Data Bridge Market Research analyses that the Bio-Paraxylene Market will witness a CAGR of 15.00% for the forecast period of 2021-2028. Growth in the demand and production of paraxylene, growing use of bio- paraxylene for a wide range of end use applications such as bio-based polyethylene terephthalate, polybutylene terephthalate, bio- terephthalic acid, polytrimethylene terephthalate, and others and surge in industrialization, especially in the developing countries are the major factors attributable to the growth of the bio- paraxylene market. This means that the bio- paraxylene market value, which was USD 500 million in 2020, will rocket up to USD 1,529.51 million by 2028.
From the name itself, it is clear that bio- paraxylene is made out of renewable raw materials such as starch, glucose, vegetable oils, and cellulose. Another important characteristic of bio- paraxylene is that the raw materials used can be easily recycled and can be reused. Also known as P-xylene or PX, paraxylene is an aromatic compound that is colorless, extremely flammable and toxic chemical. Paraxylene is extracted from benzene and is quite hazardous in nature.
Increasing demand for demand for PET in beverage bottling especially in the developing economies, is the root cause fuelling up the bio- paraxylene market growth rate. Also, surge in the demand and application of PET by the automotive, electronics and construction industries has fuelled up the bio- paraxylene market growth rate. Rising industrialization and urbanization coupled with growth and expansion of manufacturing industry will also directly and positively impact the growth rate of the bio- paraxylene market. Increased demand for polyethylene terephthalate (PET) from the plastic industry coupled with rising globalization will further propel growth in the bio- paraxylene market value. Growing application of polyester in various industrial applications is also bolstering the bio- paraxylene market growth rate. Rising environmental concerns will also propel growth in the bio- paraxylene market value.
However, contraction of buildings and construction industry owing to the coronavirus outbreak will pose a major challenge to the growth of the bio- paraxylene market. Also, stringent or strict government regulations for industrial applications and will dampen the bio- paraxylene market growth rate. Fluctuations in the prices of raw materials will further derail the bio- paraxylene market growth rate.
This bio- paraxylene market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on bio- paraxylene market, contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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Competitive Landscape and Bio- Paraxylene Market Share Analysis
The bio- paraxylene market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to bio- paraxylene market.
The major players covered in the bio- paraxylene market report are ENEOS Corporation, Exxon Mobil Corporation, FUJAN REFINING PETROCHEMICAL COMPANY LIMITED, China National Petroleum Corporation, Chevron Phillips Chemical Company, PT Pertamina (Persero), Braskem, bp p.l.c., SK innovation Co.. Ltd, Mangalore Refinery and Petrochemicals Ltd., TORAY INDUSTRIES, INC., Reliance Industries Limited, Sinopec Catalyst CO.,LTD., Vizag Chemical, BASF SE, Honeywell International Inc, S-Oil Corporation, GS Caltex India, Toyo Engineering Corporation and LOTTE Chemical CORPORATION among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Global Bio- Paraxylene Market Scope and Market Size
The bio- paraxylene market is segmented on the basis of application and end use sector. The growth amongst the different segments helps you in attaining the knowledge related to the various growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of application, the bio- paraxylene market is segmented into bio-based polyethylene terephthalate, polybutylene terephthalate, bio- terephthalic acid, polytrimethylene terephthalate, and others.
- On the basis of end use sector, the bio- paraxylene market is segmented into packaging, food and beverage, and other end user verticals.
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