Purified terephthalic acid (PTA) sales are expected to rise at a small but restored CAGR of 5.5% from 2022 to 2032, valuing the market at US$ 99,496.2 million by that year. In the past, the market experienced a slow CAGR of 3.2%, reaching US$ 58,248.1 million in 2022. The increasing usage of polyester fibers in a variety of industries is one element that shapes the target market. Polyester fibers are in high demand because of their versatility when it comes to working with various natural and synthetic fibers, which in turn will drive demand for purified terephthalic acid (PTA) industry in the years to come.
Purified terephthalic acid (PTA) is an essential component in the production of synthetic fibers and accounts for 70-80% of polyester goods. It is cost-effective in comparison to dimethyl terephthalate (DMT). PTA finds extensive application in the textile and packaging industries, and also in the medical field to treat peptic ulcers, reflux esophagitis, and gastroesophageal reflux disease (GERD). Maritime, transportation, construction, and wind energy sectors also create demand for the purified terephthalic acid (PTA) market in the upcoming years.
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Escalating demand from the paints and coatings sector because of PTA’s high efficacy will spur the chemical demand in the global marketplace. Again, unsaturated polyester resin (UPR) in multiple industry verticals including maritime, wind energy, transportation, construction, and electrical due to its cost-effective, superior performance, and eco-friendly properties will aid the growth of the purified terephthalic acid (PTA) market. UPR has quick strength, excellent resistance against abrasion, chemicals, corrosion, and heat, and high impact and structural strength which promotes its usage in the building sector as a concrete and sealant. This factor augurs well for the purified terephthalic acid (PTA) market during the forecast period.
Key Takeaways:
- Rising demand for PTA in the soft drink industry as it is a crucial element in the production of carbonated beverage bottles will strengthen the prospects of the market.
- Fluctuations in crude oil prices will likely limit the growth of the purified terephthalic acid (PTA) market.
- By end-user, PET bottle segment will dominate the global market with a strong growth rate from 2022 to 2032.
- The purified terephthalic acid (PTA) market in North America accounted for 16% of the global market share in 2022.
- Asia Pacific will emerge as an attractive pocket for the purified terephthalic acid (PTA) market with a 9% ownership of the market share.
Competitive Landscape
In a highly fragmented environment, key market players are focusing on capacity growth and cooperation tactics. These businesses also concentrate on manufacturing processes that will have less of an adverse effect on the environment such as producing chemically recycled polyethylene. A few of these participants also employ various organic and inorganic growth strategies.
Mitsui Chemicals Inc, The Mitsubishi Chemical Group (MCG), Indian Oil Corporation, Reliance Industries Limited, SABIC, and Samsung Petrochemical Co. Ltd, among others, are some of the significant players in the purified terephthalic acid (PTA) market profiled in the full version of the report.
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More Insights into the Purified Terephthalic Acid (PTA) Market
In its latest report, FMI offers an unbiased analysis of the global purified terephthalic acid (PTA) market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of application, end-user, and region.
According to the latest FMI reports, based on segmentation, the PET bottle segment will create substantial demand for the market. This segment is expected to grow at a strong CAGR during this period as PET bottling and packaging will continue to expand.
Based on region, the purified terephthalic acid (PTA) market in North America will present impressive growth. The target market in this region will account for 16% market share in 2022. Expansive use of PET bottling and packaging and increasing stakeholder investment aid the growth of the PTA market in North America. Additionally, Asia Pacific will also offer lucrative opportunities to the purified terephthalic acid (PTA) market. Accounting for a 9% market share in 2022, the PTA market in this region will be driven by the expanding textile sector, rapid industrialization, and increasing investments in the paints and coatings sector. Thus, North America and Asia Pacific will contribute to the global growth of the purified terephthalic acid (PTA) market.
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