The market for purified terephthalic is expected to witness noticeable expansion in the coming years with the growing demand for polyester, specifically in China. Mordor Intelligence forecasts a CAGR of above 5% for the global Terephthalic Acid market. Furthermore, China 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.
The market is segmented on the basis of applications including textiles, bottling & packaging and furnishing. High consumption of PTA in polyester component and unsaturated polyester resins is expected to propel market growth.
Textiles were the largest market followed by bottling & packaging and furnishing. Volatility in crude oil prices is likely to restrain market growth over the next six years.
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Asia Pacific was the largest market on account of high concentration of manufacturing industries particularly in China and India. Moreover, Asia Pacific is expected to witness fastest growth over the forecast period owing to increasing disposable income and improving consumer standard of living.
Europe and North America followed Asia Pacific in terms of market volume share. Europe is likely to witness sluggish growth due to rising use of bio-based PET in bottling & packaging industry.
In addition, stringent regulations supporting the use of bio-based PET is likely to have negative impact on market growth.
Asias PTA capacity has reached XX.XX m tonne/year by the end of 2015. Asias PTA plants are to run at lower rates or more units will be kept idle in 2016 to balance the expected annual demand growth rate of 6-7%.
The average operating rate of Asias PTA capacities were maintained at 76% of capacity in 2015 because supply and demand growth matches each other. India, the second largest PTA consumption hub in Asia, is likely to reverse its short supply of PTA in 2015 by boosting its domestic PTA capacity.
Global PTA market is highly concentrated and is dominated by large petrochemical companies. Key players include DuPont, Celanese, Eastman Chemical Company, Sinopec, Reliance Industries Limited, Alfa Group, British Petroleum, Indian Oil Corporation, Formosa Plastics Group, Honam Petrochemical Corporation, SABIC, Mitsubishi Chemical Corporation, Samsung Petrochemical Co. Ltd., IVL Belgium N.V., CEPSA,, Mitsubishi Chemical Corporation, Samsung Petrochemical Co. Ltd., IVL Belgium N.V., CEPSA and Mitsui Chemicals among others.
Terephthalic acid is the main feedstock to manufacture vinyl acetate monomer, which was at the forefront in terms of volumetric consumption in 2015. It is mainly driven by the growing demand of polyvinyl acetates and vinyl alcohols, which in turn are accelerating the demand for Terephthalic acid.
VAM is a key raw material in the manufacturing of water based adhesive which accounts for close to 54% of the global adhesive and sealants market and the increasing demand from Asia Pacific is expected to boost the demand for Terephthalic acid over the forecast period.
Environmental concerns represent one of the major factors influencing the market for Terephthalic acid. The increased use of recyclable PET, the growing popularity of family-pack bottles, and a shift towards light-weight bottles that use less PET are some of the trends that might harm the growth in demand for PET, which in turn will affect demand for PTA.
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What the report contains
The report elucidates the situation of Terephthalic Acid around the world and studies its markets by product type which include Polyethylene Terephthalate (PET), Polybutyl Terephthalate (PBT), Polytrimethylene Terephthalate (PTT), Engineering polymers and Others; and by application Textile, Bottling & Packaging, Furnishing among others.
Lastly, the report is divided by geography - North America, Europe, the Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 5 years.
Key questions answered in the report
- What will the market size and the growth rate be in 2022?
- What are the key factors driving this report?
- What are the key market trends impacting the growth of this report?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in this report?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of this report?
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