NEW YORK, April 12, 2023 /PRNewswire/ -- As per Facts and Factors study, 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.
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Purified Terephthalic Acid (PTA) Market: Overview
The creation of high-performance multifunctional polymers like polybutylene terephthalate (PBT), polyethylene terephthalate (PET), and polytrimethylene terephthalate uses purified terephthalic acid (PTA) as a raw material (PTT). Polyester fiber manufacture makes substantial use of purified terephthalic acid (PTA). It is also used in the production of polyester coating resins for a variety of uses, including coil coatings and general metal, appliances, automobiles, and industrial maintenance. The manufacturing of several thermoplastics predominantly uses purified terephthalic acid (PTA) as a significant raw ingredient. 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. This can be interpreted as an aromatic acid used extensively in the manufacture 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 and liquid crystal polymers, among other things.
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Key Insights:
- As per the analysis shared by our research analyst, the global Purified Terephthalic Acid (PTA) market is estimated to grow annually at a CAGR of around 5.15% over the forecast period (2022-2028).
- In terms of revenue, the global Purified Terephthalic Acid (PTA) market size was valued at around USD 57.72 billion in 2021 and is predicted to grow to around USD 82.04 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on application segmentation, PET resins was predicted to show maximum market share in the year 2021
- Based on end-use segmentation, bottling & packaging was predicted to show maximum market share in the year 2021
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021.
Facts and Factors published the latest report titled "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" into their research database.
Industry Dynamics:
Global Purified Terephthalic Acid (PTA) Market: Growth Drivers
- Rise in demand for Purified Terephthalic Acid (PTA) in the production of carbonated plastic bottles.
The global purified terephthalic acid (PTA) market is being driven by an increase in demand for PTA due to its flexibility and durability in the production of carbonated plastic bottles. Due to its durability and dimensional stability, purified terephthalic acid (PTA) is utilized as a raw material for polyester films. Purified Terephthalic Acid (PTA) market growth is anticipated to be driven by an increase in demand for these films in photographic films and data storage tapes and sheets.
Purified Terephthalic Acid (PTA) is primarily utilized as a raw material in the manufacture of coating resins, therefore an increase in demand for it in the paints and coatings industry is predicted to drive the market for it. The purified terephthalic acid (PTA) market is anticipated to be driven by rising demand from the food and beverage and pharmaceutical packaging industries.
The increase in demand for purified terephthalic acid (PTA) in the textile and packaging industries, continuous urbanization, and bettering consumer lifestyles in Asia Pacific are the main factors driving the market growth. The need for purified terephthalic acid is also being fueled by the expansion of end-use businesses like bottling, packaging, and fiber and yarn.
Global Purified Terephthalic Acid (PTA) Market: Restraints
- Fluctuation in crude oil prices to hamper market expansion.
Crude oil price volatility is anticipated to have a negative impact on the market for purified terephthalic acid (PTA) in the near future. Demand for bio-based polyethylene terephthalate is anticipated to increase as a result of the implementation of strict rules on purified terephthalic acid (PTA) (PET). During the anticipated period, this will reduce demand for the market for purified terephthalic acid (PTA).
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Purified Terephthalic Acid (PTA) Market: Opportunity
- Technological advancements to create growth avenues for market
Due to the widespread usage of PTA standards in the production of polybutylene terephthalate, their output will increase in the upcoming years (PBT). It is employed in many different industrial sectors, including electronics & electrical, food processing, and automotive, and is recognized to have a wider impact and more mobility. The enormous demand for PTA as an intermediate product will result from the manufacturing of various items that contain this chemical. Due to their dependable qualities like dimensional stability and toughness, polyester films are also used for various things like photographic films, sheet materials, and data storage tapes. These applications will create numerous opportunities for the growth of the global purified terephthalic acid (PTA) market.
Purified Terephthalic Acid (PTA) Market: Challenges
- The fluctuating raw material cost and stringent environment regulations to pose challenges for market
The cost of raw materials and their availability are significant determinants of the cost of finished goods. The primary obstacle for the worldwide PTA market is the shifting price trends of raw materials, which are changing as a result of erratic energy costs, given that the majority of raw materials are based on petroleum. According to BP figures, the average price of crude oil rose from $54 per barrel in 2017 to $71 per barrel in 2018. The price of the raw materials used to produce PTA is affected by changes in the price of crude oil. As a result, PTA is being impacted by the change in raw material prices, which is preventing further market expansion.
