Purified Terephthalic Acid (PTA) Market Global Production, Growth, Share, Demand and Applications Forecast to 2023
Global Purified Terephthalic Acid (PTA) Market Overview:
Purified Terephthalic Acid (PTA) is derived in a white physical form or crystalline powder and is inert in nature. PTA is aromatic in nature with significant use in the production of polyester fibers and films. The primary raw ingredient for Purified Terephthalic Acid (PTA) is paraxylene. It is commercially produced through the oxidation of PX to form terephthalic acid (TA), which is then purified to derive purified terephthalic acid (PTA). Purified Terephthalic Acid has the properties of resistance to chemicals and weathering and insulation. It is widely used as a raw material for various chemicals such as cyclohexane di-methanol, terephthaloyl chloride, copolyesterether elastomers, and plasticizers.
MRFR, in their latest analysis, Global Purified Terephthalic Acid Market is driven by various factors through the forecast period. Some of the factors contributing to the positive ascension observed in the Global PTA Market include rapid industrialization with PTA’s application in the manufacture of conveyor belts and meshing in several industries and a mounting demand for powder coatings made from purified terephthalic acid which are solvent free and environment-friendly.
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Furthermore, increasing expenditure on food and beverage packaging is also driving demand for Purified Terephthalic Acid during the forecast period. Owing to an upsurge in the home furnishing industry, the Global PTA Market is estimated to grow at a significant rate. Rising crude oil refining across the globe with PX being an end product is expected to be an important driver of the Purified Terephthalic Acid Market through the assessment period.
Some of the noteworthy players in the Purified Terephthalic Acid Market, as profiled by MRFR, include Alpek S.A.B. de C.V. (Mexico), Reliance Industries Limited (India), BP p.l.c. (U.K), The Dow Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japan), E. I. du Pont de Nemours and Company (U.S.), China Petroleum & Chemical Corporation (China), Eastman Chemical Company (U.S.), SABIC (Saudi Arabia), and Indian Oil Corporation Ltd (India).
March 2019: INVISTA Performance Technologies and Pan-Asia PET Resin Co., Ltd have announced their agreement for the licensing the latest INVISTA process technology for purified terephthalic acid (PTA). This project signifies the first PTA technology in the Middle East for INVISTA.
The Purified Terephthalic Acid (PTA) Market, as per MRFR report, is segmented on the basis of Application, End-Use Industries, and Region.
Based on Application, Global PTA Market is segmented into polyester fiber, polyester films, pet resin, powder coatings, industrial machinery, and insulation materials.
Based on End-Use Industry, Global Purified Terephthalic Acid Market is segmented into paints & coatings, food & beverages, textiles, electrical, and furniture.
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Detailed Regional Analysis:
The Global Purified Terephthalic Acid Market is regionally segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. Among these segments, the Middle East & Africa segment is anticipated to grow at the highest CAGR the Global Purified Terephthalic Acid (PTA) Market through the forecast period. Such growth can be attributed to the rapidly growing food & beverages industry in the region.
Asia Pacific is assessed to emerge as a market leader for Purified Terephthalic Acid through the forecast period. The APAC is trailed by North America and then Europe, both regions garnering second and third highest shares in the PTA Market, respectively. North America is anticipated to exhibit tremendous growth due to a high polyester fiber consumption potential in the region. Such a high polyester consumption is a result of the increasing use of the same in industrial machinery, snowballing paints & coatings production capacities, and a rising economic growth rate. The U.S. is likely to be one of the most significant contributors in the regional growth of the Purified Terephthalic Acid Market during the forecast period.
Demand for Purified Terephthalic Acid (PTA) in Europe is estimated to grow in various countries including Germany, Spain, Italy, UK, France, and Russia accrediting to the increasing expenditure in home furnishings and growing purchasing power of consumers. Further, the presence of many prominent players from the automobile industry in the region is estimated to drive substantial growth to the Purified Terephthalic Acid Market. This is because PTA is used in the manufacture of conveyor belts and meshing.
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