Report Overview

Global Purified Terephthalic Acid (PTA) Market - Industry Trends & Forecast Report 2028

The global purified terephthalic acid market was worth USD 54.8 billion in 2021, and it is further projected to reach USD 78.1 billion by 2028, at a CAGR of 5.6% during 2022-2028 (forecast period). The growth of the purified terephthalic acid market can be primarily attributed to the soaring demand for polyester fibers coupled with escalating demand for polyethylene terephthalate (PET) from the packaging and bottling industry. Moreover, for the last few years, the polyester industry has been accounting for the prime share of the textile industry. Such factors promise bright prospects for the growth of the global terephthalic acid market during the forecast period.

Purified Terephthalic Acid Overview

Purified Terephthalic Acid (PTA) refers to an organic compound that is produced on a commercial scale by the oxidation of paraxylene in the air. Although, most of PTA is used up in the manufacture of polyester resins, which includes polyester fibers, polyester yarn and films, and most importantly, the PET material bottles. Moreover, PTA also has other applications, such as an intermediate in the manufacturing process of liquid crystal polymers, polybutylene terephthalate, plasticizers, and others. (that include cyclohexane dimethanol, polytrimethylene terephthalate, terephthaloyl chloride, and copolyester ether elastomers). PTA are utilized to manufacture polyester fibers in several industries, chiefly in packaging and textiles.

Purified Terephthalic Acid Market Trends

Growth Drivers

Rising Demand For Polyester Fibres By Textile Industry Likely To Drive the Growth of the Purified Terephthalic Acid Market

Although PTA finds a wide range of applications across different industries, the textile industry occupies a special position in this list. The PTA is principally used to manufacture polyester fibers and yarn. Along with it, it is also used to produce plasticizers, polybutylene terephthalate, and liquid crystal polymers. Polyester fibers are artificial fibers that are being progressively adopted by the textile industry on a large scale. This can be attributed to their versatility and recyclability, coupled with their affordability in comparison with other natural fibers. Moreover, this heavy demand for polyester fibers by the textile industry is also responsible for pulling up the market growth rate of the global terephthalic acid market.

Burgeoning Demand from The Paints and Coatings Industry To Spike The Market Growth

One of the major factors driving the growth of the terephthalic acid market is the rising demand for purified terephthalic acid (PTA) in the paints & coating industry. The manufacturing process of the paint and coating resins utilizes purified terephthalic acid (PTA) as the chief raw material. Moreover, the escalating demand for purified terephthalic acid (PTA) in the food & beverages and pharmaceutical packaging industries is also anticipated to be a significant driver of the purified terephthalic acid (PTA) market during the forecast period 2022-2028.

Restraints

Instability In Crude oil prices Impeding The Purified Terephthalic Acid Market Growth

The volatility in prices of crude oil is projected to hinder the Purified Terephthalic Acid (PTA) market in the close future. This is due to the fact that paraxylene, which is the chief raw material for the production of terephthalic acid is formed as an end-product of crude oil refining process. Moreover, the enactment of rigorous government regulations on Purified Terephthalic Acid (PTA) due to ecological concerns is projected to lift the demand for bio-based Polyethylene Terephthalate (PET). Furthermore, PTA being poisonous in nature is known to cause skin and eye irritation on contact. Consequently, the demand for the Purified Terephthalic Acid (PTA) market may decline during the forecast period.

Global Purified Terephthalic Acid Market – By Application 

Based on the application, the global purified terephthalic acid market has been segmented into polyester, polybutylene terephthalate (PBT), plasticizers, and others. The polyester is further sub-segmented into fiber & yarn grade, polyethylene terephthalate (PET) grade, and film grade. Amidst the segmentation, the polyester segment accounted for the largest market share throughout 2021 owing to the large and progressively increasing demand for polyester fibers and yarns by several industries including textile industries, food and beverage packing industries, pharmaceuticals packaging industries, etc. Moreover, this segment is anticipated to grow with the highest CAGR during the forecast period due to factors like growing consumption of products of these industries, rising urbanization, and others.

Global Purified Terephthalic Acid Market- By End-Use Industry

On the basis of end-use industry, the global purified terephthalic acid market is segmented into textile, PET bottles, packaging and others. Amidst the segmentation, the packaging industry generates the largest revenue and holds major shares in the purified terephthalic acid market. This can be attributed to the surging expenditure on food and beverage packaging during the forecast period. Also, there have been instances of replacing glass alcohol bottles with PET bottles, further driving the demand for PTA. Moreover, the current upsurge in the home furnishing industry has caused the global PTA market to grow at a substantial rate.

