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(IT-NEWSWIRE.COM, July 29, 2022 ) The report "Purified Terephthalic Acid (PTA) Market by Application (Polyester, Polybutylene Terephthalate, Plasticizers), and Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2023", The purified terephthalic acid market is estimated to be USD 48.14 Billion in 2018 and is projected to reach USD 61.78 Billion by 2023, at a CAGR of 5.1% from 2018 to 2023.
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The growth of the purified terephthalic acid market is primarily driven by the rising demand for purified terephthalic acid from the textile and packaging industries and ongoing urbanization as well as shifting consumer lifestyle in the Asia Pacific region. The growth of the end-use markets, such as bottling and packaging and fiber & yarn, is also contributing to the increased demand for purified terephthalic acid.
Based on application, the polyester segment is estimated to account for the largest share of the purified terephthalic acid market in 2018.
Based on application, the polyester segment is estimated to account for the largest share of the purified terephthalic acid market in 2018. The polyester application segment has been classified on the basis of grade into fiber & yarn grade, Polyethylene Terephthalate (PET) grade, and film grade. PET materials manufactured using PTA are used for packaging of various food & beverages items, such as mineral water bottles, soft drink bottles, and ready-to-eat food items. The increased consumption of processed food items and beverages in emerging countries is projected to drive the demand for PTA in the PET grade segment. The demand for purified terephthalic acid is expected to increase in the Asia Pacific region, owing to the increased consumption of PET in the bottling and packaging industry in China.
PET grade is estimated to be the fastest-growing subsegment of the polyester application segment.
The PET grade subsegment of the polyester application segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed due to the rising demand for PET resins from emerging economies of the Asia Pacific and South American regions.
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Asia Pacific is expected to lead the purified terephthalic acid market during the forecast period.
Asia Pacific is the largest consumer of polyester fiber & yarn. The rise in demand for polyester fiber & yarn from the textile industry and increased consumption of PET bottles are projected to influence the growth of the purified terephthalic acid market in the Asia Pacific region.
China is the largest market for PTA in the Asia Pacific region. Key factors driving the growth of the China purified terephthalic acid market are rapid urbanization and expansion of the packaged food industry in this country.
Key players operating in the purified terephthalic acid market include Reliance Industries Limited (India), Sinopec Corporation (China), British Petroleum (UK), Indorama Ventures Public Company (Thailand), and SABIC (Saudi Arabia).
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