What Has Been the Growth of the Purified Terephthalic Acid Market So Far?
The purified terephthalic acid market has seen considerable growth due to a variety of factors.
• In recent times, the market size of purified terephthalic acid has seen significant growth. It is projected to augment from $52.49 billion in 2024 to $55.66 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.0%. The prior growth in the market can be connected to the demand for polyester fiber and pet, developments in the textile and apparel industry, expansion of the packaging industry, shift towards pet bottles and packaging, as well as economic development and urbanization.
How Will the Purified Terephthalic Acid Market?
The Purified Terephthalic Acid market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of purified terephthalic acid is predicted to experience robust expansion over the next several years. It is projected to escalate to $72.8 billion by 2029, with a compound annual growth rate (CAGR) of 6.9%.
This upsurge during the forecasted period can be linked to the transition to eco-friendly and bio-based materials, global commerce and market growth, sustainable and recyclable materials, and ongoing economic progression. Significant trends during the forecast period are expected to revolve around the principles of a circular economy, adherence to regulatory compliance and safety norms, a shift towards more lightweight materials, bio-based alternatives, and green initiatives.
Which Factors Are Boosting Growth In The Purified Terephthalic Acid Market?
The rise in the demand for polyester fibers is anticipated to drive the growth of the purified terephthalic acid market. Polyester fibers are synthetic fibers made from polyester, a derivative of ethylene glycol and terephthalic acid, and are often mixed with different fibers. Purified terephthalic acid, a common chemical, is crucial in the production of polyester fiber and polyethylene terephthalate (PET) resin, which are present in numerous consumer products. Therefore, a surge in the need for polyester fibers leads to a corresponding increase in the demand for the purified terephthalic acid market. For example, The Observatory of Economic Complexity, a US-based trade data visualization site, noted in September 2024 that Belgium's net import value of woven fabric polyester staple fibers grew by €7.88k ($8.69 k) (5.25%) from €150k ($164k) to €158k ($176.51k). Hence, the elevated demand for polyester fibers is a driving force for the purified terephthalic acid market.
What Key Areas Define The Segmentation Of The Global Purified Terephthalic Acid Market?
The purified terephthalic acid market covered in this report is segmented –
1) By Manufacturing Process: Amoco Process, Co-Oxidation, Multistage Oxidation, Henkel Process
2) By Application: Polyester, Polybutylene Terephthalate (PBT), Plasticizers, Other Applications
3) By End User: Textile, PET Bottles, Packaging, Other End Users
Subsegments:
1) By Amoco Process: Catalytic Oxidation, Direct Oxidation
2) By Co-Oxidation: Use Of Multiple Oxidants: Process Efficiency Optimization
3) By Multistage Oxidation: Sequential Oxidation Stages, Process Integration Techniques
4) By Henkel Process: Specific Catalyst Use, Reaction Conditions And Optimization
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How Are Emerging Trends Reshaping The Dynamics Of The Purified Terephthalic Acid Market?
Leading firms in the purified terephthalic acid sector are focusing on strategic investments to amplify production capacities, bolster operational efficiencies, and facilitate technological development. The objective of these strategic investments is to fulfill the escalating demand for purified terephthalic acid, prompted by the growth of the polyester and textile sectors. As an illustration, Sinopec Yizheng Chemical Fiber Company, a chemical firm based in China, inaugurated the world's largest purified terephthalic acid (PTA) plant in Jiangsu Province, China, in April 2024. The plant boasts a remarkable production capability of 3 million tons annually. It's known to be one of the most intricate chemical plants within the petrochemical sector, using top-notch technologies like short-process and smart-manufacturing methods to augment production efficiency and sustainability.
Who Are the Key Players In The Purified Terephthalic Acid Market?
Major companies operating in the purified terephthalic acid market include:
• Indian Oil Corporation
• Alpek S.A.B. de C.V.
• British Petroleum PLC
• Reliance Industries Limited
• Saudi Basic Industries Corporation
• Sinopec Corporation
• Jiaxing Zhonghua Chemical Co. Ltd.
• JBF Industries Ltd.
• China Petrochemical Corporation
• Indorama Ventures Public Company
• Lotte Chemical Corporation
• Petkim Petrokimya Holding A.S
• MCPI Private Limited
• Taekwaang Industrial Co. Ltd.
• Zhejiang Hengyi Group Co.
• Eastman Chemical Company
• Dow Chemical Company
• Formosa Plastics Corporation
• Far Eastern New Century Corporation
• Thai Polyester Company Limited
• Toray Industries Inc.
• Nan Ya Plastics Corporation
• China National Chemical Corporation
• Tongkun Group Co. Ltd.
• Advansa B V
• Chang Chun Petrochemical Co. Ltd.
• Fujian Billion Petrochemicals Co. Ltd.
• Samyang Holdings Corporation
What Is The Most Dominant Region In The Purified Terephthalic Acid Market?
North America was the largest region in the purified terephthalic acid market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the purified terephthalic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
