Press release
Global Purified Terephthalic Acid Market: Analysis, CAGR: 6.8%, and Forecast for 2023-2026
Purified Terephthalic Acid Market
Purified terephthalic acid (PTA) is a chemical which is synthesized from crude oil. It is majorly used to manufacture polyester fiber. Its end-user industries include textile and home furnishing where PTA is required to manufacture garments such as bed sheets, curtains and clothes.
Purified Terephthalic Acid (PTA) is a white crystalline powder that is used as a raw material for manufacturing polyethylene terephthalate (PET) and other polyester products. The demand for PTA is increasing due to the rising demand for PET bottles in the packaging industry. The global purified terephthalic acid market is expected to grow at a CAGR of 6.8% during the forecast period of 2021-2026.
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Drivers, Restraints and Challenges
Drivers:
Growing demand for polyester fibers and PET bottles.
Increased demand for PTA from the textile and packaging industries.
Growing usage of PTA in various applications such as engineering plastics, films, and coatings.
Advancements in technology and innovations in the production process.
Increasing urbanization and changing lifestyles leading to higher demand for consumer goods.
Restraints:
Fluctuating prices of raw materials such as paraxylene.
Environmental concerns and stringent regulations regarding the production process and disposal of waste.
High energy consumption and maintenance costs associated with the production process.
Limited availability of raw materials.
Volatility in the global market due to political and economic uncertainties.
Challenges:
Rising competition from alternative materials such as bio-based polymers.
Changing consumer preferences and demand for sustainable and eco-friendly products.
Increasing pressure from stakeholders to reduce carbon footprint and improve sustainability.
Risk of supply chain disruptions due to geopolitical and economic factors.
Need to constantly innovate and upgrade production processes to stay competitive in the market.
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Market Segmentation:
The global purified terephthalic acid market is segmented by application and region. By application, the market is segmented into PET, polyester fibers, films and sheets, and others. The PET segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for PET bottles for packaging applications.
Regional Analysis:
The global purified terephthalic acid market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Asia-Pacific is expected to hold the largest share of the market during the forecast period, owing to the growing demand for PET bottles in the region. The rising disposable income and changing lifestyles are driving the demand for bottled water, carbonated soft drinks, and other beverages, which is driving the growth of the purified terephthalic acid market in the region.
Key Players:
Alfa, S.A.B. de C.V., CPC Corporation, Far Eastern Group, Honam Petrochemical Corporation, Indian Oil Corporation Limited, Mitsubishi Chemical Corporation, Mitsubishi Gas Chemical Co. Inc., Reliance Industries Ltd., Samyang Chemical Co., Ltd. and Saudi Basic Industries Corporation are some of major producers of purified terephthalic acid dominating the market.
This report covers a thorough analysis of:
• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain
Report highlights:
• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint
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The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.
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