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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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.
Browse Adjacent Markets @ Chemicals Market Research Reports & Consulting
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