Product Code: 49186
The terephthalic acid market is expected to register a CAGR of around 5%, during the forecast period. Rising demand for polyethylene terephthalate (PET) from the packaging industry is the main factor driving the market. The toxic effects of terephthalic acid are expected to hinder the growth of the market.
- The polyethylene terephthalate (PET) segment dominated the market, and is expected to grow during the forecast period, owing to the increasing usage of PET in the packaging industry.
- Advancement in production technology is likely to act as an opportunity in the future.
- Asia-Pacific dominated the global market, with the highest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand from Polyester Fibers
- Purified Terephthalic Acid (PTA) is used to manufacture polyester coatings resins for use in the formulation of general metal, appliance, automotive, industrial maintenance, and coil coatings.
- The primary application for PTA is in polyester powder coating resins.
- Polyester fibers made up of PTA (Purified Terephthalic Acid), blends with natural and other synthetic fibers.
- Polyester fibres are used for various applications such as to make fabrics for apparel and home furnishings such as bed sheets, bedspreads, curtains and draperies.
- They are also combined together with natural fibres such as cotton to produce a cloth with improved properties such as wrinkle resistance.
- In Asia, the growth in terephthalic acid consumption has been driven due to strong polyester fibre demand, which is the largest segment accounting for nearly two-thirds of global polyester demand.
- Such growth in polyester fibers is expected to drive the market for Terephthalic Acid during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific accounted for the highest share, with over 40%, in the terephthalic acid market.
- The growth of various industries, such as food and beverage, packaging, and textile manufacturing, in China and India are likely to fuel the market growth, during the forecast period.
- Increasing sales volume of apparel goods and clothing, through e-commerce portals in the Asia-Pacific countries, is also expected to create immense potential for the market. Additionally, Asia-Pacific is the largest consumer of yarn and fiber.
- The rise in demand for yarn from the textile industry and increase in consumption of PET bottles are anticipated to influence the growth of the terephthalic acid market in the region.
- China is the largest manufacturer of terephthalic acid in the region. Rapid urbanization and increasing penetration of the packaged food industry are driving the market growth in the country.
- Thus, owing to the aforementioned factors, the demand for terephthalic acid is increasing in this region.
The terephthalic acid market is partly fragmented, and is dominated by very few players. Some of these major players include SABIC, BP PLC, Sinopec Corp., Eastman Chemical Company, and Arkema.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Significant Demand from the Textile Industry in Asia-Pacific
- 4.1.2 Increasing Consumption of Packaging Material
- 4.1.3 Growing Demand for PBT in Electrical Applications
- 4.2 Restraints
- 4.2.1 Toxic Effects of Terephthalic Acid
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Feedstock Analysis
- 4.6 Technological Snapshot
- 4.7 Trade Analysis
- 4.8 Regulatory Policy Analysis
5 MARKET SEGMENTATION
- 5.1 Derivative
- 5.1.1 Polyethylene Terephthalate (PET)
- 5.1.2 Polybutylene Terephthalate (PBT)
- 5.1.3 Polytrimethylene Terephthalate (PTT)
- 5.1.4 Dimethyl Terephthalate
- 5.1.5 Other Derivatives
- 5.2 Application
- 5.2.1 Packaging
- 5.2.2 Fibers
- 5.2.3 Paints and Coatings
- 5.2.4 Adhesives
- 5.2.5 Other Applications
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 126.96.36.199 China
- 188.8.131.52 India
- 184.108.40.206 Japan
- 220.127.116.11 South Korea
- 18.104.22.168 Rest of Asia-Pacific
- 5.3.2 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 188.8.131.52 Mexico
- 5.3.3 Europe
- 184.108.40.206 Germany
- 220.127.116.11 United Kingdom
- 18.104.22.168 Italy
- 22.214.171.124 France
- 126.96.36.199 Russia
- 188.8.131.52 Rest of Europe
- 5.3.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.3.5 Middle East & Africa
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BP PLC
- 6.4.2 China Petroleum & Chemical Corporation
- 6.4.3 Eastman Chemical Company
- 6.4.4 Formosa Petrochemical Co.
- 6.4.5 Indian Oil Corporation Ltd
- 6.4.6 Indorama Ventures Public Company Limited
- 6.4.7 Lotte Chemical Corporation
- 6.4.8 Arkema
- 6.4.9 Mitsubishi Chemical Corporation
- 6.4.10 Mitsui Chemicals Europe GmbH
- 6.4.11 PetroChina Company Limited
- 6.4.12 Reliance Industries Limited
- 6.4.13 SABIC
- 6.4.14 Samyang Holdings Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Advancement in Production Technology