PUBLISHER: The Business Research Company | PRODUCT CODE: 1425763
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425763
Purified Terephthalic Acid Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on purified terephthalic acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for purified terephthalic acid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The purified terephthalic acid market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Purified terephthalic acid (PTA) denotes an organic chemical compound characterized by its high melting point and white powder form, derived from the air oxidation of p-xylene. Its primary utility lies in the manufacturing of saturated polyesters and related polymer products.
The key manufacturing methods for producing purified terephthalic acid encompass the AMOCO process, co-oxidation, multistage oxidation, and the Henkel process. The AMOCO process involves the oxidation of para-xylene using a homogeneous catalyst comprised of cobalt, manganese, and bromide ions. This compound finds extensive application across various industries, including in the production of polyester, polybutylene terephthalate (PBT), plasticizers, and more. End-users employing PTA-based products span textile manufacturing, PET bottle production, packaging, and other related sectors.
The purified terephthalic acid market research report is one of a series of new reports from The Business Research Company that provides purified terephthalic acid market statistics, including purified terephthalic acid industry global market size, regional shares, competitors with a purified terephthalic acid market share, detailed purified terephthalic acid market segments, market trends and opportunities, and any further data you may need to thrive in the purified terephthalic acid industry. This purified terephthalic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The purified terephthalic acid market size has grown strongly in recent years. It will grow from $49.69 billion in 2023 to $52.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion witnessed during the historic period can be attributed to several factors, including the increased demand for polyester fiber and PET, growth within the textile and apparel industry, the expansion of the packaging sector, a notable shift toward PET bottles and packaging, overall economic development, and the ongoing trend of urbanization. These combined elements contributed significantly to the observed growth trajectory.
The purified terephthalic acid market size is expected to see strong growth in the next few years. It will grow to $67.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to factors such as a shift towards green and bio-based materials, global trade and market expansion, the adoption of sustainable and recyclable materials, and continued economic development. Major trends expected in the forecast period include a focus on circular economy principles, adherence to regulatory compliance and safety standards, a shift towards lightweight materials, and the exploration of bio-based alternatives and green initiatives. These trends reflect the industry's commitment to environmentally friendly practices and the pursuit of sustainable solutions.
The anticipated surge in demand for polyester fibers is poised to drive the growth of the purified terephthalic acid market. Polyester fibers, synthetic strands derived from ethylene glycol and terephthalic acid blended with other fibers, play a pivotal role in many consumer products. The production of polyester fibers and PET resin heavily relies on purified terephthalic acid. In 2021, Belgium saw a significant rise in net value for woven fabric polyester staple fibers exports, increasing by 52% from $4.67 million in 2020 to $7.11 million in 2021, as reported by The Observatory of Economic Complexity. This escalating demand for polyester fibers directly influences the growing need for purified terephthalic acid within the market.
The expanding packaging industry is expected to be a driving force behind the growth of the purified terephthalic acid market. As a crucial component, purified terephthalic acid (PTA) contributes significantly to the production of PET, a widely utilized polymer in packaging. The revenue generated by Germany's food processing and packaging machinery industry surged by 7% in 2021, reaching €14.8 billion ($17.6 billion) compared to 2020, according to VDMA (Verband Deutscher Maschinen- und Anlagenbau). This expansion within the packaging sector directly fuels the demand for purified terephthalic acid, signifying growth potential in the market.
Technological advancements emerge as a prominent trend shaping the purified terephthalic acid market landscape. Key industry players are actively engaged in developing innovative technological solutions, focusing on unique synthesis processes and applications to bolster their market position. Anellotech Inc., a US-based sustainable technology company, introduced the Plas-TCat technology in December 2021. This technology offers the direct conversion of a wide range of plastic waste into chemicals for producing new plastics, including 100% bio-based PET with intermediate purified terephthalic acid, meeting polymer-grade specifications and enabling the creation of 100% bio-based plastic bottles.
Major players within the purified terephthalic acid market are driving innovation by developing eco-friendly heat-shrinkable film products to gain a competitive edge. These films, crafted from renewable resources and designed to be biodegradable or compostable, are shaping the packaging landscape. Osaka-Gunze Limited, a Japan-based clothing company, unveiled the GEOPLAS HCT3 in December 2022. This eco-friendly heat-shrinkable film employs a polystyrene/polyethylene terephthalate multi-layered structure with 30% chemical recycled raw materials. Employing a mass balance approach for responsible sourcing, the film maintains the traditional shrink appearance while reducing environmental impact, targeting applications in various product labels.
In June 2022, Alpek S.A.B. de C.V., a prominent chemical manufacturing company based in Mexico, completed the acquisition of OCTAL Holding SAOC, an Oman-based plastics manufacturing company. This strategic acquisition, conducted for an undisclosed amount, has significantly bolstered Alpek's standing as a global petrochemical producer. It notably expands Alpek's PET production capacity, positioning the company advantageously within the market. The acquisition of OCTAL is anticipated to have a positive impact on Alpek's EBITDA, contributing approximately $120 million in 2022. This growth is largely attributed to favorable market conditions within the polyester industry. OCTAL Holding SAOC specializes in the production of PET sheet and resins, enhancing Alpek's portfolio and market presence.
Major companies operating in the purified terephthalic acid market report are 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., PennWell Corporation, JBF Industries Ltd., China Petrochemical Corporation, Indorama Ventures Public Company, Lotte Chemical Corporation, Petkim Petrokimya Holding A.S, MCPI Private Limited, Taekwaang Indusrial Co. Ltd., Zhejiang Hengyi Group Co., Eastman Chemical Company, Dow Chemical Company, Formosa Plastics Corporation, Far Eastern New Century Corporation, Thai Polyester Company Limited, Teijin 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
North America was the largest region in the purified terephthalic acid market in 2023. 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.
The countries covered in the purified terephthalic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The purified terephthalic acid market consists of sales of polyurethanes, powder-coating resins, and films. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.