Purified Terephthalic Acid Market Size, Share, Growth

1. Purified Terephthalic Acid Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2022-2028

2. Global Purified Terephthalic Acid Market - Industry Trends & Forecast Report 2028 A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the GlobalPurified Terephthalic Acid Market was worth USD 54.8 billion in 2021 and is projected to reach USD 78.1 billion by the year 2028, growing at a CAGR of 5.6% over the analysis period of 2022-2028. The expansion in the purified terephthalic acid market is primarily attributed to the increment in demand for purified terephthalic acid (PTA) in packaging as well as textile industries coupled with the ongoing trend towards urbanization and industrialization. Moreover, the improved lifestyle of consumers in the Asia-Pacific is also a significant factor driving the growth of the global terephthalic acid market during the forecast period 2022-2028.  

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. This can be attributed to their versatility and recyclability, coupled with their affordability in comparison with other natural fibers.

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). 

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. The spread of coronavirus in China led to initial disruptions in the supply chain which impeded the purified terephthalic acid market. 

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. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers.

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.Sample Copy of the Report:https://www.blueweaveconsulting.com/report/purified-terephthalic-acid-market/report-sample

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