Explosive Growth Forecasted: Purified Terephthalic Acid (PTA) Market to Surge at 5.5% CAGR from 2022 to 2032

The Purified Terephthalic Acid (PTA) Sales are anticipated to rise at a moderate but restored CAGR of 5.5% from 2022 to 2032, leading to a valuation of US$ 99,496.2 million by that year. In the past, the market experienced a slow CAGR of 3.2%, reaching US$ 58,248.1 million in 2022. The increasing usage of polyester fibers in a variety of industries is one element that shapes the target market. Polyester fibers are in high demand because of their versatility when it comes to working with various natural and synthetic fibers, which in turn will drive demand for the purified terephthalic acid (PTA) market in the years to come.

Purified terephthalic acid (PTA) is an essential component in the production of synthetic fibers and accounts for 70-80% of polyester goods. It is cost-effective in comparison to dimethyl terephthalate (DMT). PTA finds extensive application in the textile and packaging industries, and also in the medical field to treat peptic ulcers, reflux esophagitis, and gastroesophageal reflux disease (GERD). Maritime, transportation, construction, and wind energy sectors also create demand for the purified terephthalic acid (PTA) market in the upcoming years.

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Escalating demand from the paints and coatings sector because of PTA's high efficacy will spur the chemical demand in the global marketplace. Again, unsaturated polyester resin (UPR) in multiple industry verticals including maritime, wind energy, transportation, construction, and electrical due to its cost-effective, superior performance, and eco-friendly properties will aid the growth of the purified terephthalic acid (PTA) market. UPR has quick strength, excellent resistance against abrasion, chemicals, corrosion, and heat, and high impact and structural strength which promotes its usage in the building sector as a concrete and sealant. This factor augurs well for the purified terephthalic acid (PTA) market during the forecast period.

Key Takeaways:

Rising demand for PTA in the soft drink industry as it is a crucial element in the production of carbonated beverage bottles will strengthen the prospects of the market.
Fluctuations in crude oil prices will likely limit the growth of the purified terephthalic acid (PTA) market.
By end-user, PET bottle segment will dominate the global market with a strong growth rate from 2022 to 2032.
The purified terephthalic acid (PTA) market in North America accounted for 16% of the global market share in 2022.
Asia Pacific will emerge as an attractive pocket for the purified terephthalic acid (PTA) market with a 9% ownership of the market share.

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Competitive Landscape

In a highly fragmented environment, key market players are focusing on capacity growth and cooperation tactics. These businesses also concentrate on manufacturing processes that will have less of an adverse effect on the environment such as producing chemically recycled polyethylene. A few of these participants also employ various organic and inorganic growth strategies.

Significant players in the purified terephthalic acid (PTA) market

• Sinopec Yizheng Chemical Fibre Company
• Mitsui Chemicals
• Reliance Industries Limited
• Eastman Chemical Company
• DuPont
• Formosa Plastics Group
• Alfa Group
• Indian Oil Corporation
• Mitsubishi Chemical Corporation
• SABIC
• Samsung Petrochemical Co. Ltd.
• Samyang Corporation

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Key Segments Covered in the Purified Terephthalic Acid (PTA) Industry Analysis

Purified Terephthalic Acid (PTA) Market by Application:

Polyester
Fiber & Yarn Grade
Polybutylene terephthalate (PET) Grade
Film Grade
Polybutylene Terephthalate (PBT)
Plasticizers

Purified Terephthalic Acid (PTA) Market by End User:

Textile
PET Bottles
Packaging

Purified Terephthalic Acid (PTA) Market by Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Latest Research Reports on Chemicals & Materials: Navigating Industry Developments

Polyethylene Terephthalate Market: https://www.futuremarketinsights.com/reports/polyethylene-terephthalate-market

Dimethyl Terephthalate Market: https://www.futuremarketinsights.com/reports/dimethyl-terephthalate-market

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This release was published on openPR.