The Global Paraxylene Market is likely to ascend at a CAGR of 6.3% over the forecast period (2021-2027) according to QuantAlign Research. The growth of the Paraxylene market can be attributed to the increasing demand of paraxylene across several end use industries such as packaging, textile, food and beverage, construction materials and other consumer products.

Paraxylene  is mainly used for the manufacture of industrial chemicals such as terephthalic acid (TPA), purified terephthalic acid (PTA) and dimethyl-terephthalate (DMT). These are in turn used to produce polyethylene terephthalate (PET) polyesters. Polyesters are used in the manufacturing of  fibers and films.  PET is widely used for making bottles as well as  fabrics for curtains, clothing and upholstery; as containers for toiletries, cosmetics and other consumer products. However, rising concerns among the consumers regarding the use of plastics may hamper the market growth. Major companies are now focusing on the development of bio-based alternatives in order to reduce the reliance on petrochemical derived paraxylene.

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Global Paraxylene Market Demand Outlook, COVID-19 Impact, Trend Analysis by Application (Pure terephthalic acid, Dimethyl terephthalate, Dibutyl-phthalate xylene), By End-Use (Packaging, Polyester fiber), and Industry Estimates 2021-2027 –  “https://quantalignresearch.com/global-paraxylene-market-report “

Key insights: 

• The demand for PTA held largest share of the global paraxylene market, and is expected to witness steady CAGR over the forecast period
• Asia Pacific is currently the largest market for Paraxylene due to hgh demand from China and India

Key players operating in the market include: BP p.l.c.; Mitsubishi Gas Chemical Company, Inc.; Sinopec Group; Honeywell International Inc.; Indian Oil Corporation Ltd.; Toray Industries, Inc.; Persian Gulf Petrochemical Industry Chemical Company; Reliance Industries Limited; Shell Global.; among others