Global Bio-Based Paraxylene Market Size Is Poised to Grow Around $22.0 Billion By 2030, At a 7.5% CAGR

Global Bio-Based Paraxylene Market Is Predicted to Grow to Around USD 22.0 Billion By 2030

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.

A type of sustainable feedstock that comes from biomass sources is bio-based paraxylene. Unlike conventional paraxylene manufacturing methods, this method does not require petroleum as a feedstock. Using bio-based feedstock to make paraxylene has the benefit of lowering greenhouse gas pollution.

The primary factor driving the global bio-based paraxylene market growth rate is the rising demand for PET in beverage bottling, particularly in emerging countries. The demand for and use of PET in the construction, electronics, and automotive sectors has also increased, which has accelerated the market's expansion. Growing urbanization and industrialization, along with the development and expansion of the manufacturing sector, will have a direct and favorable effect on the market growth rate for bio-paraxylene. Rising globalization and increased demand for polyethylene terephthalate (PET) from the plastics sector will further fuel growth in the bio-paraxylene market value.

The expanding use of polyester in various industrial applications is also accelerating the development of the bio-paraxylene market. Growing environmental concerns will also fuel development in the market value for bio-paraxylene. However, a significant obstacle to the expansion of the bio-paraxylene industry will be the decline in the building and construction sector brought on by the outbreak of coronavirus. Additionally, the market development rate for bio-paraxylene will be slowed by complicated or strict government regulations for industrial applications. The growth rate of the bio-paraxylene market will be further slowed by fluctuations in raw material costs.

The global bio-based paraxylene market is segmented based on source, application, end user, and region.

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-Terephthalic Acid (Bio-TPA) segment is expected to grow significantly over the forecast period. Polyesters are created by condensation processes between terephthalic acid (TPA) and glycols. PET, a polymer created by polycondensing TPA and ethylene glycol, is one of the most widely used plastics. Dimethyl terephthalate (DMT), the methyl ester of TPA, can be used in place of TPA straight for the polymerization process. Due to its exceptional qualities, including its lightweight, high strength, and lack of harmful effects on human health, PET has a wide range of applications in the packaging industry.

TPA and ethylene glycol were both initially made from petrochemical sources, but growing research into the potential use of bio-based feedstocks has been prompted by the rising global demand for environmentally friendly alternatives. The development of the Coca-Cola Company's PlantBottleTM PET, which is entirely made from ethylene glycol derived from bioethanol, has recently made significant advancements. However, because TPA is still made using fossil fuels, only 30% of this bio-PET comes from biosources.

TPA consumption was expected to have reached 47 million tons globally in 2012 and to rise to 65 million tons by 2018. Consequently, bio-based TPA production is a desirable study area. The Coca-Cola Company, Ford Motor Company, H. J. Heinz Company, Nike Inc., and Procter & Gamble Company have established the Plant PET Technology Collaborative to support the creation of 100% bio-based PET. The bio-based method should be economical as well as ecologically advantageous because most customers value low prices over environmental benefits. Thus, driving segmental growth.

Based on source, the global market is bifurcated into sugar based aromatics stream and isobutanol source.

Based on the end user, the bio based paraxylene industry 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.

Europe held the largest market share in 2022 and is expected to continue the same pattern over the forecast period. The growth in the region is ascribed owing to the high-level innovation and development in the industry has been sparked by rising public awareness of the need to use environmentally friendly goods as well as government initiatives and campaigns to switch to recycled and renewable products. This has resulted in the utilization of bio-based xylene.

Bio-PX is made from naturally occurring raw components like cellulose, starch, glucose, and vegetable oils. This is much preferable because it is a sustainable choice that can be recycled. Since PET is frequently used to make plastic bottles, many food and beverage businesses are moving toward using bio-PX to produce their packaging bottles, which are 100% bio-based. The market will continue to expand steadily as a result of the trend toward sustainability, which will also encourage the entry of numerous new players.

This review is based on a report by Zion Market Research, 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.”- Report at https://www.zionmarketresearch.com/report/bio-based-paraxylene-market

Recent Development:

• 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.
• In January 2021, to expand its product line, INEOS paid a significant consideration of USD 5 billion to acquire BP's global aromatics and acetyls company.

The global bio-based paraxylene market is dominated by players like:

• 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

The global bio based paraxylene market is segmented as follows:

By Source

• Sugar Based Aromatics Stream
• Isobutanol Source

By Application

• Bio-Terephthalic Acid (BIO-TPA)

• Bio-Based Polyethylene Terephthalate (BIO-PET)
• Polytrimethylene Terephthalate (PTT)
• Polybutylene Terephthalate (PBT)

By End User

• Food & Beverages

• Packaging
• Others

By Region

• 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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