The purified terephthalic acid global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Purified Terephthalic Acid Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The purified terephthalic acid market size has grown strongly in recent years. It will grow from <b>$49.69 billion in 2023 to $52.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. </b> 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 <b>$67.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. </b> 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.
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Scope Of Purified Terephthalic Acid Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Purified Terephthalic Acid Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the purified terephthalic acid market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the purified terephthalic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the purified terephthalic acid market report are Indian Oil Corporation, Alpek S.A.B. de C.V., British Petroleum PLC, Reliance Industries Limited, Saudi Basic Industries Corporation, Sinopec Corporation, Jiaxing Zhonghua Chemical Co. Ltd., PennWell Corporation, JBF Industries Ltd., China Petrochemical Corporation, Indorama Ventures Public Company, Lotte Chemical Corporation, Petkim Petrokimya Holding A.S, MCPI Private Limited, Taekwaang Indusrial Co. Ltd., Zhejiang Hengyi Group Co., Eastman Chemical Company, Dow Chemical Company, Formosa Plastics Corporation, Far Eastern New Century Corporation, Thai Polyester Company Limited, Teijin Limited, Toray Industries Inc., Nan Ya Plastics Corporation, China National Chemical Corporation, Tongkun Group Co. Ltd., Advansa B V, Chang Chun Petrochemical Co. Ltd., Fujian Billion Petrochemicals Co. Ltd., Samyang Holdings Corporation
Table of Contents
1. Executive Summary
2. Purified Terephthalic Acid Market Report Structure
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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31. Global Purified Terephthalic Acid Market Competitive Benchmarking
32. Global Purified Terephthalic Acid Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Purified Terephthalic Acid Market
34. Purified Terephthalic Acid Market Future Outlook and Potential Analysis
35. Appendix
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