Press release
Terephthalic Acid Market Size to Boost USD 90.25 Billion By 2032 | CAGR 4.9% - Published by Emergen Research
Terephthalic Acid Market
The Terephthalic Acid market is witnessing significant growth, driven by its widespread use in the production of polyester fibers, polyethylene terephthalate (PET) resins, and various other applications. Terephthalic Acid, also known as 1,4-benzenedicarboxylic acid, serves as a key raw material in the manufacturing of polyester, a versatile polymer with diverse applications in textiles, packaging, and engineering plastics. As demand for polyester continues to expand globally, driven by urbanization, population growth, and changing consumer lifestyles, the Terephthalic Acid market is poised for continued growth and innovation.
The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.
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Drivers of the Terephthalic Acid Market :
One of the primary drivers of the Terephthalic Acid market is the booming textile industry. Polyester fibers, produced from Terephthalic Acid, are favored for their durability, wrinkle resistance, and affordability, making them a popular choice for clothing, home furnishings, and industrial applications. The growing demand for polyester textiles, particularly in emerging economies with rising disposable incomes and expanding middle-class populations, is driving the consumption of Terephthalic Acid globally.
Challenges and Restraints
Despite its promising growth prospects, the Terephthalic Acid market faces certain challenges. One challenge is the volatility of raw material prices, particularly paraxylene, a key feedstock for Terephthalic Acid production. Fluctuations in crude oil prices and supply-demand dynamics can impact the cost competitiveness of Terephthalic Acid manufacturers, influencing profit margins and investment decisions.
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The report also discusses the key players involved in the market such as:
Eastman Chemical Company, DuPont, Reliance industries Limited, Indorama Ventures Public Company Limited, Tianjin Petrochemical Co., Ltd, SABIC, Sinopec, Mitsubishi Chemical Corporation, Karyopharm, Formosa Plastics, HANWA Co., Ltd., BP p.l.c. and Alpek S.A.B. de C.V.
The report provides a thorough estimation of the overall impact of the pandemic on the Terephthalic Acid Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Terephthalic Acid Market
Terephthalic Acid Latest Industry Updates
On 02 May 2023, DuPont announced that it had entered into a definitive agreement to acquire Spectrum Plastics Group from AEA Investor. The purchase price will be paid from available cash balances. The transaction is expected to be completed by the end of the third quarter of 2023, subject to regulatory approvals and other customary closing conditions. Spectrum is a recognized leader in the advanced manufacturing of specialty medical devices and components, serving 22 of the top 26 medical device manufacturers with a strategic focus on these areas. Important, fast-growing therapeutic areas include structural heart, electrophysiology, surgical robotics, and the cardiovascular system.
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Terephthalic Acid Market Segment Analysis :
For the purpose of this report, Emergen Research has segmented the global terephthalic acid market on the basis of manufacturing process, derivate, application, end-use, and region:
Manufacturing Process Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
Amoco process
Cooxidation
Multistage oxidation
Henkel process
Derivate Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
Polybutylene Terephthalate
Polyethylene Terephthalate
Polytrimethylene Terephthalate
Dimethyl Terephthalate
Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
Paints
Polyester Coatings
Adhesives
Polyester Fibers
Bottles
Others
End-Use Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
Construction
Packaging
Automotive
Pharmaceuticals
Electronics
Food and Beverage Industry
Others
Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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