To lessen the carbon footprint and VOC emissions from coatings, a number of agencies, including the California Air Resources Board and the US Environmental Protection Agency, have established various rules and guidelines. The German translation of DIN EN 16516, a test standard that uniformly controls the emission measurement of construction materials including coatings, was released by the EU in January 2018. Therefore, stricter rules regulating VOC emission from coatings are being implemented in response to increased environmental concerns, which could impede industry expansion.
Global Purified Terephthalic Acid (PTA) Market: Segmentation
- The global Purified Terephthalic Acid (PTA) market is segmented based on application, end-use, and region.
Based on application, the market is segmented into PET resins, polyester fiber, films, and others. PET resins will see large volume growth at a significant CAGR because they have a clear appearance. Over the course of the projected period, market development is anticipated to be aided by rising demand for PET resins in water bottles and soft drink bottles. The use of more PET resin in the packaging of prepared and fresh meals will increase the market growth. Additionally, its increased use in the food and cosmetics industries is due to its exceptional qualities, including strength and water resistance. The expansion of the market for purified terephthalic acid is anticipated to be significantly influenced by the rising demand for water bottles. PET bottles can be resealed, are lightweight, and are easy to handle.
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.
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List of Key Players in Purified Terephthalic Acid (PTA) Market:
- Reliance Industries Limited
- Sinopec Corporation
- British Petroleum
- Indorama Ventures Public Company
- SABIC
- Jiaxing Petrochemical Co. Ltd.
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.
Key questions answered in this report:
- What are the growth rate forecast and market size for PURIFIED TEREPHTHALIC ACID (PTA) Market?
- What are the key driving factors propelling the PURIFIED TEREPHTHALIC ACID (PTA) Market forward?
- What are the most important companies in the PURIFIED TEREPHTHALIC ACID (PTA) Market Industry?
- What segments does the PURIFIED TEREPHTHALIC ACID (PTA) Market cover?
- How can I receive a free copy of the PURIFIED TEREPHTHALIC ACID (PTA) Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 57.72 Billion |
Revenue forecast in 2028 | USD 82.04 Billion |
Growth Rate | CAGR of almost 5.15 % 2023-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2022 |
Forecast Years | 2023 - 2028 |
Segments Covered | By Application, End Use, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Reliance Industries Limited, Sinopec Corporation, British Petroleum, Indorama Ventures Public Company, SABIC, Jiaxing Petrochemical Co. Ltd., and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Regional Dominance:
- Asia-Pacific to lead the market growth during the projection period.
On account of the solid manufacturing bases in the food & beverage, textile, and construction sectors in India, Singapore, and China, Asia Pacific is anticipated to experience significant volume growth at a significant CAGR. Over the projection period, industry growth will be fueled by ongoing industrialization, an aging population, and expanding foreign investments in the packaging and paints & coatings sectors.
Growing demand for Indian brands like MTR ready-to-eat meals, Bikanervala Foods, and "ITC's Kitchens of India" at retail outlets is expected to generate enormous market potential over the course of the forecast period. The creation of 42 food processing parks was announced by India's Ministry of Food Processing in September 2014. 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.
Given the increased investment in urban and infrastructure improvements in nations like Saudi Arabia, Oman, Qatar, and Egypt, MEA accounted for a sizeable volume in 2020 and is predicted to have rapid growth. The demand for textiles and fabrics in commercial and residential applications has expanded as a result of infrastructural expansions in these nations. Positive macroeconomic conditions, favorable demographic trends, and increased tourism will all contribute to the growth of the construction industry. Qatar construction sector is expected to witness significant growth on account of huge government investment along with rapid urbanization in the country, which in turn is projected to fuel industry expansion.
Global Purified Terephthalic Acid (PTA) Market is segmented as follows:
Purified Terephthalic Acid (PTA) Market: By Application Outlook (2023-2028)
- PET resins
- Polyester fiber
- Films
- Others
Purified Terephthalic Acid (PTA) Market: By End Use Outlook (2023-2028)
- Textile
- Bottling & packaging
- Home furnishing
- Others
Purified Terephthalic Acid (PTA) Market: By Region Outlook (2023-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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