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Purified Terephthalic Acid Market

The global purified terephthalic acid market was worth USD 54.8 billion in 2021, and it is further projected to reach USD 78.1 billion by 2028, at a CAGR of 5.6% during 2022-2028 (forecast period).

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Purified Terephthalic Acid Market

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  1. Purified Terephthalic Acid Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2022-2028

  2. Global Purified Terephthalic Acid Market - Industry Trends & Forecast Report 2028 The global purified terephthalic acid market was worth USD 54.8 billion in 2021, and it is further projected to reach USD 78.1 billion by 2028, at a CAGR of 5.6% during 2022-2028 (forecast period). The growth of the purified terephthalic acid market can be primarily attributed to the soaring demand for polyester fibers coupled with escalating demand for polyethylene terephthalate (PET) from the packaging and bottling industry. Moreover, for the last few years, the polyester industry has been accounting for the prime share of the textile industry. Such factors promise bright prospects for the growth of the global terephthalic acid market during the forecast period.

  3. Growth Drivers Rising Demand For Polyester Fibres By Textile Industry Likely To Drive the Growth of the Purified Terephthalic Acid Market Although PTA finds a wide range of applications across different industries, the textile industry occupies a special position in this list. The PTA is principally used to manufacture polyester fibers and yarn. Along with it, it is also used to produce plasticizers, polybutyleneterephthalate, and liquid crystal polymers. Polyester fibers are artificial fibers that are being progressively adopted by the textile industry on a large scale. 

  4. Restraints  Instability In Crude oil prices Impeding The Purified Terephthalic Acid Market Growth The volatility in prices of crude oil is projected to hinder the Purified Terephthalic Acid (PTA) market in the close future. This is due to the fact that paraxylene, which is the chief raw material for the production of terephthalic acid is formed as an end-product of crude oil refining process. Moreover, the enactment of rigorous government regulations on Purified Terephthalic Acid (PTA) due to ecological concerns is projected to lift the demand for bio-based Polyethylene Terephthalate (PET). Furthermore, PTA being poisonous in nature is known to cause skin and eye irritation on contact.

  5. Impact of COVID-19 The Purified Terephthalic Acid market was negatively impacted due to COVID-19 in 2020 in different ways. Such as transportation limitations implemented across the world in response to the pandemic and resulted in the disruption of the supply chain of major raw materials required for Purified Terephthalic Acid production. It slowed down Purified Terephthalic Acid production in several countries, thus also slowing down the operations of several end-user industries of the market, which has resulted in compact demand for Purified Terephthalic Acid during COVID-19 period. Purified Terephthalic Acid (PTA) is a prominent raw material used for the production of polyester fabrics with China as a major exporter.

  6. Regional Insights In terms of the regional analysis, the global Purified Terephthalic Acid (PTA) market can be segmented into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, the Asia Pacific region is expected to dominate the purified terephthalic acid (PTA) market during the forecast period on account of the growing food & beverages, construction, home furnishing and packaging and sectors in the region. The Asia-Pacific region is followed by North America in terms of demand. This can be attributed to extension of the polyethylene terephthalate (PET) bottle industry in the North America.

  7. Competitive Landscape The global purified terephthalic acid market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global purified terephthalic acid market are British Petroleum, Reliance Industries, Sinopec, Indorama Ventures Public Company, SABIC, Eastman Chemical, India Oil, Lotte Chemical, Mitsubishi Chemical, PetkimPetrokimya Holding, JBF Petrochemicals, MCPI, Jiaxing Petrochemical, China Prosperity (Jiangyin), Petrochemical, Hanwha General Chemical, Hengli Petrochemical, DuPont, Formosa Plastics Chemicals, and other prominent players.

  8. Recent Development May 2021: Indo Rama Synthetics (India) Limited (IRSL), a subordinate of petrochemical producer Indorama Ventures Ltd, declared the investment of up to INR 6 billion for capacity expansion of PET resin, with additional 700 ton capacity per day along with equipment upgrading program. This would be carried out at the manufacturing facility in Nagpur, India. March 2021:Hanwha General Chemical acquired Power Systems Mfg. LLC (PSM), U.S. as well as AnsaldoThomassen B.V. (ATH), Netherlands. Both of the acquired companies are international leaders in hydrogen combustion technology. Hanwha General Chemical which is based in Seoul is South Korea’s foremost producer of purified terephthalic acid (PTA), a primary constituent of several types of polyester.

  9. Key Players The key players operating in the global Purified Terephthalic Acid Market are British Petroleum, Reliance Industries, Sinopec, Indorama Ventures Public Company, SABIC, Eastman Chemical, India Oil, Lotte Chemical, Mitsubishi Chemical, PetkimPetrokimya Holding, JBF Petrochemicals, MCPI, Jiaxing Petrochemical, China Prosperity (Jiangyin), Petrochemical, Hanwha General Chemical, Hengli Petrochemical, DuPont, Formosa Plastics Chemicals, and other prominent players.

  10. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  11. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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