The Purified Terephthalic Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Purified Terephthalic Acid Global Market Report 2024, The purified terephthalic acid market size has grown strongly in recent years. It will grow from $49.69 billion in 2023 to $52.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to polyester fiber and pet demand, textile and apparel industry growth, packaging industry expansion, shift towards pet bottles and packaging, economic development and urbanization.
The purified terephthalic acid market size is expected to see strong growth in the next few years. It will grow to $67.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to shift towards green and bio-based materials, global trade and market expansion, sustainable and recyclable materials, continued economic development.. Major trends in the forecast period include focus on circular economy principles, regulatory compliance and safety standards, shift towards lightweight materials, bio-based alternatives and green initiatives.
The increase in demand for polyester fibers is expected to propel the purified terephthalic acid market growth going forward. Polyester fibers refer to synthetic fiber that consists of polyester and is derived from ethylene glycol and terephthalic acid and blended with other fibers. Purified terephthalic acid is a commodity chemical that plays an important role in the manufacturing of polyester fiber and polyethylene terephthalate (PET) resin, both of which are found in many consumer products, thus increasing demand for polyester fibers increases the demand for the purified terephthalic acid market. For instance, in 2021, according to The Observatory of Economic Complexity, a US-based international trade data visualization site, the net value of woven fabric polyester staple fibers exports by Belgium increased by 52% from $4.67 million in 2020 to $7.11 million in 2021. Therefore, the increase in demand for polyester fibers drives the purified terephthalic acid market.
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The purified terephthalic acid market covered in this report is segmented –
1) By Manufacturing Process: Amoco Process, Co-Oxidation, Multistage Oxidation, Henkel Process
2) By Application: Polyester, Polybutylene Terephthalate (PBT), Plasticizers, Other Applications
3) By End User: Textile, PET Bottles, Packaging, Other End Users
Technological innovations are a key trend gaining popularity in the purified terephthalic acid market. Major companies operating in the purified terephthalic acid market are focused on developing new technological solutions such as unique synthesis processes and applications to strengthen their position. For instance, in December 2021, Anellotech Inc., a US-based sustainable technology company, launched a new technology Plas-TCat. The new technology aims to convert a wide range of plastic waste directly into chemicals and then make new plastics. The technology helps to produce 100% bio-based polyethylene terephthalate (PET) with intermediate purified terephthalic acid, downstream separation, and purification. It helps to produce 100% bio-based plastic bottles by meeting polymer-grade specifications.
The purified terephthalic acid market report table of contents includes:
1. Executive Summary
2. Purified Terephthalic Acid Market Characteristics
3. Purified Terephthalic Acid Market Trends And Strategies
4. Purified Terephthalic Acid Market – Macro Economic Scenario
5. Global Purified Terephthalic Acid Market Size and Growth
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26. South America Purified Terephthalic Acid Market
27. Brazil Purified Terephthalic Acid Market
28. Middle East Purified Terephthalic Acid Market
29. Africa Purified Terephthalic Acid Market
30. Purified Terephthalic Acid Market Competitive Landscape And Company Profiles
Top Major Players:
- Indian Oil Corporation
- Alpek S.A.B. de C.V.
- British Petroleum PLC
- Reliance Industries Limited
- Saudi Basic Industries Corporation
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