Purified Terephthalic Acid (PTA) comes in a white physical form, crystalline powder and inert in nature. PTA is an aromatic acid, majorly used in the production of polyester fibers and films. The main raw material for PTA is paraxylene (PX). PTA is commercially produced by oxidation of PX to form terephthalic acid (TA) which is then purified to form PTA. It exhibits properties such as, insulation, resistance to chemicals and weathering, and is used as a raw material for chemicals such as cyclohexane di-methanol, terephthaloyl chloride and also for copolyester-ether elastomers and plasticizers.
As per our Analysis, some of the prominent market factors and trends identified in the Global PTA Market include, rapid industrialization where PTA is utilized in the manufacture of conveyor belts and meshing in many industries, rising demand for powder coatings made from PTA which are solvent free and environmental friendly, and increasing expenditure on food & beverages packaging where it is used for manufacturing PET resin. Moreover, demand for PTA is predicted to witness significant growth over the assessment period due to surging home furnishing industry. Rising crude oil refining across the globe where PX is an end product in the petroleum industry is anticipated to be an important driver for PTA Market during the review period. PTA based polyester fibers are used in many electrical insulation applications. Electricity sector is at the opportunity to rapidly accelerate momentum towards universal energy access. As nearly one in five of the world’s population don’t have access to electricity, it is anticipated to be key driver for the growth of PTA in the assessment period. Furthermore, rapid urbanization coupled with the increasing disposable income in the emerging economies is predicted to propel the use of polyester fiber textiles made from PTA and is predicted to be the driver for growth of the market during the assessment period, 2017 to 2023. However, PET resins and fibers do not degrade naturally in the environment at acceptable rates but can be recyclable and thus present litter and disposal problem. Thereby implementation of strict regulations by various government bodies is expected to hamper the growth of the market.
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Segmentation:
The Global PTA Market is categorized on the basis of application, end use industry, and region. On the basis of application, the market is bifurcated into polyester fiber, polyester films, pet resin, industrial machinery, powder coatings, insulation materials and others. On the basis of end use industry, the PTA market is categorized into food & beverages packaging, paints & coatings, textiles, electrical, and furniture. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Regional Analysis:
The Global PTA Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, the Middle East & Africa is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of expanding food & beverages packaging industry. The demand for PET resin segment in PTA market is predicted to be stagnant in North America, Europe and Latin America due to the presence of high consumer wastes PET bottles and this region is looking to recycle the existing PET bottles waste.
Asia Pacific has emerged as the leading market region for PTA followed by North America and Europe. North American PTA market is predicted to witness a tremendous growth on account of high polyester fiber consumption potential which is used in the industrial machinery, increasing paints & coatings production capacities, and rising economic growth rate. In North American region, the U.S. is predicted to be the major contributor in the regional growth of PTA market and is expected to see a significant demand for PTA during the forecast period, 2017 to 2023. As of 2016, the U.S accounts for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow with the moderate CAGR on account of growth in production of crude oil. In Europe, the demand for PTA is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in home furnishing where PTA based polyester fabrics are used to manufacture furnishing cloth and growing purchasing power of consumers. Moreover, presence of major automobile manufacturers and expanding automobile industry in this region gives an opportunity for PTA market to grow in the forecast period as polyester fibers are used in the manufacture of conveyor belts and meshing. Specifically in Germany it is expected to give a new impetus to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness substantial growth owing to increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in PTA. In the Middle East & Africa, paints & coatings and home furnishings segments are anticipated to propel the PTA market in the forecast period owing to rapid housing activities and along with developments in travel and tourism industry. Asia Pacific PTA market is predicted to grow with the moderate CAGR due to developing crude oil processing and expanding petroleum refineries in India and China bridges the demand gap for PTA raw materials. Moreover, continuous growth of electrical industry in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for insulation materials made from PTA which in turn is predicted to fuel the demand for PTA over the forecast period, 2017 to 2023.
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