REPORT HIGHLIGHT
Bio Based Paraxylene Market size was valued at USD 12,312.11 Million in 2022, expanding at a CAGR of 7.49% from 2023 to 2030.
Traditional paraxylene obtained from petroleum can be replaced by bio-based paraxylene, sometimes referred to as bioPX. PET plastics, which are used in a variety of products, including bottles and textiles, are produced using a critical ingredient called xylene. From biomass sources like plant matter, agricultural waste, or algae, BioPX is produced. Its manufacture helps promote a circular economy, minimize carbon emissions, and lessen dependency on fossil fuels. BioPX has the potential to reduce the negative environmental effects associated with the manufacture of plastic while retaining the quality and functioning of the final product as a drop-in substitute for traditional paraxylene.
Bio Based Paraxylene Market- Market Dynamics:
- Growing use of bio-based PET products.
- The market for bio-based paraxylene is expanding as a result of the rising usage of bio-based PET products. This is due to the perception of bio-PET as a more environmentally friendly substitute for conventional PET, which is derived from petroleum. Bio-PET is more ecologically friendly since it can be composted and decomposed. People are utilizing bio-based paraxylene since the increased usage of plastic is having a bad effect on the environment. The first half of 2022 saw the production of almost 38.21 million metric tons of polymer products, according to China's National Bureau of Statistics. Production of plastic products rose by around 5.27% in 2021 compared to 2020.
Bio Based Paraxylene Market- Key Insights:
- As per the analysis shared by our research analyst, the global Bio Based Paraxylene market is estimated to grow annually at a CAGR of around 7.49% over the forecast period (2023-2030)
- The Bio Based Paraxylene industry is projected to grow at a significant rate due to the growing use of bio-based PET products
- Based on source segmentation, isobutanol was predicted to show maximum market share in the year 2022
- Based on application segmentation, Bio-PET was the leading type in 2022
- Based on end-user segmentation, packaging was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Bio Based Paraxylene Market- Segmentation Analysis:
- The Global Bio Based Paraxylene Market is segmented on the basis of Source, Application, End-user, and Region.
- The market is divided into categories based on Source: sugar-based aromatics stream and isobutanol source. The isobutanol source segment is expected to dominate the market during the forecast period. Renewable isobutanol is used to make para-xylene (PX). Furthermore, sustainable paraxylene, PET, fuel mixes for small motors, and ATJ bio-jet are all made using isobutanol. The development of bio-based isobutene is primarily motivated by the need to produce p-xylene as an intermediary for the PET plastics sector.
- The market is divided into categories based on end-user: food & beverages, packaging, and others. The packaging segment is projected to grow substantially over the forecast period. Due to their excellent carbon dioxide barrier qualities, PET bottles made of paraxylene are frequently used for soft drink packaging, water, and carbonated beverages for their non-breakability. Additionally, they have high tensile strength, are lightweight, and are shatterproof. Both non-carbonated and carbonated beverage containers are made of polyester, which is also used to package cosmetics, toiletries, and other home products.
Bio Based Paraxylene Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Increasing spending on research and development has made the North American area the market leader. For the projection period, Asia-Pacific is expected to see significant growth and have the highest CAGR. This is due to the development and growth of several end user sectors, particularly in developing nations like China and India. Another significant factor influencing market expansion in this area is growing industrialization.
Bio Based Paraxylene Market- Competitive Landscape:
Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, technology, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, End-user network development, R&D spending, and mergers and acquisitions. For instance, in October 2021, Virent Inc. made a substantial contribution to Coca-Cola's recent reported run of 900 plastic bottles manufactured completely of plant-based components utilizing their revolutionary BioForming technology. With this prototype, Virent's biobased paraxylene, which is produced from sugars that occur naturally, may help Coca-Cola meet its goal of utilizing 3 million fewer tonnes of virgin plastic from based on oil sources by 2025.
Recent Developments:
In December 2021, The Suntory Group declared that it has created a prototype PET bottle using only plant-based components with great success. The firm wants to use only sustainable PET bottles globally by 2030 and eliminate all based on petroleum virgin plastic from its global PET supply, so this is a significant step in that direction.
Key features of the study:
- This proposed research study on Bio Based Paraxylene market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Bio Based Paraxylene market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Bio Based Paraxylene market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Bio Based Paraxylene market
- Impact of COVID-19 on Bio Based Paraxylene market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Bio Based Paraxylene market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Bio Based Paraxylene market, we have also included competitive landscape and key innovator analysis for the Bio Based Paraxylene market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Bio Based Paraxylene market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Bio Based Paraxylene market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BIO BASED PARAXYLENE MARKET KEY PLAYERS
- Vizag Chemical
- Toyo Engineering Corporation
- TORAY INDUSTRIES INC.
- S-Oil Corporation
- SK innovation Co. Ltd
- Sinopec Catalyst CO. LTD.
- Reliance Industries Limited
- PT Pertamina (Persero)
- Mangalore Refinery and Petrochemicals Ltd.
- LOTTE Chemical CORPORATION
- Honeywell International Inc
- GS Caltex India
- FUJAN REFINING & PETROCHEMICAL COMPANY LIMITED
- Exxon Mobil Corporation
- ENEOS Corporation
- China National Petroleum Corporation
- Chevron Phillips Chemical Company
- Braskem
- BASF SE
GLOBAL BIO BASED PARAXYLENE MARKET, BY SOURCE
- Sugar Based Aromatics Stream
- Isobutanol Source
GLOBAL BIO BASED PARAXYLENE MARKET, BY APPLICATION
- Bio-Based Polyethylene Terephthalate (BIO-PET)
- Bio-Terephthalic Acid (BIO-TPA)
- Polybutylene Terephthalate (PBT)
- Polytrimethylene Terephthalate (PTT)
GLOBAL BIO BASED PARAXYLENE MARKET, BY END-USER
- Food & Beverages
- Packaging
- Others
GLOBAL BIO BASED PARAXYLENE MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA