strict emission norms. So, taking into account the environment factor during the production of paraxylene, vendors are increasingly using technologies that help them achieve their goal of lower carbon emissions.
For instance, in July 2020, The New Energy and Industrial Technology Development Organization, with the intention of dealing with the climate change problems by reducing the CO2 emissions from factories, is planning to build a futuristic technology that could help develop industrial Para-Xylene using carbon dioxide without using the fuel-powered chemicals.
Prominent Market Vendors:
Prominent Market Vendors analyzed in the MRFR report are NPC Iran, Orpic, Reliance Industries Ltd, UOP, BP, KPPC, ONGC, JX Nippon Oil & Energy Corp., CNPC, China National Offshore Oil Corporation, FCFC, Dragon, GS Caltex, S-Oil, to name a few.
Application and End-User Industry are the Key Segments based on which the market has been covered in the MRFR report.
Applications of Para Xylene are textile industry, plastic industry and more.
The end-Use Industries mentioned in the study are purified terephthalic acid/PTA as well as dimethyl terephthalate/DMT and more. The expanding beverage sector combined with the growth of the bottling and packaging technologies could mean better demand for PTA over the coming years.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/para-xylene-market-2278
APAC/Asia Pacific, MEA/Middle East and Africa, Europe and North America are the primary markets considered for Paraxylene across the world.
APAC has the highest coverage in the Para Xylene Market, followed by Europe. The rising focus on capacity expansion across India and China and the mounting demand for polyester for textile and packaging applications are cited to be some of the top boosters in the market. The fast growth of industrialization can also be a prime factor inducing market growth in the region. Southeast Asian countries like Indonesia, Thailand and Vietnam are generating huge demand for polyester, which gives a considerable push to the overall market growth. Also, the increasing emphasis on deployment of advanced manufacturing technologies to bring down the resource waste while fulfilling the stringent carbon emission rules is also bolstering the market position in APAC.
The North American and European Markets are performing not as well, given the underutilization of the potential capacity in wake of the fluctuating feedstock supply in recent years. This situation has led to lower supply of Paraxylene across the regions. Moreover, the strict regulations of registration, evaluation, authorization and restriction of chemicals or REACH, especially in the countries that under EU27 with regard to manufacturing and burning of petrochemicals can be a significant barrier in the markets.
COVID-19 Study in Detail:
Impact of COVID-19 on Iso-Propyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-iso-propyl-alcohol-industry
Impact of COVID-19 on Steel Extruded Products Market @ https://www.marketresearchfuture.com/report/covid-19-impact-steel-extruded-products-market
Corona virus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market
NOTE: Our teams of researchers are studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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