Replacement of glass bottles for alcoholic beverages with PET bottles are expected to create growth opportunities for the market.
The global Purified Terephthalic Acid market size is projected to reach nearly USD 46.1 billion in 2020. PTA (purified terephthalic acid) is a chemical produced from crude oil. It is primarily utilized in the production of polyester fiber. Textile and home furnishings are two end-user businesses that use PTA to create products such as bed sheets, curtains, and clothing.
With the rising demand for polyester, particularly in China, the market for purified terephthalic is likely to rise significantly in the future years. Furthermore, the country is establishing itself as a worldwide textile manufacturing hub with low-cost labor, fueling the purified terephthalic acid market's expansion. In terms of end-user industries, polyethylene terephthalate, which is a successor to PTA, is projected to have an impact on the PTA market.
Several development factors are predicted to enhance demand for the PTA market, including rising per capita consumption in emerging economies like as China and significant expansion in the textile industry. However, fluctuating energy prices, such as crude oil, which are used to make PTA, are projected to harm PTA makers' profitability, limiting market expansion. The glass industry still dominates the beer and other alcoholic beverage sectors, as well as domestic product containers, which could be an untapped market for PTA use, creating new chances for market expansion.
Purified terephthalic acid was most popular in Asia Pacific, followed by North America and Europe. Due to rising living standards and cross-country use of PTA goods, future market growth is likely to come from Asia Pacific.
Furthermore, rising demand for Purified Terephthalic Acid as a result of its high-performance applications in the automotive and medical industries is providing attractive prospects for companies in the worldwide Purified Terephthalic Acid market.
However, the acoustic transparency of Purified Terephthalic Acid is anticipated to stifle its global market expansion. Furthermore, despite its great strength, Purified Terephthalic Acid is readily perforated and so is not commonly utilized in external wall and window applications. This restricts the worldwide market's expansion even further.
The study also assesses the demand using value chain analysis to highlight the different characteristics of the global Purified Terephthalic Acid industry. Furthermore, the Purified Terephthalic Acid market report covers various qualitative aspects of the industry, such as market restraints, key industry drivers, and opportunities. In addition, the report offers a comprehensive analysis of the competition by company profiles and the competitiveness of local and global vendors.
Key Segments of the Global Purified Terephthalic Acid Market
Application Overview, 2018-2028 (USD Billion)
- Polybutylene Terephthalate
Regional Overview, 2018-2028 (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