Global Purified Terephthalic Acid Market- Regional Insights                           

In terms of the regional analysis, the global Purified Terephthalic Acid (PTA) market can be segmented into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, the Asia Pacific region is expected to dominate the purified terephthalic acid (PTA) market during the forecast period on account of the growing food & beverages, construction, home furnishing and packaging and sectors in the region. The Asia-Pacific region is followed by North America in terms of demand. This can be attributed to extension of the polyethylene terephthalate (PET) bottle industry in the North America.

Competitive Landscape

The global purified terephthalic acid market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global purified terephthalic acid market are British Petroleum, Reliance Industries, Sinopec, Indorama Ventures Public Company, SABIC, Eastman Chemical, India Oil, Lotte Chemical, Mitsubishi Chemical, Petkim Petrokimya Holding, JBF Petrochemicals, MCPI, Jiaxing Petrochemical, China Prosperity (Jiangyin), Petrochemical, Hanwha General Chemical, Hengli Petrochemical, DuPont, Formosa Plastics Chemicals, and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers and collaborations.

Recent Developments

• May 2021: Indo Rama Synthetics (India) Limited (IRSL), a subordinate of petrochemical producer Indorama Ventures Ltd, declared the investment of up to INR 6 billion for capacity expansion of PET resin, with additional 700 ton capacity per day along with equipment upgrading program. This would be carried out at the manufacturing facility in Nagpur, India.

• March 2021:  Hanwha General Chemical acquired Power Systems Mfg. LLC (PSM), U.S. as well as Ansaldo Thomassen B.V. (ATH), Netherlands. Both of the acquired companies are international leaders in hydrogen combustion technology. Hanwha General Chemical which is based in Seoul is South Korea’s foremost producer of purified terephthalic acid (PTA), a primary constituent of several types of polyester.

Scope of Report:

By Type

• Polyester (Fiber & Yarn Grade, Polyethylene Terephthalate (PET) Grade, Film Grade)

• Polybutylene Terephthalate (PBT)

• Plasticizers

• Others

By Applications

• Textile

• PET Bottles

• Packaging

• Others

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Purified Terephthalic Acid Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Purified Terephthalic Acid Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
         1. Polyester (Fiber & Yarn Grade, Polyethylene Terephthalate (PET) Grade, Film Grade)
         2. Polybutylene Terephthalate (PBT)
         3. Plasticizers
         4. Others
      2. By End-Use Industry
         1. Textile
         2. PET Bottles
         3. Packaging
         4. Others
      3. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America Purified Terephthalic Acid Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By End-Use Industry
      3. By Country
         1. United States
         2. Canada
7. Europe Purified Terephthalic Acid Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By End-Use Industry
      3. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. The Asia Pacific Purified Terephthalic Acid Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By End-Use Industry
      3. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Purified Terephthalic Acid Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By End-Use Industry
      3. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. The Middle East & Africa Purified Terephthalic Acid Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Application
       2. By End-Use Industry
       3. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of Covid-19 on Global Purified Terephthalic Acid Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. British Petroleum
    2. Reliance Industries
    3. Sinopec
    4. Indorama Ventures Public Company
    5. SABIC
    6. Eastman Chemical
    7. Indian Oil
    8. Lotte Chemical
    9. Mitsubishi Chemical
    10. Petkim Petrokimya Holding
    11. JBF Petrochemicals
    12. MCPI
    13. Jiaxing Petrochemical
    14. China Prosperity (Jiangyin) Petrochemical
    15. Hanwha General Chemical
    16. Hengli Petrochemical
    17. DuPont
    18. Formosa Plastics Chemicals
    19. Other prominent players.
14. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1        Global Purified Terephthalic Acid Market Segmentation

Figure 2        Global Purified Terephthalic Acid Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Purified Terephthalic Acid Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Purified Terephthalic Acid Market Share, By Component, By Value, 2018-2028

Figure 6        Global Purified Terephthalic Acid Market Share, By End-User, By Value, 2018-2028

Figure 7        Global Purified Terephthalic Acid Market Share, By Region, By Value, 2018-2028

Figure 8        North America Purified Terephthalic Acid Market Size, By Value (USD Million), 2018-2028

Figure 9        North America Purified Terephthalic Acid Market Share, By Component, By Value, 2018-2028

Figure 10       North America Purified Terephthalic Acid Market Share, By End-User, By Value, 2018-2028

Figure 11       North America Purified Terephthalic Acid Market Share, By Country, By Value, 2018-2028

Figure 12       Europe Purified Terephthalic Acid Market Size, By Value (USD Million), 2018-2028

Figure 13       Europe Purified Terephthalic Acid Market Share, By Component, By Value, 2018-2028

Figure 14       Europe Purified Terephthalic Acid Market Share, By End-User, By Value, 2018-2028

Figure 15       Europe Purified Terephthalic Acid Market Share, By Country, By Value, 2018-2028

