Market Research Future (MRFR)’s new study asserts that the Global Purified Terephthalic Acid (PTA) Market is projected to expand at a moderate CAGR during the forecast period 2017 to 2023. PTA offers insulation, resistance to chemicals and weathering, etc. Which has led the development of its application in the production of a few important chemicals such as terephthaloyl chloride, cyclohexane di-methanol, etc. It is likely to create more demand for PTA in the upcoming years.
PTA is expected to be extensively in demand for the manufacturing of packages in the food & beverage industry. The growth of the food & beverage industry coupled with rising disposable income is poised to drive the expansion of the Purified Terephthalic Acid (PTA) Market over the assessment period. The market is also projected to scale new heights due to the increase in housing activities.
PTA is an important ingredient for the production of solvent-free and environmentally friendly powder coatings which are famous in the industries for general purposes. The rapid industrialization is set to further push the growth of the Purified Terephthalic Acid (PTA) Market. Other end-user industries that are analyzed to generate more demand for PTA in the future are oil & gas, electrical, furniture, etc. Meanwhile, strict regulations by various governments remain a hindrance to the expansion of the global market in the foreseeable future.
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Some of the key players profiled in the report are Reliance Industries Limited (India), The Dow Chemical Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Alpek S.A.B. de C.V. (Mexico), BP p.l.c. (U.K), Eastman Chemical Company (U.S.), China Petroleum & Chemical Corporation (China), Mitsubishi Chemical Corporation (Japan), SABIC (Saudi Arabia), and Indian Oil Corporation Ltd (India).
By Application, the Global Purified Terephthalic Acid (PTA) Market has been segmented into polyester fiber, polyester films, pet resin, industrial machinery, powder coatings, insulation materials, and others.
By End-Use Industry, the Purified Terephthalic Acid (PTA) Market has been segmented into food & beverages packaging, paints & coatings, textiles, electrical, and furniture.
The Global Purified Terephthalic Acid (PTA) Market has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, the Middle East & Africa is expected to register the highest CAGR over the assessment period. The factors that are inducing growth in the regional Purified Terephthalic Acid (PTA) Market include expanding food & beverages packaging industry, rising demand for paints & coatings, increasing home furnishing due to rapid housing activities, etc.
Asia Pacific is estimated to account for the largest share of the Global Purified Terephthalic Acid (PTA) Market towards the end of the assessment period. The growth trajectory of the regional market is guided by the rise in polyester fiber consumption. Furthermore, growing paints & coatings production, rising disposable income, healthy economic growth rate, the growth of the electrical industry, etc. are some of the major factors responsible for catalyzing the proliferation of the purified terephthalic acid (PTA) market in the region. The growth of the petroleum industry is anticipated to work in favor of the market expansion. China, India and other emerging economies are the potential country-level markets for Purified Terephthalic Acid (PTA).
North America and Europe are significant growth pockets and are projected to exhibit substantial growth over the next couple of years. The U.S., trailed by Canada, is likely to lead the Purified Terephthalic Acid (PTA) Market in North America due to an increase in the production of crude oil. In Europe, the country-level markets that are poised to witness significant growth include Italy, Germany, Spain, the U.K, France, and Russia owing to rising investments in home furnishings. Meanwhile, the Latin American countries such as Argentina, Colombia, and Brazil are prognosticated to focus on the development of new technologies and inventions in PTA. It is expected to augment the Purified Terephthalic Acid (PTA) Market in the region.
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