In recent years, the global market has shown a strong acceptance for bio-based chemicals and materials in the light of growing considerations over sustainability. Paraxylene is an aromatic hydrocarbon compound, derived from benzene, and is colorless, toxic, highly flammable and hazardous in nature.
Owing to its pernicious properties, various government and environmental organizations have enforced regulations for the development of bio-based paraxylene (Bio-PX). Bio based paraxylene is made of renewable raw materials, such as glucose, starch, cellulose and vegetable oils.
The advantage of utilizing these raw material is that they can be processed in an existing recycling process and can be re-used. Bio based paraxylene is increasingly being used in bio based plastic PET bottles (Bio-PET) and other bio based plastic applications.
Over the past few years, plastic based on certain amount of renewable material is being used extensively. Bio-PX also helps to meet sustainability goals, and it reduces the greenhouse gas emission up to 70% when compared with petrochemical paraxylene.
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Global Bio Based Paraxylene Market: Market Dynamics
Rising awareness regarding petrochemical products usage and increasing environmental concern and increasing demand of bio based products & substitutes for conventional products are some of the factors expected to drive the bio based paraxylene market. Steady PTA demand in polyester applications and consumption in packaging is also expected to positively attribute towards the growth of bio based paraxylene.
Moreover, increasing resin prices along with growing concerns regarding non disposable nature of petrochemical based PX has compelled manufacturers to focus on development of bio based paraxylene, key raw material for PET. The rising demand for bio plastics PET resin (Bio-PET) for soft drink and mineral water bottles is expected to boost the bio based Paraxylene market.
Key consumers of PET are found to have been partnering with key renewable chemical firms for constant supply of bio-based resin. In sync with increasing shift towards the utilization of bio based materials and chemicals, companies such as Nestlé SA and Coca-Cola Co. are working with their venture companies for production of 100% bio-based bottle.
Moreover, volatile prices of crude oil, a key raw material for paraxylene, over past few years, has fueled the world demand for using naturally occurring, renewable resources. Increasing demand for bio based paraxylene in the market owing to increasing application for various purpose such as, PET bottles, is expected to create immense opportunities for the growth of market and emergence of new players.
However, owing to complicated manufacturing process associated with the bio based paraxylene and technological limitations is acting as a constraining factor for expansion of market.
Global Bio Based Paraxylene Market: Regional Outlook
North America is expected to have significant share in the bio based paraxylene market with a lot of investment in research and development for bio based products. Europe is expected to show a great potential for bio based paraxylene market to grow. Stringent REACH regulation in European countries for manufacturing and burning of petrochemicals may contribute to the positive growth of the market.
Asia pacific, being the key consumer of petrochemical paraxylene, in sync with the shift towards green technology is expected to witness above average growth in recent years for bio-based PX. Increasing investment for renewable chemicals in Japanese chemical firms is expected to give positive outlook for the market.
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Global Bio Based Paraxylene Market: Key Participants
Examples of some of the market participants operating in the global bio based paraxylene market include Virent, Inc., Renmatix, Inc. Anellotech, Inc., Origin Materials, GEVO, Avantium, BASF SE, Toray Industries, Inc. and others.
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