According to the ChemAnalyst report titled “Global Purified Terephthalic Acid (PTA) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032,” the Purified Terephthalic Acid (PTA) market is poised for significant growth, with an expected reach of approximately 120 million tonnes by 2032, driven by a robust Compound Annual Growth Rate (CAGR) of 4.09%.
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Purified Terephthalic Acid (PTA) is a white solid organic chemical compound with the chemical formula C₆H₄(CO₂H)₂. Its industrial preparation involves starting with an aqueous solution of crude terephthalic acid, which is then hydrogenated to remove impurities and subsequently crystallized to create a slurry of purified terephthalic acid in an aqueous solution. An integrated separation washing process is used to wash the PTA using a centrifuge. PTA is a versatile chemical used in the production of various plasticizers and polymers, including polyethylene terephthalate, polybutylene terephthalate (PBT), terephthaloyl chloride, liquid crystal polymer, and more. It also finds applications in the production of polyester coating resins for various uses, including coil coats, electronics, vehicles, and the industrial sector. PTA is employed in the textile industry for producing polyester fibers.
The major driver of the global PTA market is its use as a feedstock chemical in the manufacture of polyester fibers. Polyester fibers exhibit excellent properties like high elasticity, water resistance, wrinkle resistance, and abrasion resistance. These fibers are used in various downstream industries such as car tire reinforcements, waterproof fabrics, raincoats, conveyor belts, and sportswear items, as they are easy to blend with natural fibers. The expansion of fiber and yarn production and improving lifestyles worldwide are expected to drive the PTA market in the coming years. In addition, PET resins, which are used to manufacture packaging materials, are rising in sectors such as food and beverage and consumer products, further fueling the demand for PTA in the forecast period.
Asia Pacific has emerged as the largest consumer of PTA, followed by North America and Europe. PET-based containers, sheets, and films are widely used for food and beverage packaging, and the rapidly growing textile industry in countries like India, China, and Japan is expected to increase demand for PTA, driven by rapid industrialization in the Asia-Pacific region. Additionally, the requirement for polyester-based coatings is anticipated to further boost the demand for PTA in this region. As of 2022, Asia Pacific is also the global leader in PTA production, with China being a manufacturing giant.
The end-use segments for the global PTA market are Polyester Fiber and Yarn, PET Resin, Polyester Film, and Others. As of 2022, the Polyester Fiber industry dominates the PTA market, accounting for around 60% of consumption. PET Resin is the second-largest consumer of PTA due to its wide range of uses in packaging, including bottles, containers, shopping bags, and microwave containers.
Major players in the Global PTA market include Reliance Industries Limited, Indorama Ventures, BP Chemicals, Indian Oil Corporation Limited, MCPI Private Limited, Oman International Petrochemical Industries Company (OMPET), SABIC Ibn Rushd Arabia Industrial Fiber Company, Shahid Tondgooyan Petrochemical Company, Yisheng Petrochemical, Hengli Petrochemical, Hanwha General Chemicals, Lotte Chemical, Fuhaichuang Petrochemicals, and BP Zhuhai Chemical.
Mr. Karan Chechi, Research Director at TechSci Research, a research-based management consulting firm associated with ChemAnalyst, noted, “The global PTA industry has witnessed robust growth linked to downstream applications such as fibers, paints, coatings, polymers, and films, driven by growing industrial activities. PTA is primarily consumed by the textile industry for manufacturing polyester fibers, which significantly contributes to the growing demand for PTA. Asia Pacific is the leading consumer of PTA, and with the rising demand for polyester fibers and PET resins for use in various downstream industries in the forecasted period, it is expected that there will be an increase in the demand for Purified Terephthalic Acid (PTA) in the coming years.”
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Mr. Karan Chechi, Research Director at TechSci Research, a research-based management consulting firm associated with ChemAnalyst, noted, “The global Acetone industry has witnessed robust growth linked to downstream applications such as pharmaceuticals and cosmetics, driven by growing populations and changing consumer preferences. India is expected to become the world’s fifth-largest consumer market by 2025, and growing per capita income worldwide bodes well for acetone demand in the country. Meanwhile, China remains a key growth region with ample installed capacities. With new competitors emerging in the Asian acetone market, it’s crucial to monitor which region will capture the largest market share in the coming years.”
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