The global Terephthalic Acid Market size was USD 43.00 Billion in 2021 and is expected to register a revenue CAGR of 4.1% over the forecast period, according to the latest report by Reports and Data.
Polyethylene terephthalate (PET) is a polymer with several properties that make it suitable for product packaging. PET is the most recycled plastic in the world. Being transparent, strong, environmentally friendly, chemically inert and lightweight, it enables the production of large, lightweight and safe containers. Also, packages made from it can be easily decorated with printed patterns and effects that suit different product and brand aesthetics. PET can be used to create boxes in a variety of standard shapes (such as cubes and rectangles) as well as unique shapes (such as pyramids, wallets, or customizable sizes), allowing product manufacturers to create their own.
A creative packaging design can increase customer interest if done right. PET plastic is durable and wearable. This means it can be used to create boxes that are more durable and take up less space in storage and transportation facilities. Reduced packing-weight translates into lower shipping costs, less storage space and environmental friendliness. reduce the impact of PET has a high recycling rate. It can be recycled repeatedly without losing its properties. In Norway, for example, 97% of his plastic bottles are collected and recycled an average of 12 times per bottle. Chain extenders may be added to restore molecular weight and maintain compound properties. Recycling old plastic saves energy and fossil fuels and keeps waste from ending up in landfills.
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Top Leading Players: Reliance Industries Limited, BP p.l.c., Indorama Ventures Public Company Limited, SABIC, Mitsubishi Chemical Corporation, Eastman Chemical Company, Alfa Group, Indian Oil Corporation Ltd, Samyang Corporation, and LOTTE Chemical Corporation.
Key Companies in the market include:
- Based on regional analysis, the Asia-Pacific market is the major consumer of polyester fibers and yarns and is thus expected to register the largest revenue share during the forecast period. China is the world's largest producer and exporter of refined terephthalic acid. His PTA market in the Asia-Pacific region is expected to grow due to increased demand for polyester yarns and fibers from the textile industry and increased use of PET bottles. India is one of the world's leading producers and suppliers of polyester yarns, and has had a significant impact on the country's economic growth.
- Also, the growing packaging industry in this region is expected to drive revenue growth of the market over the forecast period. The North American Terephthalic acid (PTA) market is expected to register a significant CAGR in sales during the forecast period. The increasing demand for PTA in the packaging and textile industry along with the continuing trend towards industrialization and urbanization are the major factors behind the revenue growth of the market in the region.
- On 12 September 2022, Reliance Industries Ltd. (RIL), an Indian conglomerate and major player in the petrochemical industry, will acquire two companies for a total consideration of INR 15.92 billion (US$200 million) By doing so, we are expanding our polyester business. The acquisition is part of the company's plans to tap into the downstream polyester market.
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Terephthalic Acid Market Market Upcoming Growth:
PTA is an important chemical intermediate used primarily in the production of polyester fibers, films, and resins. The demand for PTA is closely linked to the growth of the textile, packaging, and construction industries.
The growth of the PTA market is driven by various factors, including the increasing demand for polyester fibers and films in the textile and packaging industries, as well as the growing use of PTA in the production of polyethylene terephthalate (PET) bottles for the beverage industry. Additionally, the development of new applications for PTA, such as in the production of engineering plastics, is expected to drive further growth in the market.
However, the PTA market also faces several challenges, including the volatility of raw material prices and the increasing concerns over environmental sustainability. Manufacturers are focusing on developing new and more sustainable production processes to meet these challenges and capitalize on the growing demand for PTA.
Overall, the PTA market has significant potential for growth in the coming years, driven by the increasing demand for polyester-based products and the development of new applications for PTA.
Segments covered in the report:
Application Outlook (Revenue, USD Billion; 2019-2030)
- Polyester
- Polybutylene Terephthalate (PBT)
- Plasticizers
- Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Textile
- PET Bottles
- Packaging
- Home Furnishing
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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