Purified Terephthalic Acid Market Size was valued at USD 42.3 billion in 2021. The purified terephthalic acid industry is projected to grow from USD 44.415 Billion in 2022 to USD 62.49636527 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2022 - 2030). Increasing demand for polyester fibers and surging demand for PET from the bottling and packaging industry are the key market drivers enhancing the purified terephthalic acid market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
PET is a polymer with several characteristics that make it suitable for product packaging. PET is the plastic that is recycled the most frequently worldwide. It allows for creating large, secure containers since they are clear, strong, environmentally benign, chemically inert, and lightweight.
Additionally, PET may be used to create boxes in a range of conventional shapes, such as cubes or rectangles, as well as distinctive shapes, such as pyramids, purses, or in configurable sizes, enabling product makers to tailor their packaging to their brand or product message. If done well, a creative packaging design may raise customer interest. PET plastic is strong and lightweight. This implies that it may be utilized to create stronger, smaller boxes that will fit into storage and transit spaces. Lower shipping costs need less storage space, and smaller environmental footprints can all result from lighter packaging. PET is recycled at a high rate. Repeated recycling won't cause any of its beneficial properties to deteriorate. Therefore, polyethylene terephthalate (PET) application in the packaging industry has enhanced the purified terephthalic acid market CAGR across the globe in recent years.
Further, polyester powder coating resins are produced using purified terephthalic acid (PTA) and are utilized to create general metal, appliance, automobile, industrial maintenance, and coil coatings. Purified terephthalic acid-based polyester fibres are blended with natural and other synthetic fibres. Polyester textiles, such as those used to manufacture bedsheets, bedspreads, curtains, and drapes, are among the many uses for which polyester fibres are utilized. Strong demand for polyester fibre, the biggest category and responsible for about two-thirds of the world's demand for polyester, has been a major driver of the development in the consumption of terephthalic acid in Asia. Hence, the continuous demand for polyester fibers is another factor driving the growth of the purified terephthalic acid market revenue.
The purified terephthalic acid market segmentation, based on application, includes PET resin, polybutylene terephthalate, polyester fiber, films, and intermediate. The PET resin segment held the majority share in 2021 regarding the purified terephthalic acid market revenue. Throughout the projected period, market development is anticipated to be aided by rising demand for PET resins in water and soft drink bottles. Using more PET resin in packaging prepared and fresh meals will increase the market growth. Additionally, its increased usage in the food and cosmetics industries is due to its exceptional qualities, including strength and water resistance. PET bottles can be resealed, are lightweight, and are easy to handle. Further, the fastest-growing segment in the purified terephthalic acid industry is polyester fiber.
August 2022: Corpus Christi Polymers has given Worley two contracts for its Corpus Christi, Texas, polyethylene terephthalate (PET) and purified terephthalic acid (PTA) facility. The combined PTA-PET factory will be able to make 1.1 million and 1.2 million metric tonnes of PET and PTA annually, respectively.
December 2022: Due to lower inventories at the level of manufacturers, PET Resin prices increased somewhat in Northeast Asia. In November, the price fall for PE, PP, and PS appeared to end. This was partly because suppliers cut back on output to reduce their bloated stocks, and in the case of PE, more enticing offers for exports and the domestic spot market were made.
Figure 2: Purified Terephthalic Acid Market, by Application, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The purified terephthalic acid market data has been segmented by end-user industry into food & beverage packaging, construction, electrical & electronics, textile, paints & coatings, and furniture. The textile segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Rising demand for polyester fibre and yarns from the textile sector in emerging nations such as Malaysia, China, and India is fueling this market's expansion. However, this business is rising as a result of escalating fashion trends and population growth. Due to its extreme tenacity and endurance, purified terephthalic acid is suitable for use in the textile sector. Hence, the textile segment positively impacts the purified terephthalic acid market growth.
February 2020: For the purpose of lowering manufacturing costs and improving competitiveness, the Indian textile industry has been calling for the elimination of the anti-dumping tariff placed on PTA. India's ability to compete with less expensive imports would increase with the abolition of the anti-dumping charge, which would also increase exports. The anti-dumping tariff on PTA imported from China, Iran, Indonesia, Malaysia, Taiwan, Korea, and Thailand, enacted between July 2016 and July 2019, has already been lifted. This has further broadened the growth opportunity for the purified terephthalic acid industry.
By region, the study provides the purified terephthalic acid market insights into North America, Europe, Asia-Pacific, and Rest of the World. Asia Pacific purified terephthalic acid market accounted for USD 18.5697 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period due to expanding textile industry’s need for polyester yarn and fibre as well as rising consumption of PET bottles.
