New York, NY, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Purified Terephthalic Acid (PTA) Market by Application (Polyester, Polybutylene Terephthalate, Plasticizers, Industrial Machinery, Powder Coatings, and Insulation Materials): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global purified terephthalic acid (PTA) market was valued at USD 45.93 billion in 2017 and is expected to reach USD 64.63 billion by 2024, growing at a CAGR of 5.0% between 2018 and 2024.
Purified terephthalic acid has a number of versatile properties and is used in a wide range of applications globally. A large amount of purified terephthalic acid is used in the production of polyester resins, which are used in the production of polyethylene terephthalate (PET) resin, polyester film, and polyester fiber. Additionally, PTA is also used to produce plasticizers, terephthaloyl chloride, cyclohexanedimethanol, copolyesters ether elastomers, and liquid crystal polymers. The textile industry is also a major user of polyesters of various grades, which are extensively used in textiles, such as fabrics, bedsheets, curtains, clothes, etc.
Browse through 37 Tables & 32 Figures spread over 110 Pages and in-depth TOC on “Global Purified Terephthalic Acid (PTA) Market: Industry Type, Size, Share, Trends and Forecast, 2017 – 2024”.
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The purified terephthalic acid (PTA) market is expected to grow at a fast pace with the increasing growth and need for purified terephthalic acid in several applications. Growing applications of purified terephthalic acid for the production of polyester resins in several end-use industries, such as packaging, textile, and automotive, is likely to spur the purified terephthalic acid (PTA) market in the upcoming years. Globally, the packaging industry is developing and is likely to increase the consumption of PET resins, thus, fueling the purified terephthalic acid (PTA) market.
The purified terephthalic acid (PTA) market is segmented on the basis of application, which includes polyester, polybutylene terephthalate, plasticizers, industrial machinery, powder coatings, and insulation materials. Due to quick drying, high chemical and wrinkle resistance, and high strength properties of purified terephthalic acid-based polyester fiber is the most dominating segment. Additionally, the rising government spending and growing coating, textile, and packaging industries are projected to boost the demand for polyester purified terephthalic acid in various applications, thereby, propelling the global purified terephthalic acid (PTA) market growth.
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The Asia Pacific purified terephthalic acid (PTA) market is the leading regional market in terms of volume. Growing population and changing lifestyle have resulted in the increased demand for textiles, thereby, propelling the usage of purified terephthalic acid in the textile industry. The thriving chemical industry in China and India have increased the demand for purified terephthalic acid, which is used to produce several chemical intermediates, such as cyclohexane dimethanol, polytrimethylene terephthalate, and liquid crystal polymers. Furthermore, increasing construction activities in developing countries, such as China and India, is enhancing the demand for polyester resins across various applications. These factors are projected to drive the purified terephthalic acid (PTA) market in the region.
The European purified terephthalic acid (PTA) market is anticipated to grow substantially in the upcoming years. The developing food industry in the region is fuelling the demand for food processing, thereby, propelling the usage of PET resins in food packaging activities. Furthermore, rising demand for home furnishing within the region is projected to increase the demand for polyester textiles, which is further expected to spur the demand for purified terephthalic acid (PTA) market throughout the forecast time period.
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The North American purified terephthalic acid (PTA) market has grown significantly in the last few years, due to the rising usage of purified terephthalic acid in several industries, such as textile and food industry. In 2016, the U.S accounted for the largest market share, followed by Canada, in terms of revenue and volume and is likely to maintain its growth with the increasing production of crude oil.
The Latin American purified terephthalic acid (PTA) market is likely to show decent growth in the upcoming years. Due to the rising demand for polyester yarn and fiber from emerging economies of Latin America, such as Argentina and Brazil, it is likely to propel the application of purified terephthalic acid in the region. Additionally, the growing automotive industry within the region is estimated to boost the demand for purified terephthalic acid in the passenger cars segment.
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The Middle Eastern and African purified terephthalic acid (PTA) market is estimated to grow moderately in the upcoming years, due to rapid industrialization. Increasing funding for infrastructural developments and urbanization in Oman, Qatar, Saudi Arabia, and Egypt is expected to increase the demand for textiles in commercial and residential applications, which is likely to propel the usage of PTA for polyester production. In addition, increasing demand for PET from the packaging industry is anticipated to boost the demand for PTA in this region.
The key manufacturers operating in the global purified terephthalic acid (PTA) market are Reliance Industries Limited, Amoco Chemicals, The Dow Chemical Company, Alpek S.A.B. de C.V., Eastman Chemical Company, SABIC, Synthetic Fiber Co., Ltd., The E. I. du Pont de Nemours and Company, BP plc, Mitsubishi Chemical Corporation, Indian Oil Corporation Ltd., and China Petroleum & Chemical Corporation, among others.
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This report segments the global purified terephthalic acid (PTA) market as follows:
Global Purified Terephthalic Acid (PTA) Market: Application Analysis
- Polyester
- Polybutylene Terephthalate
- Plasticizers
- Industrial Machinery
- Powder Coatings
- Insulation Materials
Global Purified Terephthalic Acid (PTA) Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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