In 2022, the global purified terephthalic acid (PTA) market is anticipated to be worth US$ 58,248.1 million. Polyester fibers’ rising use due to their ability to blend with various natural and synthetic fibers is expected to drive demand during the projection period. Purified terephthalic acid (PTA) consumption is expected to expand at a 5.5% CAGR between 2022 and 2032, totaling roughly US$ 99,496.2 Million by 2032.
Purified terephthalic acid (PTA) is a crucial element in manufacturing man-made fibers. Around 70-80% of polyester products are made up of purified terephthalic acid. Purified terephthalic acid is a cost-effective alternative to dimethyl terephthalate (DMT), PTA has been commonplace in the textile and packaging sectors.
Moreover, PTA is finding application in the healthcare sector for treating peptic ulcers, reflux esophagitis, and gastroesophageal reflux disease (GERD). The global purified terephthalic acid market is projected to grow at a healthy CAGR over the forecast period, of 2020-2030. Market players are exploring growth potentials in the marine, construction, and transport & wind energy industries.
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Impact of COVID-19 on the Purified Terephthalic Acid (PTA) Market
The global economy is witnessing the deepest recession after WW2 due to the COVID-19 pandemic, and its effect is apparent across the global purified terephthalic acid market as well. Due to the halt in export and import from various countries, demand for textiles has reduced, and manufacturers are forced to curtail production or shut down their production units. According to just-style, about 80% of textile industries in Africa have faced a downfall during the pandemic.
Moreover, the majority of market players are dependent on China for raw materials. As the country is facing the second wave of the pandemic, reinstating lockdowns in key manufacturing hubs is severely hampering the supply chain disruption of the purified terephthalic acid market.
On the flip side, PTA is finding immense use in manufacturing personal protective equipment (PPE) kits amid the pandemic. PPE kits have become a must for frontline healthcare workers to protect them from the coronavirus while treating patients. As such, surging demand for PPE kits from various sectors is offering lucrative prospects for PTA manufacturers. With 3600 manufacturing units, about 2 lakhs of personal protective equipment (PPE) kits are produced in India alone.
Players in the global purified terephthalic acid market include
- 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.
- Samyang Corporation.
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Purified Terephthalic Acid (PTA) Market – Competitive Landscape
The global purified terephthalic acid market is highly fragmented, with key manufacturers accounting for slightly over a third of overall market revenue. Market leaders are focusing on collaboration and capacity expansion to maintain their competitiveness in the purified terephthalic acid market.
For instance,
- BP has formed a strategic collaboration with China Resources Chemical Innovative Materials holding Limited (CRC) to create and improve the flexibility of its polyester value chain.
- Sinopec Yizheng Chemical Fibre Company has collaborated with SIBUR Holding to invest in Amur GCC for the expansion of new and large-scale projects.
Purified Terephthalic Acid (PTA) Market – Segmentation
The purified terephthalic acid market is segmented based on the following,
By Application
- Polyester
- By Grade
- Fiber & Yarn Grade
- Polybutylene terephthalate (PET) Grade
- Film Grade
- Polybutylene Terephthalate (PBT)
- Plasticizers
- Others
By End User
- Textile
- PET Bottles
- Packaging
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Purified Terephthalic Acid (PTA) Market Regional Analysis
Asia Pacific (APAC) continues to hold the leading share in the purified terephthalic acid market. China is the largest manufacturer and exporter of PTA in the world. Additionally, APAC is the largest textile consumer, especially polyester fabric and yarn. Growing at a CAGR of around 5%, the APAC textile is poised to register revenues worth US$ 520 by 2024.
Further, surging sales of apparel through online platforms are anticipated to provide remunerative opportunities for PTA manufacturers. Going forward, North America is also attracting significant stakeholders’ investments, given the rising adoption of polyethylene terephthalate (PET) in the bottling and packaging industries. Studies find that the PET bottle industry in the region is expected to exhibit stable growth in the coming years.
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