Market Research Report on Purified Terephthalic Acid : Analysis, Latest Trends and Regional Growth 2027 Global Purified Terephthalic Acid (PTA) Market: Overview
PTA is a raw material used in the production of high-performance multipurpose plastics such as polybutylene terephthalate (PBT), polyethylene terephthalate (PET), polytrimethylene terephthalate (PTT), and others.
PTA is used extensively in the production of polyester fibers. It is also employed in the manufacture of polyester coating resins for various applications in general metal, appliances, automotive, industrial maintenance, coil coatings, and others. PTA is primarily used as a prominent raw material in the production of various thermoplastics.
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Rise in demand for purified terephthalic acid (PTA) in the production of carbonated plastic bottles due to its flexibility and toughness is driving the purified terephthalic acid (PTA) market. PTA is used as a raw material for polyester films owing to its toughness and dimensional stability. Increase in consumption of these films in photographic films and data storage tapes & sheets is expected to fuel the market. Rise in demand for PTA in the paints & coating industry is anticipated to propel the purified terephthalic acid (PTA) market, as PTA is majorly used as a raw material in the manufacture of coating resins. Increase in demand for PTA in food & beverages and pharmaceutical packaging industries is also expected to drive the purified terephthalic acid (PTA) market. Growth in usage of PTA in other end-use industries, including construction, marine, and transport & wind energy, is projected to boost the demand for PTA. Rise in per capita income and increase in disposable income in developing countries such as India and China are also fueling the demand for PTA in these countries. Growth of the purified terephthalic acid (PTA) market is primarily driven by the rise in demand for PTA in textile and packaging industries, ongoing urbanization, and improvement in lifestyle of consumers in Asia Pacific. Expansion of end-use markets, such as bottling and packaging and fiber & yarn, is also driving the demand for PTA.
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Volatility in prices of crude oil is estimated to hamper the PTA market in the near future. Implementation of stringent regulations on PTA is expected to boost the demand for bio-based PET. This is estimated to hamper the demand for PTA during the forecast period.
Key Segments of Global Purified Terephthalic Acid (PTA) Market
Based on application, the polyester segment accounted for major share of the purified terephthalic acid (PTA) market in 2018. PET manufactured using PTA is used in various end-use industries for packaging of various food & beverages items, such as mineral water bottles, soft drink bottles, and ready-to-eat food items. Increase in consumption of processed food items and beverages in emerging countries is projected to drive the demand for PET in the near future. The PET grade sub-segment of the polyester application segment is expected to expand at a rapid pace during the forecast period, due to the rise in demand for PET resins in emerging economies of Asia Pacific and Latin America
Asia Pacific to Hold Major Share of Global Purified Terephthalic Acid (PTA) Market
Asia Pacific is projected to dominate the purified terephthalic acid (PTA) market in the near future owing to the growth in food & beverages, packaging, and construction sectors. In terms of demand, Asia Pacific is followed by North America. Demand for PTA is rising in North America due to the expansion in the PET bottle industry. Asia Pacific is also the largest consumer of polyester fiber and yarn. Rise in demand for polyester fiber and yarn in the textile industry and increase in consumption of PET bottles are projected to drive the PTA market in the region.
China is expected to hold key share of the PTA market in Asia Pacific in 2018. Key factors driving the PTA market in China are rapid urbanization and expansion of the packaged food industry.
Demand for PTA is estimated to increase in Asia Pacific during the forecast period, owing to the growth in consumption of PET in the bottling and packaging industries in China
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