Further, the major countries studied in the purified terephthalic acid market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PURIFIED TEREPHTHALIC ACID MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe purified terephthalic acid market accounts for the second-largest market share due to the primary element anticipated to propel the market's revenue growth is the expanding textile industry in the area. Further, the Germany-purified terephthalic acid market held the largest market share, and the UK purified terephthalic acid market was the fastest-growing market in the European region.
The North America purified terephthalic acid market is expected to grow at the fastest CAGR from 2022 to 2030. The primary drivers of the market's revenue growth in the area are the rising demand for PTA in the packaging and textile sectors as well as the region's ongoing industrialization and urbanization trends. Moreover, Mexico purified terephthalic acid market held the largest market share, and the US purified terephthalic acid market was the fastest-growing market in the North America region.
For instance, in April 2022, the US purified terephthalic acid market is boosted by an increasing number of PTA factories. On the Texas PET/PTA complex, Alpek anticipates FID in May. A 1.1 million mt/year PET factory and a 1.3 million mt/year purified terephthalic acid unit are also part of the project.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Purified Terephthalic Acid market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the purified terephthalic acid industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the purified terephthalic acid industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, the purified terephthalic acid industry has provided some of the most significant benefits. The purified terephthalic acid market major player such as Reliance Industries Limited (India), Petkim Petrokimya Holding A.Ş. (Turkey), Alpek S.A.B. de C.V. (Mexico), Eastman Chemical Company (US), MCPI (India), and others are working on expanding the market demand by investing in research and development activities.
Reliance Industries Limited (India) is a diverse firm with operations in the telecommunications, materials, textiles, retail, entertainment, and petrochemical industries. The business engages in crude oil refining, selling petroleum products, and manufacturing petrochemicals in addition to the exploration, development, and production of oil and gas. In December 2022, Reliance Industries Limited raised the cost of purified terephthalic acid (PTA) in India's domestic market.
Also, Alpek S.A.B. de C.V. (Mexico) is a top manufacturer of recycled polyethylene terephthalate (rPET) in the Americas and a leader in producing PTA, PET, and EPS. In July 2022, after a nearly five-year hiatus, substantial polyethylene terephthalate complex construction in Texas will start up again in August. Alpek and Indorama Ventures want to open the complex in the first quarter of 2025.
Reliance Industries Limited (India)
Petkim Petrokimya Holding A.Ş. (Turkey)
Alpek S.A.B. de C.V. (Mexico)
Eastman Chemical Company (US)
MCPI (India)
BP PLC (UK), among others
Purified Terephthalic Acid Industry Developments
December 2022: Reliance Industries Limited raises the cost of purified terephthalic acid (PTA) in India's domestic market. PTA local rates would increase by Rs. 1.1/kg starting December 31, 2022. The new base price is Rs. 79.7/kg.
July 2022: After a nearly five-year hiatus, substantial polyethylene terephthalate complex construction in Texas will start up again in August. Alpek and Indorama Ventures want to open the complex in the first quarter of 2025.June 2023: Lotte Chemical announced that it would be investing $1 billion to expand its PTA production capacity in South Korea. The expansion is expected to be completed by 2024 and will increase Lotte Chemical's PTA production capacity by 300,000 tonnes per year
Purified Terephthalic Acid Market Segmentation
Purified Terephthalic Acid Application Outlook
PET Resin
Polybutylene Terephthalate
Polyester Fiber
Films
Intermediate
Purified Terephthalic Acid End-User Industry Outlook
Food & Beverage Packaging
Construction
Electrical & Electronics
Textile
Paints & Coatings
Furniture
Purified Terephthalic Acid Regional Outlook
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 42.3 billion |
| Market Size 2022 | USD 44.415 billion |
| Market Size 2030 | USD 62.49636527 billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End-User Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Reliance Industries Limited (India), Petkim Petrokimya Holding A.Ş. (Turkey), Alpek S.A.B. de C.V. (Mexico), Eastman Chemical Company (US), MCPI (India), and BP PLC (UK) |
| Key Market Opportunities | Replacement of glass bottles with pet bottles for alcoholic beverages |
| Key Market Dynamics | Increasing demand for polyester fibers Surging demand for PET from the bottling and packaging industry |
Frequently Asked Questions (FAQ) :
The global purified terephthalic acid market size was valued at USD 42.3 Billion in 2021.
The global purified terephthalic acid market is projected to grow at a CAGR of 5.00% during the forecast period, 2022-2030.
Asia Pacific had the largest share in the global purified terephthalic acid market.
The key players in the purified terephthalic acid market are Reliance Industries Limited (India), Petkim Petrokimya Holding A.Ş. (Turkey), Alpek S.A.B. de C.V. (Mexico), Eastman Chemical Company (US), MCPI (India), and BP PLC (UK).
The PET resin category dominated the purified terephthalic acid market in 2021.
Textile had the largest share in the global purified terephthalic acid market.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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