In the last few years, there has been a strong acceptance for various bio-based materials and chemicals at the back of increasing concern over sustainability. Paraxylene refers to an aromatic hydrocarbon compound that is extracted from Benzane. This colorless chemical is highly flammable, toxic, and quite hazardous in nature. Given its damaging nature, several environmental organizations and governments have brought in rules and regulations pertaining to the development of bio-based paraxylene (Bio-PX). Increased concern for environment is likely to support development of the global bio based paraxylene market over the timeframe of analysis, from 2020 to 2030.
Bio based paraxylene is comprised of various renewable raw materials, such as vegetable oils, cellulose, starch, and glucose. The benefit of using such renewable raw materials lies with the ability to process them in an already existing process of recycling and they can be used again. The chemical is finding increased utilization in various bi-based plastic PET bottles (Bio-PET) and in many other applications involving bio-based plastics. Expanding scope of application is expected to work in favor of the global bio based paraxylene market in the near future.
Product, application, and region are the three important parameters based on which the global bio based paraxylene market has been classified.
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One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global bio based paraxylene market is mentioned as below:
Some of the prominent organizations in the global bio based paraxylene market comprise the below-mentioned:
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The global bio based paraxylene market is characterized by the presence of the following restraints, drivers, and opportunities.
There has been a growing concern regarding the use of petrochemical products and its implications on the environment. People are now more aware of the harmful effects of these products on the environment and benefits of utilizing bio-based products. There has been increased demand for the substitutes of conventional products. These factors are likely to drive the growth of the global bio based paraxylene market over the timeframe of analysis, from 2020 to 2030. Consistent demand for purified terephthalic acid (PTA) for use in various applications of polyester and packaging sector is likely to add to the growth of the global bio based paraxylene market in the near future.
Prices of crude oil are volatile and it is an important raw material for the production of paraxylene. This factor has generated demand for renewable and naturally occurring resources. Augmented utilization of bio based paraxylene in various applications, such as in polyethylene terephthalate or PET bottles is likely to generate immense growth opportunities for the global bio based paraxylene market over the analysis timeframe, from 2020to 2030.
North America is likely to rule the roost when it comes to regional control of the global bio based paraxylene market. The growth of the market in North America is attributed to the massive investment made in the research and development activities so as to come up with new innovative product. In addition, augmented awareness about the use of petrochemical products is likely to drive the demand for bio based paraxylene in the region.
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