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Purified Terephthalic Acid Market 2033: Size, Share Analysis, and Forecast Report
Purified Terephthalic Acid Global Market Report 2024
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According to The Business Research Company's, 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 Drivers and Trends:
The increasing expansion of packaging industry is expected to propel the growth of purified terephthalic acid market growth going forward. Packaging industry refers to the sector of the economy that is involved in the design, production, and distribution of packaging materials and solutions used to contain, protect, and present products to consumers. Purified terephthalic acid (PTA) is a key component in the production of polyethylene terephthalate (PET), a widely used polymer in the packaging industry. For instance, in May 2022, according to VDMA (Verband Deutscher Maschinen- und Anlagenbau) , a Germany-based trade association, in 2021, the food processing and packaging machinery industry in Germany generated €14.8 billion ($17.6 billion) in revenue, marking a 7% increase compared to 2020. Therefore, the increasing expansion of packaging industry is driving the growth of purified terephthalic acid market going forward.
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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Major Key Players of the Market:
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
Purified Terephthalic Acid Market 2024 Key Insights:
• 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%.
• Polyester Fiber Demand Boosting Growth In The Purified Terephthalic Acid Market
• Technological Advancements Driving Innovation In Purified Terephthalic Acid Market
• North America was the largest region in the purified terephthalic acid market in 2023
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