The global purified terephthalic acid market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
PTA (purified terephthalic acid) is a chemical produced by oxidation of paraxylene. The majority of the PTA is consumed in the production of polyester resin which is used in the manufacture of polyester film, polyethylene terephthalate (PET) resin, and polyester fiber. Additionally, a small portion of the PTA is used in the manufacture of liquid crystal polymers, terephthaloyl chloride, cyclohexanedimethanol, plasticizers, and copolyester-ether elastomers. PTA are made into different intermediates using various molding technologies such as injection molding, extrusion and thermoforming.
Rising demand for PET from various industries such as textile, packaging and others are likely to drive the purified terephthalic acid market. As PTA is a major feedstock for PET, demand for PET is expected to fuel the growth of this market. Demand for PET is increasing due rise in demand from textile, packaging and other industries, which is in turn supported by the growing population and extra income in developing countries. Additionally, demand for liquid crystal polymers, terephthaloyl chloride, cyclohexanedimethanol, plasticizers, and copolyester-ether elastomers is also driving the demand for PTA.
Drivers and Restraints of Purified Terephthalic Acid Market
Growing investments in downstream industries in regions like the Americas, the Middle East and the Far East are likely to offer tremendous possibilities for purified terephthalic acid market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
PTA is exposed to the probability of volatility in supply and price of crude oil. PTA and its derivatives have an adverse effect on the environment and are prone to stringent regulations. Existing and future regulations concerning the use of PTA in end products are likely to challenge the market growth.
Global Purified Terephthalic Acid by Region
Asia was the largest consumer of PTA and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were the largest consumers of PTA in this region, whereas India is likely to grow at a higher pace. Growing demand from packaging, textiles and other industries will drive PTA market in Asia. Consumption of PTA in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from packaging and textile industry. With major production capacities in the USA, the region is likely to grow in terms of global supply capability. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Top players in this market include Sinopec Yizheng Chemical Fibre Company, Mitsui Chemicals, Reliance Industries Limited, Eastman Chemical Company, DuPont, Formosa Plastics Group, Alfa Group, Indian Oil Corporation, Mitsubishi Chemical Corporation, SABIC, Samsung Petrochemical Co. Ltd., and Samyang Corporation among others.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth