Purified Terephthalic Acid Industry to See Robust Expansion, Valued at $70.72 Billion by 2029

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What Is the Projected CAGR for the Purified Terephthalic Acid Market from 2024 to 2025?
The market size for purified terephthalic acid has witnessed steady growth in recent years. It is expected to increase from $52.49 billion in 2024 to about $54.9 billion in 2025, experiencing a compound annual growth rate (CAGR) of 4.6%. Factors contributing to the growth during the historical period include the demand for polyester fiber and pet, expansion in the textile and apparel industry, increased use of pet bottles and packaging, as well as economic development and urbanization.

What are the Expected Market Size and CAGR for Purified Terephthalic Acid by 2029?
In the coming years, the market size of purified terephthalic acid is predicted to experience substantial growth. It is projected to expand to $70.72 billion by 2029 with a compound annual growth rate (CAGR) of 6.5%. The anticipated growth during this forecast period can be credited to a transition towards eco-friendly and bio-derived materials, worldwide trade and market growth, the use of sustainable and recyclable materials, and sustained economic progress. Crucial trends in the forecast period encompass a focus on circular economy concepts, adherence to regulatory standards and safety norms, a shift towards lighter materials, bio-oriented alternatives, and eco-friendly initiatives.

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Which Factors Are Driving the Global Purified Terephthalic Acid Market Expansion?
The growth of the purified terephthalic acid market is anticipated to be driven by the increasing demand for polyester fibers. Made from ethylene glycol and terephthalic acid and often combined with other fibers, polyester fibres are synthetic. Purified terephthalic acid, a key commodity chemical, contributes significantly to the production of polyester fiber and polyethylene terephthalate (PET) resin, both of which are prevalent in numerous consumer products. As a result, a surge in demand for polyester fibers leads to a higher demand for the purified terephthalic acid market. For example, data from The Observatory of Economic Complexity, a US-based international trade data visualization site, showed that in September 2024, the net value of Belgium's woven fabric polyester staple fibers imports escalated by €7.88k ($8.69 k) (5.25%), going from €150k ($164k) to €158k ($176.51k). Therefore, the proliferating demand for polyester fibers is propelling the purified terephthalic acid market forward.

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Which Segment Currently Holds the Largest Share of the Purified Terephthalic Acid Market?
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

Subsegments:
1) By Amoco Process: Catalytic Oxidation, Direct Oxidation
2) By Co-Oxidation: Use Of Multiple Oxidants: Process Efficiency Optimization
3) By Multistage Oxidation: Sequential Oxidation Stages, Process Integration Techniques
4) By Henkel Process: Specific Catalyst Use, Reaction Conditions And Optimization

Which Major Trends Are Shaping the Future of the Purified Terephthalic Acid Industry?
Key players in the purified terephthalic acid market are implementing strategic investments to expand their production capabilities, augment operational productivity, and foster technological progress. These strategic investments are geared towards satisfying the escalating demand for purified terephthalic acid, spurred by the growth in the polyester and textile sectors. For instance, in April 2024, the world's largest purified terephthalic acid (PTA) plant, based in Jiangsu Province, China, was commissioned by Sinopec Yizheng Chemical Fiber Company, an established chemicals firm in China. The plant, boasting a remarkable annual production capacity of 3 million tons, is regarded as one of the most intricate chemical institutions in the petrochemical industry. Advanced technologies, incorporating short-process and intelligent manufacturing systems, are employed to boost production proficiency and maintain sustainability.

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Which Key Players Dominate the Purified Terephthalic Acid Industry Globally?
Major companies operating in the purified terephthalic acid market 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., JBF Industries Ltd., China Petrochemical Corporation, Indorama Ventures Public Company, Lotte Chemical Corporation, Petkim Petrokimya Holding A.S, MCPI Private Limited, Taekwaang Industrial Co. Ltd., Zhejiang Hengyi Group Co., Eastman Chemical Company, Dow Chemical Company, Formosa Plastics Corporation, Far Eastern New Century Corporation, Thai Polyester Company 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

What Are the Fastest-Growing Regions in the Purified Terephthalic Acid Market?
North America was the largest region in the purified terephthalic acid market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the purified terephthalic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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