The main factors contributing to the growth of the global market for Purified Terephthalic Acid are the intensification of industrialization where purified terephthalic acid is used in the production of conveyor belts and mesh forming raw materials, and other related materials in various industries, as well as the growing need to produce powder coatings. Market Research Future estimated that the Global Purified Terephthalic Acid Market would grow at a CAGR of 5% during the forecast period,2019-2025.
Purified, solvent-free, and environmentally friendly Terephthalic Acid characteristics and increased expenditure on food and beverage packaging in which purified terephthalic acid is used as a raw material to produce Polyethylene Terephthalate (PET) resin are one of the major factors responsible for the growth of the global market. Consumers emphasizing on factor such as durable, hygienic, shatterproof, lightweight, and freshness has forced the manufacturers to opt PET, which indirectly drives the Global Purified Terephthalic Acid Market.
In addition, interest in Purified Terephthalic Acid is expected to evolve critically during the evaluation period as the home furnishings sector grows. The increase in global crude oil refining, where PX is a product of the oil sector, is estimated to be a driving factor for the Purified Terephthalic Acid Market. Purified Terephthalic acid-based polyester fibers are used in many electrical protection applications, and this growing penetration in various applications is escalating the demand for the solution around the globe. High usage in packaging, cooking, salad dressing, peanut butter, shampoo, mouthwash, liquid hand soap, and other personal care items has driving the demand for PTA. Growing demand from FMCG industry, shifting from glass bottles to PET bottles has uplifted the demand for PTA, thus driving the global market.
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The electric and electronic industry is about to expand its power grid globally and is expected to be a significant segment accountable for the development of Purified Terephthalic Acid during the forecast period. In addition, rapid urbanization, combined with rising incomes in developing countries, should change the use of polyester fiber materials produced with Purified Terephthalic Acid, which should be the driving force of market development. Price variation of paraxylene is also one of the challenges faced by the leading players operating the Global Purified Terephthalic Acid Market.
The Key Players functioning in the Global Purified Terephthalic Acid Market include SABIC, The Dow Chemical Company, Reliance Industries Limited, China Petroleum & Chemical Corporation, Mitsubishi Chemical Corporation, Indian Oil Corporation Ltd, BP p.l.c., Eastman Chemical Company, E. I. du Pont de Nemours and Company, The Dow Chemical Company, and others.
The final investment decision for a new petrochemical project led by SOCAR and BP that is to be built in Turkey will be announced in 2020. The director stated that the complex project launch would completely restraint the import of the PTA. This single production would help meet the overall demand in Turkey.
The Global Purified Terephthalic Acid Market is majorly bifurcated based on end-user industry and application
Based on Application, the Global Purified Terephthalic Acid Market is divided into polybutylene terephthalate, PET resin, films, polyester fiber, and intermediate.
The End-User Industry of the global market is classified into construction, food & beverage packaging, paints & coatings, electrical & electronics, textile, and furniture.
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Asia Pacific region is one most lucrative and rapidly emerging markets in 2018 due to high demand from PET manufacturers for Purified Terephthalic Acid and widely used PET in major end-user sectors such as construction, automotive, and electronics. The growth is majorly attributed to the rise of industries in the region, enhanced standard of living, and rising disposable income. Moreover, the rising penetration and people’s preference for recycled PET is expected to push the growth for North America and European Purified Terephthalic Acid Market during the forecast period.
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