New York, United States , June 28, 2024 (GLOBE NEWSWIRE) -- The Global Purified Terephthalic Acid (PTA) Market Size is to Grow from USD 60.45 Billion in 2023 to USD 97.62 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.91% during the projected period.
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Purified terephthalic acid (PTA) is needed for the synthesis of polyester-coated resins used in coil coatings, general metal processing, industrial maintenance, and automotive components. Car parts are coated with this substance in the automotive sector. The capacity of purified terephthalic acid (PTA) to eliminate oily stains, clay, and dirt from surfaces is one of its primary benefits. Purified terephthalic acid (PTA) is an organic compound that is produced commercially by oxidizing paraxylene with ambient oxygen. PET material bottles, polyester films, polyester fiber, and yarn are all made with polyester resins, which are primarily made from PTA. Purified terephthalic acid (PTA) serves as an intermediary in the manufacturing of plasticizers, copolyester ether elastomers, cyclohexane dimethanol, terephthaloyl chloride, polybutylene terephthalate, and other products. The market for purified terephthalic acid (PTA) is being driven by a rise in demand for PTA due to its durability and adaptability in the manufacturing of plastic bottles with carbonation. Purified terephthalic acid (PTA) is used as a raw ingredient in the production of polyester films because of its dimensional stability and durability. However, the raw material price fluctuations, particularly with regard to para-xylene. Concerns about the environment relating to the production and disposal of polyester products.
Browse key industry insights spread across 208 pages with 110 Market data tables and figures & charts from the report on the "Global Purified Terephthalic Acid (PTA) Market Size, Share, and COVID-19 Impact Analysis, By Application (Polyester, Polybutylene Terephthalate, Plasticizers), By End User (Textile, Bottling & Packaging, Home Furnishing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The polyester segment is anticipated to hold the greatest share of the global purified terephthalic acid (PTA) market during the projected timeframe.
On the basis of application, the global purified terephthalic acid market is divided into polyester, polybutylene terephthalate, and plasticizers. Among these, the polyester segment is anticipated to hold the greatest share of the global purified terephthalic acid (PTA) market during the projected timeframe. There are three types include polyethylene terephthalate (PET) grade, fiber and yarn grade, and polyester film grade. It is used to make polyester fiber, PET polymers, and packaging films. Fruit juices, chips, pickles, jams, soft drinks, and pickles are examples of food and beverage products that are packaged with PET resins.
The bottling & packaging segment is anticipated to grow at the fastest pace in the global purified terephthalic acid (PTA) market during the projected timeframe.
On the basis of end-user, the global purified terephthalic acid market is divided into textile, bottling & packaging, and home furnishing. Among these, the bottling & packaging segment is anticipated to grow at the fastest pace in the global purified terephthalic acid (PTA) market during the projected timeframe. Packaging improves the product's shelf life, improves its appearance, and provides security. The increased demand for personal care products brought on by the introduction of sophisticated products and the creation of formulas for target consumer groups is expected to create new opportunities for the packaging market.
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Asia Pacific is expected to hold the largest share of the global purified terephthalic acid (PTA) market over the forecast period. Increasing foreign investments combined with an older population will drive significant growth in the packaging and paints & coatings industries. The increased demand for Indian brands such as MTR ready-to-eat foodstuff, Bikanervala Foods, and "ITC's Kitchens of India" in retail stores is predicted to create a major market for the country's expanding processed foods industry. The Ministry of Food Processing in India said that 42 food processing parks would be established at the present time.
North America is predicted to grow at the fastest pace in the global purified terephthalic acid (PTA) market during the projected timeframe. The primary drivers of the market's revenue growth include the region's ongoing trends of industrialization and urbanization, as well as the rising demand for PTA in the textile and packaging industries. Additionally, the pure terephthalic acid market in Mexico held the largest market share, while the United States purified terephthalic acid market was growing at the quickest rate in the North America region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global purified terephthalic acid (PTA) market include Indorama Ventures, Samyang Corporation, Indian Oil Corporation, BP (British Petroleum), Samsung Petrochemical Co. Ltd, Formosa Plastics Group, Reliance Industries Limited, Sinopec Yizheng Chemical Fiber Company, Mitsui Chemicals, Eastman Chemical Company, DuPont, Alfa Group, Mitsubishi Chemical Corporation, SABIC, and others.
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Recent Developments
- In April 2024, Entire world's largest purified terephthalic acid (PTA) facility was put into operation by Sinopec Yizheng Chemical Fiber Company in China. The yearly production capacity is three million tons.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global purified terephthalic acid (PTA) market based on the below-mentioned segments:
Global Purified Terephthalic Acid (PTA) Market, By Application
- Polyester
- Polybutylene
- Terephthalate
- Plasticizers
Global Purified Terephthalic Acid (PTA) Market, By End User
- Textile
- Bottling & Packaging
- Home Furnishing
Global Purified Terephthalic Acid (PTA) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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