New York, March 12, 2020 (GLOBE NEWSWIRE) -- The global Terephthalic Acid market is forecast to reach USD 78.01 Billion by 2027, according to a new report by Reports and Data. Terephthalic acid is produced by chemical synthesis of crude oil. The majority of the terephthalic acid is utilized in the production of polyester resin, which is used to manufacture polyester film, polyethylene terephthalate resin, and polyester fiber.
It is employed in the manufacture of terephthaloyl chloride, liquid crystal polymers, plasticizers, cyclohexanedimethanol, and copolyester-ether elastomers. Terephthalic acid is more cost-effective than the dimethyl terephthalate alternative for most grades of polyester used in textiles and food and beverage containers. Terephthalic Acid is used to manufacture polyester coatings resins for usage in the formulation of appliance, general metal, industrial maintenance, automotive, and coil coatings.
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The major application of the market product is in polyester powder coating resins. Polyester fiber is made up of terephthalic acid blends with natural and synthetic fibers. They are utilized to make fabrics for apparel and home furnishings, such as bedspreads, bed sheets, draperies, and curtains.
Asia-Pacific held the largest market share, owing to the growth in the packaging in the food and beverage sector, and the textile industry in India and China. Rise in the sale volume of clothing and apparel goods, through e-commerce portals, are expected to create ample growth opportunities for the market. APAC is the largest consumer of fiber and yarn.
In April 2017, PetroquímicaSuape and Citepe was acquired by Alpek for USD 385 million to increase its installed capacity by 640 and 450 tons per year of PTA and PET, respectively.
Further key findings from the report suggest
- The electric and electronic industry is expected to contribute towards the growth of the Terephthalic Acid owing to the expansion of the power grid globally. Rapid urbanization, coupled with rising incomes in developing countries, is expected to impact the market growth.
- The packaging segment is expected to grow due to the rising demand for bottles and soft drinks. Terephthalic acid is used in baked goods containers, ketchup, take-out containers, jars, frozen foods, household products, juices, and carbonated drinks, bottled water, and cosmetics.
- The Amoco process is widely adopted for the production of Terephthalic acid by oxidation of p-xylene using oxygen in the air. The process uses a cobalt-manganese-bromide catalyst.
- Polybutylene terephthalate is a thermoplastic engineering polymer that is used as an insulator in the electrical and electronics industries. It is a thermoplastic crystalline polymer and a type of polyester.
- It is used for housings in electrical engineering but also in automotive construction as plug connectors and in households. It is also found processed into fibers in toothbrushes, false eyelashes and is also used in keycaps of some computer keyboards.
- Key participants include Sinopec Corporation, British Petroleum, SABIC, Reliance Industries Limited, Eastman Chemical Company, Indorama Ventures Public Company, Indian Oil Corporation, JBF Petrochemicals, Mitsubishi Chemical Corporation, and Lotte Chemical Corporation among others.
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For the purpose of this report, Reports and Data have segmented into the global Terephthalic Acid market on the basis of manufacturing process, derivative, end-use industry, and region:
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Amoco Process
- Cooxidation
- Multistage Oxidation
- Henkel Process
Derivative Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Polybutylene Terephthalate (PBT)
- Dimethyl Terephthalate
- Polyethylene Terephthalate (PET)
- Polytrimethylene Terephthalate (PTT)
End-Use Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Packaging
- Electrical and Electronics
- Construction
- Paints and Coatings
- Textiles
- Furniture
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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