New York, March 11, 2024 (GLOBE NEWSWIRE) -- The global purified terephthalic acid (PTA) market size is predicted to grow at a CAGR of over ~9% from 2024 to 2036. The market is projected to garner a revenue of USD 31 billion by the end of 2036, up from a revenue of ~USD 18 billion in the year 2023.The size of the market is credited to the substantial growth of the demand for polyethylene terephthalate (PET) resin in the packaging sector during the forecast era. The increasing application of PTA in the manufacturing of plastic bottles, containers, and other packaging materials is propelling the market growth. In the US in 2021 PET accounted for 45% of the single-use beverage[MK1] packaging and accounted for over 10% of the global solid wastage.
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Moreover, the sales in the e-commerce sector for a decade are intensifying the market trends. The high-performance standards make PTA an ideal material for packing personal care products, beverages, and other consumable products. It was reported that in 2022, Amazon packed 50% of its products in plastic paper or both that[MK2] are shipped in flexible mailers.
Escalating Demand for PET Resin in the Packaging Vertical is Proliferating the Growth of the Purified Terephthalic Acid (PTA) Market
The use of PET resin in the packaging material owing to the rise in online and retail sales is propagating the market size. Further, the characteristics of the PET resin such as less weight, transparency, and recyclable features are estimated to expand the market growth in the coming years. Online sales in China, Italy, and India increased from over 10% to 60% during 2021 which resulted in a growth of 20% of packaging[MK3] sector in India in 2021.
Purified Terephthalic Acid (PTA) Market: Regional Overview
Increasing Urbanization, and Industrialization is Augmenting the Market Growth in Asia Pacific Region
The Asia Pacific region purified terephthalic acid (PTA) market is envisaged to garner a significant revenue share of 40% in the year 2036 on account of increasing population, and urbanization followed by industrialization. The growing number of industries in the end-user sector such as textiles, packaging products, and automobiles is propelling the market growth. The passenger vehicle exports in India increased from 400,000 to 570,000[MK4] units at a rate of 43% from 2021 to 2022.
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Growing Use of Eco-Friendly and Recyclable Materials is Fueling the Market Expansion in the North America Region
The North America region purified terephthalic acid (PTA) market is reckoned to secure a noteworthy revenue share during the forecast period. The gaining importance for textile recycling programs in the region along with the use of PTA in the recycled polyester fibers generation is soaring the market size. These fibers are used in the manufacturing of automobiles in the region. Bumpers, hoods, and external bodies of automobiles are made from cotton fiber waste to reduce the weight[MK5] of the vehicles and to protect the environment.
Purified Terephthalic Acid (PTA), Segmentation by Type
- Ortho-Xylene-Based
- Para-Xylene-Based
The segment of the para-xylene-based PTA market is expected to secure a market share of 60% in the year 2036 on account of rising technological developments to improve the efficiency of the para-xylene-based PTA. The Asia Pacific region showed enormous growth in para-xylene-based PTA production during the forecast period. 65% of the para-xylene[MK6] -based PTA is used in the production of polyester[MK7] which is used in the clothing and fabric bags as per the reports.
Purified Terephthalic Acid (PTA), Segmentation by End-User
- Textile
- Packaging
- Automotive
The automotive segment belonging to the PTA market is outlined to register a sustainable market share in the forecast period. Automotive interiors require high-performance materials to produce interiors that meet customer expectations which are available in the PTA materials. The preference of customers for vehicles with long-lasting interiors in the automotive sector raises the demand for PTA-based interior products such as seat fabrics and carpets. All these factors are likely to boost the market segment size. About 70[MK8] % of the automotive executives want to make the vehicle interiors as an important aspect while buying a vehicle and 40% feel the same about exteriors of vehicles.
A few of the well-known indsutry leaders in the purified terephthalic acid (PTA) market that are profiled by Research Nester are Reliance Industries Limites, Sinopec Group, Indorama Ventures Public Company Limites, China National Petroleum Corporation, Mitsubishi Chemical Corporation, Eastman Chemical Company, Jiangsu Sanfangxiang Group Co., Ltd., Formosa Plastics Corporation, SABIC (Saudi Basic Industries Corporation), DakAmericas, LLC, and others.
Recent Development in the Market
- Sinopec Group and its subsidiary Sinopec International Petroleum Services Company Ltd. in China owned a 35% share of Zhenhua Oil which is a prominent Chinese oilfield service provider. The ownership helps to provide strong support to upstream functions and the expansion of the Sinopec oilfield services market.
- Sinopec and Saudi Aramco built a joint venture in China to develop, own, and operate fuel storage and distribution facilities. The association improves the domestic network of Sinopec with the experience of Aramco across the world with aim to escalate the fuel security and supply in the China.
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