Purified terephthalic acid (PTA) is produced by chemical synthesis of crude oil. Majority of the purified terephthalic acid (PTA) is utilized in production of polyester resin which is used in the manufacture of polyester film, polyethylene terephthalate (PET) resin, and polyester fiber. The remaining percent of the purified terephthalic acid (PTA) is employed in manufacture of liquid crystal polymers, terephthaloyl chloride, cyclohexanedimethanol, plasticizers, and copolyester-ether elastomers.
It is comparatively more economical to use Purified terephthalic acid (PTA) than the dimethyl terephthalate (DMT) alternative for most grades of polyester utilized in the food and beverage containers and textiles. Purified terephthalic acid (PTA) also finds application in other end-user industries including textile and home furnishing, wherein PTA is essential for manufacture of garments such as bed sheets, clothes, and curtains.
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Global Purified Terephthalic Acid (PTA) Market: Segmentation
Global purified terephthalic acid market is segmented into manufacturing processes, application and region. The global terephthalic acid market can be segmented on the basis of manufacturing processes into amoco process, cooxidation, multistage oxidation, and Henkel process.
On the basis of application, global terephthalic acid market can be segmented into polyester production, cyclohexanedimethanol production, plasticisers, liquid crystal polymers, textiles, bottling & packaging and furnishing etc.
On the basis of region, the global terephthalic acid market is segmented into north America, Latin America, Western Europe, Eastern Europe, Asia-Pacific (APEJ), Japan, and MEA.
Global Purified Terephthalic Acid (PTA) Market: Region-wise Outlook
The global purified terephthalic acid market is projected to witness a considerable growth in CAGR from 2015 to 2025. Asia Pacific is projected to be the most lucrative market for the global purified terephthalic acid market owing to the high ratio of manufacturing industries especially in India and China. Moreover, on account of the rising disposable income along with the improved standard of living, the Asia Pacific region is anticipated to witness a steady growth over the forecast period. Additionally, the growth in the PTA consumption is expected to be driven by high demand of polyester fiber.
North America and Europe is expected to trail Asia Pacific in terms of market volume share. Europe is projected to witness a sluggish growth owing to the growing utilization of bio-based PET in the bottle and packaging industry. Also, due to migration of the textile industry from North America and Europe to the Asia-Pacific region, production of polyester fiber in these regions have been declining exponentially.
Global Purified Terephthalic Acid (PTA) Market: Drivers
The purified terephthalic acid (PTA) market is likely to observe a noticeable growth in the approaching years owing to a high demand for polyester resin. Polyethylene terephthalate (PET) demand is also anticipated to have a positive impact on the purified terephthalic acid (PTA) market.
The rising per capita consumption and the growing disposable income in the developing economies such as India and China, along with a significant growth of the textile, coating and packaging industries in these regions is predicted to fuel the demand for the purified terephthalic acid (PTA) market.
Industries such as the beer industry, and the household product containers industry are still dominated by the glass industry, which is an unexplored market for purified terephthalic acid (PTA) consumption, offering new opportunities for the growth of the global purified terephthalic acid market.
Global Purified Terephthalic Acid Market: Restraints
Volatile crude oil prices are likely to affect the profitability of purified terephthalic acid (PTA) manufacturers and thus affecting the growth of the global purified terephthalic acid market. Moreover, stringent regulations is expected to support the use of bio-based PET and have a negative impact on the global purified terephthalic acid market growth. Other reasons which could affect the growth of the terephthalic acid market are toxicity levels which could cause eye irritation and mild skin irritations.
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Global Purified Terephthalic Acid Market: Key Players
Some of the major players identified in the global purified terephthalic acid market are Sinopec Yizheng Chemical Fibre Company, Mitsui Chemicals, Reliance Industries Limited, Eastman Chemical Company, DuPont, Formosa Plastics Group, Alfa Group, Indian Oil Corporation, Mitsubishi Chemical Corporation, SABIC, Samsung Petrochemical Co. Ltd., and Samyang Corporation etc.