Global Bio-Based Paraxylene Market Size Set to Skyrocket with Projected CAGR of 7.5% from 2023 to 2030, Reaching USD 22.0 Billion by 2030 Report By Zion Market Research
NEW YORK, March 16, 2023 /PRNewswire/ -- As per Zion Market Research study, The global bio based paraxylene market size was worth around USD 12.3 Billion in 2022 and is predicted to grow to around USD 22.0 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.5% between 2023 and 2030.
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Bio-Based Paraxylene Market: Overview
P-xylene, often called paraxylene, is an aromatic hydrocarbon. It is one of the three dimethyl benzene isomers that collectively make up xylenes. Renewable raw resources including glucose, starch, cellulose, and vegetable oils are used to make bio-based paraxylene. Using these raw materials has the advantage that they may be treated and used again in an already-established recycling process. By decreasing greenhouse gas emissions by up to 70% when compared to paraxylene made from petrochemicals, it also helps achieve environmental goals. Regulations for the production of bio-based paraxylene have been implemented by several governmental and environmental organizations due to its dangerous characteristics.
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Key Industry Insights & Findings of the Bio-Based Paraxylene Market Reports:
- 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 7.5% over the forecast period (2023-2030).
- In terms of revenue, the global bio based paraxylene market size was valued at around USD 12.3 billion in 2022 and is projected to reach USD 22.0 billion, by 2030.
- The increasing environmental concerns, the growing awareness regarding petrochemical products, and the rise in the demand for bio-based substitutes are the major factors that are driving the bio based paraxylene market.
- Based on the source, the isobutanol source segment is expected to dominate the market during the forecast period.
- Based on the application, the Bio-Based Polyethylene Terephthalate (Bio-PET) segment is expected to hold the largest market share during the forecast period.
- Based on the end user, the packaging segment is projected to grow substantially over the forecast period.
- Based on region, Europe is expected to dominate the market during the forecast period.
Zion Market Research published the latest report titled "Bio-Based Paraxylene Market By Source (Sugar Based Aromatics Stream And Isobutanol Source), By Application (Bio-Terephthalic Acid (BIO-TPA), Bio-Based Polyethylene Terephthalate (BIO-PET), Polytrimethylene Terephthalate (PTT) And Polybutylene Terephthalate (PBT)), By End User (Food & Beverages, Packaging, And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.
Industry Dynamics:
Bio-Based Paraxylene Market: Growth Drivers
- The growing use of bio-based PET products drives the market growth.
Environmental and sustainability issues are being raised with package makers in several places. Several consumer goods makers choose to use eco-friendly packaging materials because they encourage environmental sustainability. The rising environmental concerns and the desire to limit pollution have resulted in a greater emphasis on environmental sustainability. The use of plastic and resins generated from renewable resources is being promoted in packaging. These considerations are likely to stimulate package suppliers to study and develop new materials, as well as include new eco-friendly designs that encourage the use of non-biodegradable materials as much as possible in packaging. As a result, they favor recyclable and biodegradable packing materials.
Bioplastic packaging is more environmentally friendly than traditional plastic packaging. Bioplastic packaging uses less energy, is lighter in weight, and emits less CO2 than traditional plastic packaging. Moreover, bioplastic packaging materials allow consumer goods manufacturers to improve their brand image by lowering their carbon impact. Thus, the growing use of bio-based PET products drives the growth of the bio based paraxylene industry.
Bio-Based Paraxylene Market: Restraints
- High cost limiting the market growth.
Biodegradable plastics are great alternatives to traditional plastics because they have comparable material qualities to plastics and can be swiftly destroyed by microbes into CO2, water, or useable compost. Yet, as compared to standard plastics, the production costs of biodegradable polymers remain quite high, limiting their future possibilities. Moreover, many biodegradable polymers are petroleum-based, which may present issues such as resource use during the manufacturing process. Even today's basic ingredients for bio-based plastics are primarily taken from food crops, which may deplete precious agricultural resources. As a result, the existing biodegradable plastics business is in desperate need of novel, low-cost, and long-lasting substrates.
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Bio-Based Paraxylene Market: Opportunities
- The increasing demand for the carbonated soft drink (CSD) provides a lucrative opportunity.
