ALBANY, New York, October 13, 2016 /PRNewswire/ --
Transparency Market Research (http://www.transparencymarketresearch.com ) has released a new market report titled "Paraxylene Market for Purified Terephthalic Acid (PTA), Dimethyl Terephthalate (DMT), and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global paraxylene market was valued at US$ 33.03 Bn in 2015 and is projected to reach US$ 60.04 Bn by 2024, expanding at a CAGR of 7.0% from 2016 to 2024.
Rapid growth in the polyester market due to high demand from textile application and large demand for Polyethylene Terephthalate (PET) container resins in Asia Pacific are expected to drive the global paraxylene market during the forecast period. Paraxylene is a raw material used in the production of Purified Terephthalic Acid (PTA), which is further employed in the manufacture of Polyethylene Terephthalate (PET).
Polyester is mostly preferred over cotton and other natural fibers due to its low cost and easy availability. Recycling of polyester fiber is easily achieved and lowers energy consumption, and eliminates solid wastes. However, increase in consumer awareness regarding the usage of plastic-free products coupled with oversupply of paraxylene in Asia Pacific may hamper market growth. Antimony oxide, which is used as a catalyst in the manufacture of PET and trace amounts of acetaldehyde and aldehydes are some of the unavoidable byproducts in the production of PET containers. These chemicals are hazardous to the environment and human health.
Browse Latest Research Report with ToC: http://www.transparencymarketresearch.com/paraxylene-market.html
In terms of application, the global paraxylene market has been segmented into purified terephthalic acid, dimethyl terephthalate, and others (solvents). The purified terephthalic acid segment is anticipated to expand significantly, especially in Asia Pacific, during the forecast period. In terms of volume, the purified terephthalic acid segment held more than 97% share of the paraxylene market in 2015. Together, dimethyl terephthalate and others segments accounted for 3% share of the paraxylene market in 2015.
In terms of volume, Asia Pacific was the leading market for paraxylene in 2015. It was followed by North America, Europe, Middle East & Africa, and Latin America. The paraxylene market in Asia Pacific is estimated to expand significantly due to the rising demand for paraxylene in manufacture of PET container resin applications. PET possesses high strength-to-weight ratio and is non-reactive to food and beverages. Hence, it is widely used in the packaging of dairy products, water, and carbonated beverages. The paraxylene market in North America and Europe is projected to experience modest growth during the forecast period.
Get Industry Research Report Sample for more Professional and Technical Industry Insights: http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=10223
Key players operating in the paraxylene market include BP plc, Exxon Mobil Corporation, Sinopec Corporation, China National Petroleum Corporation, S-Oil Corporation, JX Nippon Oil & Energy Corporation, Reliance Industries Limited, Jurong Aromatics Corporation, CNOOC Limited, Lotte Chemical Corporation, and BASF SE.
The report segments the global paraxylene market into:
Paraxylene Market - Application Analysis
- Purified Terephthalic Acid (PTA)
- Dimethyl Terephthalate (DMT)
- Others (solvents, etc.)
Paraxylene Market - Regional Analysis
- Rest of EU
- Rest of APAC
- Rest of Latin America (LATAM)
Middle East & Africa
- South Africa
- Rest of Middle East & Africa (MEA)
Browse Regional Market Analysis: http://www.europlat.org/global-paraxylene-market.htm
Browse other Research Report:
- Industrial Tapes Market: http://www.transparencymarketresearch.com/industrial-tapes-market.html
- Water-borne Coatings Market: http://www.transparencymarketresearch.com/global-water-borne-coatings-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
SOURCE Transparency Market Research