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Purified Terephthalic Acid Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Indian Oil Corporation, Alpek S.A.B. de C.V., British Petroleum PLC, Reliance Industries Limited
Purified Terephthalic Acid Market Characteristics
The Business Research Company offers in-depth market insights through Purified Terephthalic Acid Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The purified terephthalic acid market size has grown strongly in recent years. It will grow from $49.69 billion in 2023 to $52.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to polyester fiber and pet demand, textile and apparel industry growth, packaging industry expansion, shift towards pet bottles and packaging, economic development and urbanization..
The purified terephthalic acid market size is expected to see strong growth in the next few years. It will grow to $67.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to shift towards green and bio-based materials, global trade and market expansion, sustainable and recyclable materials, continued economic development.. Major trends in the forecast period include focus on circular economy principles, regulatory compliance and safety standards, shift towards lightweight materials, bio-based alternatives and green initiatives..
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Market Segmentation:
The purified terephthalic acid market covered in this report is segmented -
1) By Manufacturing Process: Amoco Process, Co-Oxidation, Multistage Oxidation, Henkel Process
2) By Application: Polyester, Polybutylene Terephthalate (PBT), Plasticizers, Other Applications
3) By End User: Textile, PET Bottles, Packaging, Other End Users
Major Driver - Polyester Fiber Demand Boosting Growth In The Purified Terephthalic Acid Market
The increase in demand for polyester fibers is expected to propel the purified terephthalic acid market growth going forward. Polyester fibers refer to synthetic fiber that consists of polyester and is derived from ethylene glycol and terephthalic acid and blended with other fibers. Purified terephthalic acid is a commodity chemical that plays an important role in the manufacturing of polyester fiber and polyethylene terephthalate (PET) resin, both of which are found in many consumer products, thus increasing demand for polyester fibers increases the demand for the purified terephthalic acid market. For instance, in 2021, according to The Observatory of Economic Complexity, a US-based international trade data visualization site, the net value of woven fabric polyester staple fibers exports by Belgium increased by 52% from $4.67 million in 2020 to $7.11 million in 2021. Therefore, the increase in demand for polyester fibers drives the purified terephthalic acid market.
Competitive Landscape:
Major companies operating in the purified terephthalic acid market report are Indian Oil Corporation, Alpek S.A.B. de C.V., British Petroleum PLC, Reliance Industries Limited, Saudi Basic Industries Corporation, Sinopec Corporation, Jiaxing Zhonghua Chemical Co. Ltd., PennWell Corporation, JBF Industries Ltd., China Petrochemical Corporation, Indorama Ventures Public Company, Lotte Chemical Corporation, Petkim Petrokimya Holding A.S, MCPI Private Limited, Taekwaang Indusrial Co. Ltd., Zhejiang Hengyi Group Co., Eastman Chemical Company, Dow Chemical Company, Formosa Plastics Corporation, Far Eastern New Century Corporation, Thai Polyester Company Limited, Teijin Limited, Toray Industries Inc., Nan Ya Plastics Corporation, China National Chemical Corporation, Tongkun Group Co. Ltd., Advansa B V, Chang Chun Petrochemical Co. Ltd., Fujian Billion Petrochemicals Co. Ltd., Samyang Holdings Corporation
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Top Trend - Technological Advancements Driving Innovation In Purified Terephthalic Acid Market
Technological innovations are a key trend gaining popularity in the purified terephthalic acid market. Major companies operating in the purified terephthalic acid market are focused on developing new technological solutions such as unique synthesis processes and applications to strengthen their position. For instance, in December 2021, Anellotech Inc., a US-based sustainable technology company, launched a new technology Plas-TCat. The new technology aims to convert a wide range of plastic waste directly into chemicals and then make new plastics. The technology helps to produce 100% bio-based polyethylene terephthalate (PET) with intermediate purified terephthalic acid, downstream separation, and purification. It helps to produce 100% bio-based plastic bottles by meeting polymer-grade specifications.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Purified Terephthalic Acid Market Characteristics
3. Purified Terephthalic Acid Market Trends And Strategies
4. Purified Terephthalic Acid Market - Macro Economic Scenario
5. Purified Terephthalic Acid Market Size And Growth
…..
27. Purified Terephthalic Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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