The latest report by IMARC Group, titled “Purified Terephthalic Acid (PTA) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global purified terephthalic acid (PTA) market size reached US$ 87.1 Billion in 2022. Purified terephthalic acid (PTA) with formula C6H4(COOH)2 is a white organic compound produced by a reaction between acetic acid and paraxylene (PX) in the presence of air. It is widely used in artificial polyester fabrics, which are further utilized in dresses, trousers, sportswear, swimsuits, curtains, sofa covers, jackets, car seat covers, and bed sheets. It exhibits excellent weathering, hardness, flexibility, chemical and stain resistance, and fluidization characteristics. As a result, PTA finds extensive applications in formulating general appliances, industrial maintenance, coil coatings, and metal.
Global Purified Terephthalic Acid Market Trends:
The market is primarily driven by the expanding textile industry. In addition, the widespread adoption of polyester fibers on account of their compatibility with other synthetic or natural fibers is contributing to the market growth. Moreover, the increasing sales of on-the-go bottled beverages due to the hectic lifestyles of working professionals and inflating per capita income represent another major growth-inducing factor. Besides this, PTA is deployed in manufacturing high-strength, light-colored, and solvent-free adhesives, which are widely applied to bond paper, metal, lamination, wood, synthetics in shoe fabrication, and automotive sub-assembly. Apart from this, PTA is utilized in the pharmaceutical industry as a raw material for various drugs that help treat chronic and acute diseases, such as reflux esophagitis, peptic ulcers, and gastroesophageal reflux disease (GERD). It is further used in the manufacturing of recording tapes, tire cords, cyclohexanedimethanol (CHDM), terephthaloyl chloride (TCL), co-polyester-ether elastomers, plasticizers, and liquid crystal. Furthermore, various key players are focusing on collaborations and partnerships with other organizations to reduce costs and improve product quality, which is anticipated to propel market growth. Other factors, including rapid urbanization and the increasing foreign investments in the packaging and paints and coatings sectors, are creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 119.2 Billion by 2028, exhibiting a CAGR of 5.19% during the forecast period (2023-2028).
- Based on the application, the market has been classified into polyester (fiber and yarn grade, polybutylene terephthalate (PET) grade, and film grade), polybutylene terephthalate (PBT), plasticizers, and others.
- On the basis of the end user, the market has been segmented into textile, bottling and packaging, home furnishing, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being Alpek S.A.B. de C.V., Eastman Chemical Company, Far Eastern New Century Corporation, Formosa Chemicals & Fibre Corp., HANWA Co. Ltd., Indian Oil Corporation Limited, Indorama Ventures Public Company Limited, Jiangyin Chengxing Industrial Group Co. Ltd., LOTTE Chemical Corporation, Mitsubishi Chemical Corporation, Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.) and Sinopec.
|Base Year of the Analysis
||Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alpek S.A.B. de C.V., Eastman Chemical Company, Far Eastern New Century Corporation, Formosa Chemicals & Fibre Corp., HANWA Co. Ltd., Indian Oil Corporation Limited, Indorama Ventures Public Company Limited, Jiangyin Chengxing Industrial Group Co. Ltd., LOTTE Chemical Corporation, Mitsubishi Chemical Corporation, Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.) and Sinopec.
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