Albany, NY -- (SBWIRE) -- 09/11/2017 -- 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.
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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.
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.
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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.
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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.