Purified Terephthalic Acid

Purified Terephthalic Acid

Global Purified Terephthalic Acid Market to Reach US$96.9 Billion by 2030

The global market for Purified Terephthalic Acid estimated at US$64.9 Billion in the year 2023, is expected to reach US$96.9 Billion by 2030, growing at a CAGR of 5.9% over the analysis period 2023-2030. Polyester Application, one of the segments analyzed in the report, is expected to record a 6.6% CAGR and reach US$49.5 Billion by the end of the analysis period. Growth in the Polybutylene Terephthalate (PBT) Application segment is estimated at 5.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$17.0 Billion While China is Forecast to Grow at 9.1% CAGR

The Purified Terephthalic Acid market in the U.S. is estimated at US$17.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$22.7 Billion by the year 2030 trailing a CAGR of 9.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.5% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.

Global Purified Terephthalic Acid Market - Key Trends and Drivers Summarized

Purified terephthalic acid (PTA) is a key raw material used primarily in the production of polyethylene terephthalate (PET), which is widely used in the manufacture of plastic bottles, polyester fibers, and resins. PTA is synthesized through the oxidation of para-xylene, followed by purification processes to achieve a high level of purity. The primary application of PTA is in the textile and packaging industries, where it serves as an essential component in the creation of polyester fibers and PET plastics. Polyester fibers are extensively used in the textile industry to produce fabrics for clothing, home furnishings, and industrial applications. PET plastics, known for their strength, flexibility, and recyclability, are predominantly used for packaging beverages, food products, and other consumer goods.

Technological advancements have significantly improved the production efficiency and environmental impact of PTA. Innovations in oxidation and purification processes have led to more efficient methods of converting para-xylene into high-purity PTA, reducing energy consumption and waste generation. The development of catalysts and process optimization techniques has further enhanced the yield and quality of PTA, making production more cost-effective and sustainable. Additionally, the integration of digital technologies and automation in PTA production facilities has streamlined operations, improved process control, and minimized downtime. These technological improvements have not only bolstered the competitiveness of PTA producers but have also supported the growing demand for sustainable and high-performance polyester products.

The growth in the purified terephthalic acid market is driven by several factors. The increasing demand for polyester fibers in the textile industry, driven by the rising popularity of synthetic fabrics and the growth of the fashion industry, has significantly boosted the need for PTA. Additionally, the expanding use of PET plastics in the packaging industry, particularly for beverages and food products, has further propelled market growth. Technological advancements in PTA production processes have enhanced efficiency and cost-effectiveness, supporting widespread adoption. The rising focus on sustainability and the circular economy has also contributed to market growth, as PTA is a crucial component in the recycling of PET plastics. Furthermore, the growing middle-class population and urbanization in emerging economies have led to increased consumption of packaged goods and textiles, driving demand for PTA. These factors, coupled with ongoing research and development efforts aimed at improving production processes and expanding applications, ensure the robust expansion and diversification of the purified terephthalic acid market.

Select Competitors (Total 53 Featured) -

• Alpek S.A.B. de C.V.
• BP PLC
• China Petroleum & Chemical Corporation (SINOPEC)
• China Prosperity (Jiangyin) Petrochemical Co., Ltd.
• Eastman Chemical Company
• Hanwha Corporation
• Hengli Petrochemical Co
• Indian Oil Corporation Ltd.
• Indorama Ventures Public Company Limited
• LOTTE Chemical Corporation
• MCPI Private Limited
• Mitsubishi Chemical Corporation
• Oman International Petrochemical Industries Company L.L.C (OMPET)
• Oriental Petrochemical (Shanghai) Corporation
• Petkim Petrokimya Holding A.S.
• PKN ORLEN SA
• PT Energi Mega Persada Tbk
• Reliance Industries Ltd.
• SABIC (Saudi Basic Industries Corporation)
• Shahid Tondgooyan Petrochemical Company (STPC)
• Taekwang Industrial Co., Ltd.
• Zhejiang Hengyi Group Co., Ltd.

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