Paraxylene Market Will Reach USD 68.3 Billion By 2030
The value of the paraxylene market stood at USD 44.6 billion in 2023, and this number is projected to reach USD 68.3 billion by 2030, advancing at a CAGR of 6.5% during the projection period.
This development can be credited to the rising requirement for polyethylene terephthalate bottles from packing businesses, and also high-end household and domestic items, and modified clothing. The arrival of bio-based paraxylene is also a major reason propelling the progress of this market.
The rising need for plastics throughout the globe is a key reason propelling the development of this market. Paraxylene is primarily utilized in manufacturing polyethylene terephthalate bottles, which are made to hold water, soda, or numerous other liquids. Paraxylene is also utilized in making numerous home-use items, like curtains, garments, and cosmetic containers.
The increasing concern about non-biodegradable plastic is forcing makers throughout the globe to make bio-based plastics, therefore resulting in the growing requirement for naturally sourced paraxylene. For example, Mitsubishi Corporation announced a collaboration with ENEOS Corporation and Suntory Holdings Limited on the development of a new sustainable supply chain for PET bottles made from biomass in August 2023. As an alternative to conventional plastics, bioplastics manufactured using natural paraxylene have been used in a variety of sectors.
On the basis of application, the purified terephthalic acid category is leading the market. This is mainly because it is widely utilized as a precursor to polyethylene terephthalate resin, which has numerous applications in polyester and furniture films. Moreover, the chemical needs lesser capital expenditures and greater making economics compared to dimethyl terephthalate.
Moreover, the rising efforts of governments to recycle crude-based polymers and also execute bio-based renewables have fortified manufacturers to make new items. Furthermore, the need for cosmetic items is growing at a high rate in India, which is increasing the requirement for paraxylene for manufacturing containers for these goods.
Hence, the rising requirement for polyethylene terephthalate bottles from packing businesses, and also high-end household and domestic items are the major factors contributing to the growth of the market.