IMARC Group, a leading market research company, has recently releases report titled “Purified Terephthalic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global purified terephthalic acid market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Purified Terephthalic Acid Market
Purified terephthalic acid (PTA) is an organic compound that is generated through a reaction between paraxylene (PX), a secondary petroleum product, and acetic acid. It is gaining popularity owing to its impressive attributes, such as weather resistance, hardness, flexibility, chemical and stain resistance, and excellent powder flow and fluidization characteristics. PTA is a key component in the production of synthetic polyester fabrics, which are considerably used in numerous garments, which include sportswear, swimsuits, dresses, trousers, curtains, sofa covers, jackets, car seat covers, and bed sheets. It is even being utilized in the formulation of general metal, appliance, industrial maintenance, and coil coatings. Consequently, PTA finds extensive applications across several sectors, including packaging, house furnishings, pharmaceutical, textile, etc.
How Big Is the Purified Terephthalic Acid Market?
The global purified terephthalic acid (PTA) market size reached US$ 87.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 119.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.19% during 2023-2028.
Global Purified Terephthalic Acid Market Trends and Drivers:
The purified terephthalic acid (PTA) market is primarily driven by the increasing sales of bottled beverages that cater to the on-the-go lifestyle of working professionals. Additionally, the elevating usage of PTA in the manufacturing of light-colored, high-strength, and solvent-free adhesives that are employed in various industries, such as shoe fabrication, lamination, and automotive sub-assembly, for bonding metal, wood, paper, and synthetic materials is acting as another significant growth-inducing factor. Apart from this, the growing adoption of the product in the production of recording tapes, tire cord, cyclohexanedimethanol (CHDM), terephthaloyl chloride (TCL), co-polyester-ether elastomers, plasticizers, and liquid crystal is also positively influencing the global market. Moreover, the rising product utilization as a raw material in the pharmaceutical industry for the production of drugs developed to treat multiple chronic and acute diseases, including peptic ulcers, reflux esophagitis, and gastroesophageal reflux disease (GERD), and the emerging trend among leading market players of actively engaging in collaborations and partnerships with other organizations to enhance product quality and reduce costs are expected to catalyze the purified terephthalic acid (PTA) market in the coming years.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Application:
- Fiber and Yarn Grade
- Polybutylene Terephthalate (PET) Grade
- Film Grade
- Polybutylene Terephthalate (PBT)
Breakup by End User:
- Bottling and Packaging
- Home Furnishing
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are 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.