Figure 16       The Asia-Pacific Purified Terephthalic Acid Market Size, By Value (USD Million), 2018-2028

Figure 17       The Asia-Pacific Purified Terephthalic Acid Market Share, By Component, By Value, 2018-2028

Figure 18       The Asia-Pacific Purified Terephthalic Acid Market Share, By End-User, By Value, 2018-2028

Figure 19       The Asia-Pacific Purified Terephthalic Acid Market Share, By Country, By Value, 2018-2028

Figure 20       Latin America Purified Terephthalic Acid Market Size, By Value (USD Million), 2018-2028

Figure 21       Latin America Purified Terephthalic Acid Market Share, By Component, By Value, 2018-2028

Figure 22       Latin America Purified Terephthalic Acid Market Share, By End-User, By Value, 2018-2028

Figure 23       Latin America Purified Terephthalic Acid Market Share, By Country, By Value, 2018-2028

Figure 24       The Middle East & Africa Purified Terephthalic Acid Market Size, By Value (USD Million), 2018-2028

Figure 25       The Middle East & Africa Purified Terephthalic Acid Market Share, By Component, By Value, 2018-2028

Figure 26       The Middle East & Africa Purified Terephthalic Acid Market Share, By End-User, By Value, 2018-2028

Figure 27       The Middle East & Africa Purified Terephthalic Acid Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1         Global Purified Terephthalic Acid Market Size, By Component, By Value, 2018-2028

Table 2         Global Purified Terephthalic Acid Market Size, By End-User, By Value, 2018-2028

Table 3         Global Purified Terephthalic Acid Market Size, By Region, By Value, 2018-2028

Table 4         North America Purified Terephthalic Acids Market Size, By Component, By Value, 2018-2028

Table 5         North America Purified Terephthalic Acids Market Size, By End-User, By Value, 2018-2028

Table 6         North America Purified Terephthalic Acids Market Size, By Country, By Value, 2018-2028

Table 7         Europe Purified Terephthalic Acids Market Size, By Component, By Value, 2018-2028

Table 8         Europe Purified Terephthalic Acids Market Size, By End-User, By Value, 2018-2028

Table 9         Europe Purified Terephthalic Acids Market Size, By Country, By Value, 2018-2028

Table 10        The Asia-Pacific Purified Terephthalic Acids Market Size, By Component, By Value, 2018-2028

Table 11        The Asia-Pacific Purified Terephthalic Acids Market Size, By End-User, By Value, 2018-2028

Table 12        The Asia-Pacific Purified Terephthalic Acids Market Size, By Country, By Value, 2018-2028

Table 13        Latin America Purified Terephthalic Acids Market Size, By Component, By Value, 2018-2028

Table 14        Latin America Purified Terephthalic Acids Market Size, By End-User, By Value, 2018-2028

Table 16        Latin America Purified Terephthalic Acids Market Size, By Country, By Value, 2018-2028

Table 17        The Middle East & Africa Purified Terephthalic Acids Market Size, By Component, By Value, 2018-2028

Table 18        The Middle East & Africa Purified Terephthalic Acids Market Size, By End-User, By Value, 2018-2028

Table 19        The Middle East & Africa Purified Terephthalic Acids Market Size, By Country, By Value, 2018-2028

Table 20        British Petroleum Company Overview

Table 21        British Petroleum Financial Overview

Table 22        Reliance Industries Company Overview

Table 23        Reliance Industries Financial Overview

Table 24        Indorama Ventures Public Company Overview

Table 25        Indorama Ventures Public Company Financial Overview

Table 26        SABIC Company Overview

Table 27        SABIC Financial Overview

Table 28        Indian Oil Company Overview

Table 29        Indian Oil Financial Overview

Table 30        Mitsubishi Chemical Company Overview

Table 31        Mitsubishi Chemical Financial Overview

Table 32        Petkim Petrokimya Holding Company Overview

Table 33        Petkim Petrokimya Holding Financial Overview

Table 34        JBF Petrochemicals Company Overview

Table 35        JBF Petrochemicals Financial Overview

Table 36        MCPI Company Overview

Table 37        MCPI Financial Overview

Table 38        Jiaxing Petrochemical Company Overview

Table 39        Jiaxing Petrochemical Financial Overview

Table 40        China Prosperity (Jiangyin) Petrochemical Company Overview

Table 41        China Prosperity (Jiangyin) Petrochemical Financial Overview

Table 42        Hanwha General Chemical Company Overview

Table 43        Hanwha General Chemical Financial Overview

Table 44        Hengli Petrochemical Company Overview

Table 45        Hengli Petrochemical Financial Overview

Table 46        DuPont Company Overview

Table 47        DuPont Financial Overview

Table 48        Formosa Plastics Chemicals Company Overview

Table 49        Formosa Plastics Chemicals Financial Overview