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Purified Terephthalic Acid Market Segmented By type, application, product, and technology
Purified terephthalic acid (PTA) is a chemical which is synthesized from crude oil. It is majorly used to manufacture polyester fiber. Its end-user industries include textile and home furnishing where PTA is required to manufacture garments such as bed sheets, curtains and clothes.
The market for purified terephthalic is expected to witness noticeable expansion in the coming years with the growing demand for polyester, specifically in China. Furthermore, the country is emerging as a global textile manufacturing hub with low-cost labor further driving the growth of the purified terephthalic acid market. Polyethylene terephthalate which acts as a successor to PTA is also expected to make an impact on the PTA market in accordance to its end-user industries.
Several growth factors such as growing per capita consumption in emerging regions such as China and significant growth of the textile industry is expected to boost the demand for the PTA market. However, fluctuating prices in energy sources such as crude oil required to produce PTA is expected to affect profitability of PTA manufacturers thereby impacting the growth of the market.
Beer and other alcoholic beverage industries as well as household product containers are still dominated by the glass industry, which could be an unexplored market for PTA consumption thereby, providing new opportunities for the growth of the market.
Asia Pacific was the largest consumer for purified terephthalic acid, followed by North America and Europe. Future market growth is expected to be from Asia Pacific as well owing to the improving living standards as well as cross-country usage of PTA products.
Alfa, S.A.B. de C.V., CPC Corporation, Far Eastern Group, Honam Petrochemical Corporation, Indian Oil Corporation Limited, Mitsubishi Chemical Corporation, Mitsubishi Gas Chemical Co. Inc., Reliance Industries Ltd., Samyang Chemical Co., Ltd. and Saudi Basic Industries Corporation are some of major producers of purified terephthalic acid dominating the market.