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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➤ The market is experiencing growth due to the increasing prevalence of bio-based PET products.
In numerous locations, package producers are being confronted with environmental and sustainability concerns. Eco-friendly packaging materials are utilized by numerous consumer goods manufacturers due to their promotion of environmental sustainability. The increasing environmental concerns and the desire to reduce pollution have led to a greater emphasis on environmental sustainability. The utilization of plastic and polymers derived from renewable sources is being encouraged in the packaging industry. These factors are expected to motivate package suppliers to investigate and create novel materials, as well as to incorporate new eco-friendly designs that promote the use of non-biodegradable materials in packaging to the greatest extent feasible. Consequently, they prioritize packaging materials that are biodegradable and recyclable.
➤ The market growth is restricted by the high cost.
Biodegradable plastics are highly effective substitutes for conventional plastics due to their comparable material properties and their rapid degradation by microorganisms into CO2, water, or compostible material. Nevertheless, the production costs of biodegradable polymers are significantly higher than those of standard plastics, which restricts their potential for the future. Furthermore, numerous biodegradable polymers are petroleum-based, which may produce complications such as resource utilization during the manufacturing process. Even today, the fundamental components of bio-based plastics are primarily derived from food crops, which may result in the depletion of valuable agricultural resources. Consequently, the current biodegradable plastics industry is in dire need of innovative, cost-effective, and long-lasting substrates.
➤ A lucrative opportunity is presented by the growing demand for carbonated soft drinks (CSDs).
The two largest participants in the global bio-based paraxylene market are PepsiCo and the Coca-Cola Corporation. Additionally, the demand for sustainable packaging materials, including bio-based PET, is expected to increase during the projection period as a result of the increasing consumption of CSD in the BRICS. This category’s performance has been significantly enhanced by the promotional activities and campaigns of the bottling investment sub-advertising segment. As individuals pursue the most advantageous deals, price will be a critical factor. The NaturALL Bottle Partnership was established by Nestlé Waters and Danone in collaboration with Origin Materials of West Sacramento, California, USA. This organization aspires to have developed the technology necessary to manufacture a PET bottle that is 95% bio-based by 2022. The market will experience growth throughout the forecast period as a result of the aforementioned variables.
➤ The industry’s expansion is significantly impeded by technological constraints and intricate manufacturing processes.
The industry’s development is anticipated to be significantly impeded by the complex manufacturing process and technological constraints associated with the production of bio-based paraxylene during the forecast period. Para-xylene (p-xylene) is a critical step in the synthesis of terephthalic acid, a monomer that is used in the synthesis of polymers, including poly(ethylene terephthalate) (PET). However, conventional methods of producing p-xylene have numerous disadvantages. The same reactors and machineries are frequently employed to produce bioplastics, which are frequently produced using existing manufacturing technologies. Therefore, this serves as a significant obstacle to the expansion of the bio-based paraxylene industry.
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The Global Bio-based Paraxylene Market is segmented based on product, application and region
Global Bio-based Paraxylene Market: Product Segment Analysis
● Sugar Based Aromatics Stream
● Isobutanol Source
Global Bio-based Paraxylene Market: Application Segment Analysis
● Food & Beverages
● Packaging
● Others
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The global Bio-based Paraxylene market profiles key players such as:
● 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
???? Recent Developments:
• A substantial portion of Coca-Cola’s reported run of 900 plastic bottles, which were wholly composed of plant-based ingredients, was supplied by Virent Inc. in October 2021. This was achieved through the use of their advanced BioForming® technology. The prototype of Virent’s biobased paraxylene, which is produced from naturally occurring carbohydrates, has the potential to assist Coca-Cola in achieving its goal of using 3 million fewer tonnes of virgin plastic from oil-based sources by 2025.
• Anellotech has successfully developed a 100% bio-based polyethylene terephthalate (PET) in December 2021. This was achieved by utilizing the company’s Bio-TCat technology in the downstream separation, purification, intermediate PTA (purified terephthalic acid), and final PET procedures. The process began with bio-based p-Xylene. This was the final checkpoint prior to the complete validation of the Bio-TCat technology for the production of prototype 100% bio-based bottles. This follows over 5,000 hours of productive TCat-8 pilot plant operation, which resulted in the production of tonnes of BTX aromatics from pine wood as a feedstock.
➤ The market is anticipated to be dominated by Europe during the forecast period.
It is anticipated that Europe will maintain its dominance during the forecast period and maintain the greatest market share of over 35%. The region’s expansion is ascribed to the increasing investment in the green economy. For example, the Bio-based Industries Joint Undertaking (BBI JU), a USD 3.9 billion partnership between the EU and the private sector, has facilitated the sector’s deployment throughout Europe by fostering partnerships between scientists and business professionals and de-risking investments, as indicated by the secondary sources.
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