- The key vendors in the Global Paraxylene (PX) Market 2014-2018 are BP Plc, ExxonMobil Corp., JX Nippon Oil & Energy Corp., PetroChina Co. Ltd., Reliance Industries Ltd. and Sinopec Corp.
London, 04 November 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Paraxylene (PX) Market 2014-2018. Increasing commercial use of Bio-PX, because of increased emphasis on reducing carbon footprint by the manufacturers and consumers, is a positive trend being witnessed by this market. With consumers preferring biodegradable packaging products made from natural materials, the manufacturers in the F&B industry have started emphasizing heavily on the reduction of their overall carbon footprint, resulting in the increased commercial usage of Bio-PX. The market is expected to grow at a CAGR of 6.8 percent during the forecast period of 2013-2018.
Growing Demand for Polyethylene Terephthalate
PET, the major end-product of DMT and PTA, is used for packaging purposes in various industrial sectors globally. With the increase in the consumption of soft drinks and beer in the emerging economies in recent years, there has been rapid increase in the demand for PET for packaging purposes. With the maximum consumption of PET for packaging purposes being accounted for by the developing BRICS countries, the increase in demand is expected to continue during the forecast period, which in turn will drive the growth of the Global PX market.
“Polyester, the major end-product of PX, is extensively used in various industrial applications, including packaging and producing clothing material,” says Faisal Ghaus, Vice President of TechNavio Research.
“The Global PX market will benefit from the demand for polyester-based textiles that is expected to increase further in these countries in the coming years.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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