Press release
Driving Growth: Insights into the Booming Purified Terephthalic Acid Market
Purified Terephthalic Acid Market
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.
Market Overview -
Purified terephthalic acid refers to an organic chemical compound that is high melting and white powder formed by the air oxidation of p-xylene. This is primarily used to manufacture saturated polyesters and associated polymer goods.
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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