Purified Terephthalic Acid Market Size | PTA Industry Report, 2018-2023 | Global Coverage - Reliance Industries, Alpek S.A.B. de C.V., The Dow Chemical, BP p.l.c., Eastman Chemical, SABIC, China Petroleum & Chemical, Mitsubishi Chemical and Indian Oil

Industry News:

British Petroleum (BP) has implemented technologies in their PTA production that not only reduces carbon footprint but is also cost-effective. The company has recently announced that it will share its technology with SOCAR Turkey Energy A.Ş (SOCAR Turkey) and they have entered into a licensing agreement.

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Segmentation:

The Global PTA Market can be segmented by Application, and End-User Industry.

Application-Wise, the market includes polyester fiber, polyester films, pet resin, industrial machinery, powder coatings, insulation materials and others. Polyester segment is currently generating the maximum market share. However, a shift in the consumer behavioral trend has rapidly augmented PET demand from the food & beverage sector which can witness a significant growth during the forecast period.

Based on End-User, the market comprises into food & beverages packaging, paints & coatings, textiles, electrical, and furniture. Food & beverage sector is experiencing a considerable growth owing to rising disposable income and rapid urbanization.

Regional Analysis:

Geographically, the market covers Asia Pacific (APAC), Europe, Latin America (LATAM), North America, and the Middle East & Africa (MEA).

The APAC is currently generating the maximum market share as the region is now experiencing a rapid industrial expansion in countries such as India and China. Rising population has also triggered multiple fields such as construction, textile, and food & beverage into action which is currently influencing the PTA market. Rising demand for insulation materials owing to expansion of energy sector can boost the market during the forecast period.

North America is second in terms of generating revenues. The U.S. contributes the most owing to the presence of well-structured industries.

Europe is experiencing significant growth as countries such as Italy, Germany, Spain, France, the U.K., and Russia are fetching a substantial amount from the market. Home furnishing sector is impacting the market notably. The region is also reaping benefits from a well-developed automotive sector.

The LATAM is showing considerable growth. Countries such as Brazil, Colombia, and Argentina are experiencing more customer spending for passenger cars which impact the market directly.

The MEA is expected to grow with the highest CAGR during the review period owing to a considerable growth in food & beverage packaging industry. Housing industry is also experiencing a boom which directly influences paint and coating industry.

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