Zion Market Research has published a new report titled “Purified Terephthalic Acid (PTA) Market by Application (Polyester, Polybutylene Terephthalate, Plasticizers, Industrial Machinery, Powder Coatings, and Insulation Materials): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global purified terephthalic acid (PTA) market was valued at USD 45.93 billion in 2017 and is expected to reach USD 64.63 billion by 2024, growing at a CAGR of 5.0% between 2018 and 2024.
Purified terephthalic acid has a number of versatile properties and is used in a wide range of applications globally. A large amount of purified terephthalic acid is used in the production of polyester resins, which are used in the production of polyethylene terephthalate (PET) resin, polyester film, and polyester fiber. Additionally, PTA is also used to produce plasticizers, terephthaloyl chloride, cyclohexanedimethanol, copolyesters ether elastomers, and liquid crystal polymers. The textile industry is also a major user of polyesters of various grades, which are extensively used in textiles, such as fabrics, bedsheets, curtains, clothes, etc.
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The purified terephthalic acid (PTA) market is expected to grow at a fast pace with the increasing growth and need for purified terephthalic acid in several applications. Growing applications of purified terephthalic acid for the production of polyester resins in several end-use industries, such as packaging, textile, and automotive, is likely to spur the purified terephthalic acid (PTA) market in the upcoming years. Globally, the packaging industry is developing and is likely to increase the consumption of PET resins, thus, fueling the purified terephthalic acid (PTA) market.
The purified terephthalic acid (PTA) market is segmented on the basis of application, which includes polyester, polybutylene terephthalate, plasticizers, industrial machinery, powder coatings, and insulation materials. Due to quick drying, high chemical and wrinkle resistance, and high strength properties of purified terephthalic acid-based polyester fiber is the most dominating segment. Additionally, the rising government spending and growing coating, textile, and packaging industries are projected to boost the demand for polyester purified terephthalic acid in various applications, thereby, propelling the global purified terephthalic acid (PTA) market growth.
In 2016, Asia Pacific accounted for the largest market share for the purified terephthalic acid (PTA) market globally. Growing population along with the changing lifestyle, huge demand for textiles, and increasing usage of purified terephthalic acid are driving the textile industry. Emerging chemical industry in the developing economies of Asia Pacific is likely to increase the consumption of purified terephthalic acid in the production of several chemical intermediates, such as cyclohexane dimethanol, polytrimethylene terephthalate, and liquid crystal polymers. Argentina and Brazil in the Latin American region are contributing toward this market, owing to the increased usage of purified terephthalic acid for the manufacturing of polyester textiles and yarns for the automotive industry.
The key manufacturers operating in the global purified terephthalic acid (PTA) market are Reliance Industries Limited, Amoco Chemicals, The Dow Chemical Company, Alpek S.A.B. de C.V., Eastman Chemical Company, SABIC, Synthetic Fiber Co., Ltd., The E. I. du Pont de Nemours and Company, BP plc, Mitsubishi Chemical Corporation, Indian Oil Corporation Ltd., and China Petroleum & Chemical Corporation, among others.
This report segments the global purified terephthalic acid (PTA) market as follows:
Global Purified Terephthalic Acid (PTA) Market: Application Analysis
Global Purified Terephthalic Acid (PTA) Market: Regional Analysis