Global Purified Terephthalic Acid (PTA) Market to Grow to USD 78 Billion by 2028
Published | 16 March 2022
The growth of the purified terephthalic acid market can be primarily attributed to the soaring demand for polyester fibers coupled with escalating demand for PET from the packaging and bottling industry..
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Purified 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.
Extensive Application Of Purified Terephthalic Acid Across Various Sectors Driving The Global Market Growth
Purified Terephthalic Acid is the basic raw material for a variety of products like polyesters, including fibers, yarns, films, polyethylene terephthalate, polybutylene terephthalate, plasticizers, etc. thus, it finds a wide range of applications across multiple sectors, especially in the packaging industries, including food and beverage packaging, pharmaceuticals packaging, etc. Moreover, the affordability, flexibility, and versatility of polyester fibers make them a preferred choice for the textile industry. The bottles industries are also considering replacing the glass alcohol bottles with polyethylene phthalate (PET) bottles, thus embarking the way for the growth of the purified terephthalic acid market. Furthermore, the large-scale mushrooming of crude oil refining across the world with paraxylene as an end product is likely to be a significant growth driver of the purified terephthalic acid market through the forecast period.
Packaging Industry To Grow At A Higher Growth Rate During The Forecast Period
With the growing urbanization, industrialization, rising disposable income, changes in the lifestyles of people in the Asia-Pacific region, there has been an augmentation in the expenditure on food and beverages, apparel, pharmaceuticals, alcohol, and others, in countries like India, China, Japan, etc. Furthermore, the surging sales of apparel, via e-commerce platforms contribute towards the demand for packaging as well as textile materials. This has resulted in the expansion of end-use markets, like packaging, bottling, fiber & yarn, and others. Thus, global purified terephthalic acid is anticipated to exhibit a higher growth rate in the market during the forecast period 2022-2028.
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Impact Of COVID-19 On The Global Purified Terephthalic Acid Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global purified terephthalic acid market has also been brutally impacted by the emergence of the COVID-19 pandemic. The lockdowns in major countries of the world brought the import and export of textiles to a halt. Thus significantly bringing down the demand for textiles throughout the world. Numerous industries curbed or reduced their production. Moreover, the majority of the industries dependent on China for raw materials experienced supply chain disruptions while the country lay grappled by the COVID-19 pandemic. But on the other hand, the global health crisis had some positive impacts on the PTA market as well. PTA found immense application in the production of personal protection (PPE) kits that were mandatory for the health care front line workers while treating patients in order to safeguard themselves from infection. India alone produced about 2 lakh PPE kits on an average in over 3600 manufacturing units.
The Asia-Pacific Region Is Expected To Grow with The Highest CAGR In The Global Purified Terephthalic Acid Market.
In terms of regional analysis, the global purified terephthalic acid market has been classified into North America, Europe, The Asia Pacific, Latin America, and the Middle East and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global purified terephthalic acid market owing to the largest consumer of polyester fiber and yarn. China is the largest exporter as well as manufacturer of purified terephthalic acid in the world. The rise in demand for polyester fiber and yarn in the textile industry and the growing consumption of PET bottles are anticipated to propel the growth of the purified terephthalic acid (PTA) market in the region. The APAC is followed by North America and Europe respectively. This is due to the high polyester fiber consumption potential of North America which can be attributed to the growing increasing usage of industrial machinery, swelling paints & coatings production capacities, and an intensifying economic growth rate.
Competitive Landscape
The global purified terephthalic market is a highly fragmented market. The key players of the market account for about a little over one-third of the global revenue. The purified terephthalic acid market is highly competitive, with all the players continually competing to gain a larger market share. 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, Petkim Petrokimya 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 enhancing their production capabilities, research and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations. For instance- the recent merger of Sinopec with SIBUR Holding in order to invest in Amur GCC.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global purified terephthalic acid market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global purified terephthalic acid market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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