Purified Terephthalic Acid (PTA) Market | Projected to Reach 61.78 Billion USD by 2023| at a CAGR of 5.1%

The Purified Terephthalic Acid (PTA) 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. PTA is an organic compound produced commercially through the oxidation of paraxylene by oxygen in air. A majority of PTA is consumed in the development of polyester resins, such as polyester films, polyester fiber & yarn, and PET material bottles. PTA is also used as an intermediate in the manufacturing of liquid crystal polymers, plasticizers, polybutylene terephthalate, and others (that include cyclohexane dimethanol, terephthaloyl chloride, polytrimethylene terephthalate, and copolyester ether elastomers).

Asia Pacific is the largest market for PTA. The increasing consumption of PET material bottles and the rising demand for PTA from the packaging industry are key factors driving the growth of the Asia Pacific purified terephthalic acid market. Rapid industrialization in Asia Pacific countries is also fueling the growth of the purified terephthalic acid market in this region.

Based on application, the polyester segment of the purified terephthalic acid market is projected to grow at the highest CAGR during the forecast period. Polyester is classified into 3 grades, namely, fiber & yarn grade, Polyethylene Terephthalate (PET) grade, and film grade. PET resins are used as packaging materials for food & beverage products, such as chips, pickles, jams, fruit juices, and soft drinks. PET is replacing traditional packaging materials, such as glass, paper, metal, and aluminum, owing to its properties that include high strength, lightweight, improved clarity, long-term durability, and improved design plasticity. The unique properties of PET and its eco-friendly nature have contributed to PET resins becoming the preferred choice of packaging material. The growth of the polyester application segment can be attributed to the increased consumption of packaged food & drinks and rise in per capita income of consumers. 

The South America purified terephthalic acid market is projected to grow at the highest CAGR during the forecast period. The presence of key manufacturers of PTA such as Petroquimica Suape (PQS) (Brazil), Alpek (Mexico), and Artland (Japan) in South America is projected to drive the growth of the purified terephthalic acid market in this region.

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Aroma Ingredients Market: Key Revenue Pockets & Industry Outlook

Rising demand for personal care products across the globe is expected to drive the growth of the aroma ingredients market, worldwide

The aroma ingredients market is expected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5% between 2018 and 2023. The market has been segmented based on type, application, and region. Based on type, the synthetic ingredients segment of the market is projected to grow at the highest CAGR, in terms of value between 2018 and 2023. The growth of the synthetic ingredients segment of the aroma ingredients market can be attributed to its low cost, high performance, and easy availability.

Aroma ingredients are defined as organic compounds with a defined chemical structure which are isolated from microbial fermentation, plant or animal sources, or produced by organic synthesis. The increasing demand for personal care products, coupled with changes in lifestyles and consumer preferences is fueling the growth of the aroma ingredients market. However, the requirement of significant investments in R&D and stringent governmental regulations are hampering market growth. 

Based on application, the toiletries segment of the aroma ingredients market is projected to grow at the highest CAGR in terms of value between 2018 and 2023. Due to the increasing purchasing power of the middle-class population, there is a rise in the demand for soaps, shampoos, conditioners, and hygiene products in emerging countries, which in turn, is fueling the growth of the aroma ingredients market in the toiletries application.

The APAC aroma ingredients market is projected to grow at the highest CAGR in terms of value, between 2018 and 2023. Increasing disposable incomes of middle-class populations in emerging economies of the APAC region, coupled with the flourishing personal care industry, make the region an attractive market for aroma ingredients. Growing demand for personal care and hygiene products in the region are also leading to high consumption of aroma ingredients in this region.

The key players in the aroma ingredients market include Symrise (Germany), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet SA (France), T. Hasegawa Co., Ltd. (Japan), Frutarom (Israel), Givaudan (Switzerland), Firmenich SA (Switzerland), and International Flavors & Fragrances Inc. (US).

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