07-Oct-2022 | Facts and Factors
According to Facts and Factors, the global purified terephthalic acid (PTA) market size was estimated to be worth roughly USD 57.72 billion in 2021 and is predicted to grow to around USD 82.04 billion by 2028. The global purified terephthalic acid (PTA) market is predicted to grow at a CAGR of roughly 5.15% during the forecast period.
Purified Terephthalic Acid (PTA) is an organic compound that is produced through the oxidation of compounds like paraxylene with the aid of the oxygen levels in the surrounding air. PTA is used in commercial applications. It is known to be inert and comes in a white, physical form that resembles crystalline powder. It is possible to think of this as an aromatic acid that is extensively used in the creation of materials like polyester fiber and films. These substances are known to contribute to the production of yarn, polyester fibers, and PET bottles, among other products. This also serves as a step in the production of plasticizers, liquid crystal polymers, and other materials. PTA is also widely used by the textile and packaging sectors to meet demand and manufacture requirements on a big scale, which aids in the global purified terephthalic acid (PTA) market's expansion and growth in line with forecasts for the assessment period.
Browse the full “Purified Terephthalic Acid (PTA) Market Size, Share, Growth Analysis Report By Application (PET resins, Polyester fiber, Films, Others), By End Use (Textile, Bottling & packaging, Home furnishing, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/purified-terephthalic-acid-market
As an element in beverage bottling and food packaging, PET resins are becoming more and more in demand. Additionally, this is a key component of salad dressing, peanut butter, cooking oils, liquid hand soap, and other products for individual use like mouthwash. The fact that PET has a variety of qualities, including a high level of hygienic value, is the primary driver of its expanding demand. These are also waterproof and lightweight. Additionally, because they are recyclable and sustainable, they assist in preserving freshness and benefit the environment. As a result, demand will increase, fueling the expansion of the global purified terephthalic acid market.
The market for rayon fibers is also expanding as a result of the rising demand for clothes and household furnishings including blankets, sheets, and curtains made of rayon. According to Trade Map, the amount spent globally on importing clothing and clothing accessories in 2018 was USD 4,741,531. The market is expanding as a result of significant adolescent expenditure on clothing and fashion items. Additionally, 115 billion, or one-third of the worldwide spend was spent on luxury clothes by Chinese customers in 2018 at home and abroad, according to the China Luxury Report. The polyester sector has accounted for the major portion of the textile market during the last few years.
The largest economic depression since World War II is being brought on by the COVID-19 pandemic, and this is having an impact on the global market for pure terephthalic acid as well. The ban of export and import from several countries has diminished the demand for textiles, prompting businesses to cut back on output or shut down their operations.
According to just-style, the epidemic has caused losses for over 80% of African textile companies. Furthermore, the majority of industrial players rely on China for their raw material needs. As the country struggles with the second wave of the pandemic, the market's capacity to disrupt the supply chain for pure terephthalic acid is severely constrained by the reinstatement of lockdowns in significant industrial sites.
The global purified terephthalic acid (PTA) market is segmented based on application, end use and region.
The market is divided into PET resins, polyester fiber, films, and others based on application. Due to its clear look, PET resins will have high volume growth at a significant CAGR, which will boost market demand at that time. Rising demand for PET resins in water bottles and soft drink bottles is estimated to support market growth over the course of the forecast period. The packaging of prepared and fresh meals will utilize more PET resin, which will accelerate market expansion.
Based on end use, the market is segmented into textile, bottling & packaging, home furnishing, and others. Due to the increased demand for soft drinks and bottles, the bottling & packaging industry is anticipated to experience significant volume growth at a high CAGR. Takeout containers, ketchup, jars, baked goods containers, household goods, frozen foods, bottled water, cosmetics, juices, and carbonated beverages all employ purified terephthalic acid.
Asia Pacific is expected to exhibit large volume growth at a significant CAGR because of the strong manufacturing bases in the food & beverage, textile, and construction industries in India, Singapore, and China. An aging population, ongoing industrialization, and rising foreign investment in the packaging and paints & coatings industries will all contribute to industry growth over the forecast period.
Over the course of the projected period, there is expected to be a significant increase in demand for Indian brands at retail stores, including MTR ready-to-eat meals, Bikanervala Foods, and "ITC's Kitchens of India." In September 2014, India's Ministry of Food Processing announced plans to establish 42 food processing parks. Therefore, it is anticipated that market demand will be fueled in the near future by regulatory support intended to promote India's food processing output.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 57.72 Billion |
Projected Market Size in 2028 |
USD 82.04 Billion |
CAGR Growth Rate |
5.15% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Reliance Industries Limited, Sinopec Corporation, British Petroleum, Indorama Ventures Public Company, SABIC, Jiaxing Petrochemical Co. Ltd., and others. |
Key Segment |
By Application, End Use, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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List of prominent players in the global purified terephthalic acid (PTA) market
- Sinopec Yizheng Chemical Fibre Company Limited
- Mitsui Chemicals, Inc.
- Reliance Industries Limited
- Eastman Chemical Company
- DuPont
- Formosa Plastics Corporation
- Indorama Ventures Public Company Limited
- SABIC
- Others
Recent Developments:
In May 2021, a subsidiary of petrochemical manufacturer Indorama Ventures Ltd, Indo Rama Synthetics (India) Limited (IRSL), announced plans to invest up to INR 6 billion to expand the capacity of PET resin at its manufacturing facility in Nagpur, India, adding 700 tons of capacity per day and upgrading equipment.
In April 2021, Indian Oil Corporation Limited (IOCL) awarded Tecnimont Private Limited an EPCC contract for the construction of an integrated paraxylene (PX) and PTA plant in Paradip, Odisha, with a USD 450 million investment. This plant will be integrated with IOCL's Odisha-based Jagatsinghpur refinery facility. By 2024, the petrochemicals complex, which would serve as the feedstock for the production of PTA, will be operational with an annual capacity of 800 kilotons of PX.
The global Purified Terephthalic Acid (PTA) market is segmented as follows:
By Application
- PET resins
- Polyester fiber
- Films
- Others
By End Use
- Textile
- Bottling & packaging
- Home furnishing
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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