The market for purified terephthalic acid (PTA) was valued at USD 58.8 billion in 2022 and is expected to reach USD 89.3 billion by 2032, expanding at a 4.3% compound annual growth rate (CAGR) between 2023 and 2032.
The global Purified Terephthalic Acid market is anticipated to reach a value of around USD 61.1 billion by 2028. In 2020, COVID-19 had a negative impact on the market. Some countries throughout the world went into lockdown as a result of the pandemic scenarios to prevent the virus from spreading. Purified Terephthalic Acid (PTA) is a commercially produced organic chemical derived from the oxidation of paraxylene by oxygen in the air. Polyester resins, such as polyester films, polyester fiber and yarn, and PET material bottles, consume the majority of PTA. PTA is also utilized in the production of liquid crystal polymers, plasticizers, polybutylene terephthalate, and other materials (such as cyclohexane dimethanol, terephthaloyl chloride, and polytrimethylene terephthalate) and polyester ether elastomers). Polyesters manufactured using PTA are used in various industries, such as textiles and packaging.
Polyester fibers and yarn are made mostly from PTA. Plasticizers, liquid crystal polymers, and polybutylene terephthalate are all made with it. Polyester fibers are man-made fibers that are becoming more popular in the textile industry due to their recyclability and adaptability, as well as their lower cost than other fibers. The polyester sector has accounted for the largest proportion of the textile industry in recent years.
Purified Terephthalic Acid Market Scope
|Revenue forecast in 2032
|USD 89.3 billion
|CAGR of 4.3% during 2022-2032
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Eastman Chemical Company, Reliance, DuPont, SABIC, Sinopec, Mitsubishi Chemical Corporation, IOCL, Alpek, Indorama Ventures Public Company Ltd
Key Segments of the Global Purified Terephthalic Acid Market
Application Overview, (USD Billion)
- Polybutylene Terephthalate
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Purified Terephthalic Acid market.
- Purified Terephthalic Acid is widely used for various end uses, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing personal care uses, there is a rise in the demand for Purified Terephthalic Acid which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global Purified Terephthalic Acid market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Purified Terephthalic Acid industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Application and End Use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Purified Terephthalic Acid market. The report will benefit: Every stakeholder involved in the Purified Terephthalic Acid market.
- Managers within the Purified Terephthalic Acid industry looking to publish recent and forecasted statistics about the global Purified Terephthalic Acid market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Purified Terephthalic Acid market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Polyester fibers are predicted to see increased demand throughout the projection period due to their ability to combine with various natural and synthetic fibers. Polyester films, which are used in photographic films, data storage tapes, and sheet material, are predicted to grow in popularity due to their hardness and dimensional stability.
Because of its flexibility and toughness, pure terephthalic acid is expected to see increased demand in the production of carbonated plastic bottles. Furthermore, increased demand for PTA-based polyester fiber is likely to fuel product demand over the projected period due to its high strength, quick drying, and chemical and wrinkle resistance.
Over the projected period, the market is anticipated to be driven by rising demand from the paints and coatings industry due to its high effectiveness. Furthermore, market expansion is likely to be fueled by rising government expenditures as well as the coating, textile, and packaging sectors in China, India, Mexico, and Saudi Arabia. Over the projection period, the growing food and beverage and pharmaceutical packaging industries will drive industry growth. Because of its high performance, cost-effectiveness, and eco-friendliness, unsaturated polyester resin (UPR) is being more widely used in a variety of industries, including construction, maritime, transportation, wind energy, and electrical.
PET resins will see considerable volume growth at a CAGR of 7.7% from 2018 to 2028, owing to its clear look, which will boost market demand over the forecast period. Over the forecast period, rising demand for PET resins in water bottles and soft drink bottles is likely to boost market growth. The market will grow as the use of PET resins in packaging fresh and prepared foods increases. Furthermore, exceptional qualities including strength and water resistance have led to increased application in the food and cosmetics industries. Purified terephthalic acid market growth is projected to be driven by increasing demand for water bottles. PET bottles are lighter and easier to handle. lightweight, non-breakable, and can be resealed.
The solid manufacturing base of food & drinks, textiles, and construction in India, Singapore, and China is predicted to drive significant volume growth in Asia Pacific at a CAGR of 8.1 percent from 2018 to 2028. Over the projection period, the industry would grow due to ongoing industrialization, expanding population, and increased foreign investments in the packaging and paints & coatings sectors.
Growing demand for Indian brands such as MTR ready-to-eat foods, Bikanervala Foods, and ‘ITC's Kitchens of India' at retail outlets is expected to provide enormous market potential in India throughout the projection period. India's Ministry of Food Processing said in September 2014 that 42 food processing parks would be built in the near future. As a result, regulatory support targeted at boosting India's food processing production is likely to boost market demand in the near future.
MEA accounted for 6.9% of total volume in 2016, and is predicted to grow rapidly as funding for urban and infrastructure development increases in nations such as Saudi Arabia, Oman, Qatar, and Egypt. The demand for textiles and fabrics in commercial and household uses has expanded as these countries' infrastructure has improved.