The Coca-Cola Corporation and PepsiCo are considered to be the global bio based paraxylene market's two biggest players. Furthermore, rising CSD consumption in the BRICS is likely to stimulate demand for sustainable packaging materials such as bio-based PET throughout the projection period. The bottling investment sub-advertising segment's campaigns and promotional activities have aided this category's performance. Price will be an important consideration as people seek the best offers. Nestlé Waters and Danone formed the NaturALL Bottle Partnership with Origin Materials of West Sacramento, California, USA. By 2022, this business hopes to have developed the technology for producing a 95% bio-based PET bottle. The aforementioned variables will boost market growth throughout the forecast period.
Bio-Based Paraxylene Market: Challenges
- Complex manufacturing processes and technological limitations act as a major challenge to the industry expansion.
The complex manufacturing process and technological limitations for producing bio based paraxylene are expected to act as a major challenge for the industry growth over the forecast period. Para-xylene (p-xylene) is a critical step in the synthesis of terephthalic acid, a monomer utilized in the synthesis of polymers such as poly(ethylene terephthalate) (PET). Traditional techniques of producing p-xylene, however, have several drawbacks. Bioplastics are often made using existing manufacturing technologies, frequently employing the same reactors and machines. Thus, acting as a major challenging factor for bio based paraxylene industry growth.
Global Bio-Based Paraxylene Market: Segmentation
- The global bio based paraxylene industry is segmented based on source, application, end user, and region.
Based on source, the global market is bifurcated into sugar based aromatics stream and isobutanol source. The isobutanol source segment is expected to dominate the market during the forecast period. Para-xylene (PX) is produced using renewable isobutanol. Furthermore, isobutanol is used to make sustainable paraxylene, PET, fuel blends for small engines, and ATJ bio-jet. The production of p-xylene as an intermediate for the PET plastic industry is the main driver behind the development of bio-based isobutene.
This makes it possible to remove bio-based isobutanol and bio-based p-xylene from the bioplastic manufacturing process and utilize them as solvents. Besides, the sugar based aromatics stream is expected to hold a significant market share over the forecast period. One sustainable source for renewable C6 aromatic compounds is the sugar generated by saccharifying biopolymers (e.g., cellulose, hemicellulose). These sugars can be transformed catalytically into very valuable industrial chemicals like p-xylene. The final stage in producing p-xylene from glucose generated by biomass is the Diels-Alder cycloaddition followed by the dehydration of 2,5-dimethylfuran (DMF) and ethylene to get p-xylene. Thus, driving segmental growth.
Based on the application, the global bio based paraxylene industry is segmented into Bio-Terephthalic Acid (Bio-TPA), Bio-Based Polyethylene Terephthalate (Bio-PET), Polytrimethylene Terephthalate (PTT), and Polybutylene Terephthalate (PBT). The Bio-Based Polyethylene Terephthalate (Bio-PET) segment is expected to hold the largest market share during the forecast period. The growth in the segment is attributed to the rising demand for Bio-PET soft drinks and mineral water bottles and is predicted to propel the bio-based paraxylene industry, as bio-based paraxylene is the major raw material used in the manufacture of PET.
Based on the end user, the global bio based paraxylene market is segmented into food & beverages, packaging, and others. The packaging segment is projected to grow substantially over the forecast period. Because of its non-breakability, PET bottles constructed of paraxylene are often used for water, soft drink packaging, and carbonated beverages due to their good carbon dioxide barrier properties. They're also lightweight, shatterproof, and have a high tensile strength. Polyester packaging for household chemicals, toiletries, and cosmetics is used for carbonated and non-carbonated beverage containers.
Magnetic tapes, photographic film, and electrical insulation are all examples of x-ray films. Boil-in bags, processed meat packaging, shrink films, and blister packs Boil-in bags, processed meats, shrink films, and blister packs all require packaging. According to the Reusable Packaging Association's 2020 Reusable Transport Packaging Report, the worldwide packaging industry is expected to be worth US$950 billion in 2020. The bio paraxylene market is expected to expand during the forecast period due to expansion in the packaging sector.
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List of Key Players in Bio-Based Paraxylene Market:
- Exxon Mobil Corporation
- ENEOS Corporation
- China National Petroleum Corporation
- FUJAN REFINING & PETROCHEMICAL COMPANY LIMITED
- Chevron Phillips Chemical Company
- PT Pertamina (Persero)
- Braskem
- bp p.l.c.
- SK innovation Co. Ltd
- TORAY INDUSTRIES INC.
- Mangalore Refinery and Petrochemicals Ltd.
- Reliance Industries Limited
- Sinopec Catalyst CO. LTD.
- Vizag Chemical
- BASF SE
- Honeywell International Inc
- S-Oil Corporation
- Toyo Engineering Corporation
- GS Caltex India
- LOTTE Chemical CORPORATION
Key questions answered in this report:
- What are the growth rate forecast and market size for Bio-Based Paraxylene Market?
- What are the key driving factors propelling the Bio-Based Paraxylene Market forward?
- What are the most important companies in the Bio-Based Paraxylene Market Industry?
- What segments does the Bio-Based Paraxylene Market cover?
- How can I receive a free copy of the Bio-Based Paraxylene Market sample report and company profiles?
Report Scope:
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Recent Developments
- In October 2021, a significant portion of Coca-recently Cola's reported run of 900 plastic bottles made entirely of plant-based ingredients was provided by Virent Inc. using their ground-breaking BioForming® technology. Virent's biobased paraxylene, manufactured from naturally occurring sugars, has the potential to help Coca-Cola reach its objective of using 3 million fewer tonnes of virgin plastic from oil-based sources by 2025 with this prototype.
- In December 2021, by starting with bio-based p-Xylene and applying the company's Bio-TCat technology through the following downstream separation, purification, intermediate PTA (purified terephthalic acid), and final PET procedures, Anellotech has developed 100% bio-based polyethylene terephthalate (PET). This was the final checkpoint before the Bio-TCat technology was fully validated for the fabrication of prototype 100% bio-based bottles. This comes after more than 5,000 hours of productive TCat-8 pilot plant operation that generated tonnes of BTX aromatics from pine wood as a feedstock. To yet, enough bio paraxylene has been created and separated to potentially make more than 5,000 plastic 500 ml bottles made entirely from renewable resources.
- In December 2021, the Suntory Group announced that it has successfully produced a prototype PET bottle made entirely of plant-based materials. This is an important step towards the company's goal of using 100% sustainable PET bottles worldwide by 2030 and eliminating all petroleum-based virgin plastic from its global PET supply. The prototype was created for the company's renowned Orangina brand in Europe and Suntory Tennensui, its top-selling bottled mineral water brand in Japan. After a nearly ten-year relationship with the US-based sustainable technology business Anellotech, this announcement represents a significant advancement.
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Regional Dominance:
- Europe is expected to dominate the market during the forecast period.
Europe is expected to hold the largest market share of more than 35% and is expected to maintain its dominance during the forecast period. The growth in the region is attributed to the growing investment in the green economy. For instance, according to the secondary sources, since 2014, the Bio-based Industries Joint Undertaking (BBI JU), a USD 3.9 billion cooperation between the EU and the private sector, has helped the sector's deployment across Europe by de-risking investments and encouraging partnerships between scientists and business. Thus far, the alliance has sponsored over 120 projects, intending to create more than 200 new value chains - whole manufacturing lines from raw material to final product application - by the end of the program in 2024. Thus, the growing investment in the green economy is expected to drive the market in the region.
North America is the market's second-largest contributor. The region's expansion can be attributed to increased investment in bio-based product research and development. Besides, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Increasing demand for PET in China is accelerating the PET value chain, which is propelling the country's bio based paraxylene industry. China accounted for approximately 32% of worldwide PET capacity. China has increased capacity over the years in response to rising demand for PET from the packaging and textile sectors.
Global Bio-Based Paraxylene Market is segmented as follows:
Bio-Based Paraxylene Market: By Source Outlook (2023-2030)
- Sugar Based Aromatics Stream
- Isobutanol Source
Bio-Based Paraxylene Market: By Application Outlook (2023-2030)
- Bio-Terephthalic Acid (BIO-TPA)
- Bio-Based Polyethylene Terephthalate (BIO-PET)
- Polytrimethylene Terephthalate (PTT)
- Polybutylene Terephthalate (PBT)
Bio-Based Paraxylene Market: By End User Outlook (2023-2030)
- Food & Beverages
- Packaging
- Others
Bio-Based Paraxylene Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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