Market Research Reports Search Engine (MRRSE) has announced the addition of a new market intelligence report to its repository. The publication is titled, “Paraxylene Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”

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The study examines the growth of the market followed over the last few years and the prospects of growth in the near future. The research report details out the causes accountable for the variations in the market and analyses them thoroughly. The impact of certain trends has also been discussed in the report. It further provides data on the market shares, strategies, and products of leading companies. The therapies in pipeline and their reposition potential has also been discussed in the report.

According to the report published by Transparency Market Research, the global market for paraxylene is anticipated witness a CAGR of 7.0% during the forecast period of 2016 and 2024. The market is expected to be touch US$60.04 bn by the end of 2024 from a valuation of US$33.03 bn in 2015. The growth of the global paraxylene market is likely to be augmented by the progress of the global market for polyester. This growth can be attributed to the growing demand for textile applications and the rising need for polyethylene terephthalate (PET) in Asia Pacific. Although smooth growth is expected for the market over the next couple of years in Asia Pacific, it might witness limited avenues for growth in developed economies such as Europe and North America. The market will witness dramatic influence from the restrictions imposed by governments regarding the use of non-biodegradable materials and growing awareness among consumers regarding the use of products which are plastic-free.

Purified Terephthalic Acid (PTA) to Emerge Application Segment

Based on application, the global paraxylene market has been classified into coatings, pesticides, solvents, dimethyl terephthalate, and purified terephthalic acid. Among these, purified terephthalic acid emerged as the leading application segment, thus contributing maximum revenue to the market. In 2015, it accounted for over 97% of the total share in the global paraxylene market in terms of revenue. It has been anticipated that the segment will maintain a led with the most profitable market owing to the significantly mounting demand from the polyethylene terephthalate (PET) industry. The areas where paraxylene has applications are coatings, pesticides, solvents, and dimethyl terephthalate. All these together accounted for a meagre share of 3% in the global paraxylene market in 2015.

Asia Pacific to Emerge as Hub for Development

Recently, Asia Pacific has surfaced as the most profitable regional market backed by soaring demand from China. In 2015, Asia Pacific accounted for a massive share of 84% in terms of volume in the global paraxylene market with China alone accounting for over 50% of the total uptake of the region in the same year. The market for paraxylene in South Korea and India are also expected to grow substantially in the coming years due to the growing demand for PET in the packaging sector of food and beverages.

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