Dublin, Jan. 26, 2023 (GLOBE NEWSWIRE) — The “Paraxylene (PX) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global paraxylene (PX) market size reached US$ 44.1 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 62.4 Billion by 2027, exhibiting a CAGR of 5.96% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Paraxylene, also known as PX or P-Xylene, is an aromatic hydrocarbon compound. It is a colorless, transparent, highly flammable and toxic chemical which is chemically derived from products containing benzene. It is produced through the process of catalytic reforming of petroleum derivatives and is separated through crystallization, distillation and the reaction of ethylbenzene.
It is primarily used as a raw material in the manufacturing of industrial chemicals such as purified terephthalic acid (PTA), purified dimethyl terephthalate (DMT) and others. It also finds applications in the production of packaging materials, polyester fibres, construction materials, etc.
The growing demand for plastics across the globe is the key factor driving the market. Paraxylene forms the core component in the production of plastic products.
As a result, it is utilized for manufacturing polyethylene terephthalate (PET) bottles commonly used as containers for soda, water and other beverages. Paraxylene is also being used in the production of various household products such as containers for cosmetics and toiletries, and curtain fabrics, clothing and upholstery.
Furthermore, the development of bio-based paraxylene is significantly contributing to the market growth. Increasing environmental awareness has encouraged consumers…