The Global Purified Terephthalic Acid Market to enjoy robust expansion during the forecast period (2017-2023), reports Market Research Future (MRFR) in an extensive study. The growth of Purified Terephthalic Acid can be attributed to its manifold use in diverse sectors which can eventually help the market attain a sterling CAGR during the review period. Industries are also adopting polyester fibers owing to its ability to blend with natural and synthetic fibers can also spur the demand for Purified Terephthalic Acid.
Drivers and Restraints:
The acid offers a range of features such as flexibility, durability, utility as drying agent, along with chemical and wrinkle resistance which can be leveraged in diverse sectors. Production of carbonated plastic bottles requires this component in large amount which can act like a boon for the Purified Terephthalic Acid.
Paints and coating industry is also experiencing an unprecedented growth which in an obvious manner can trigger the production of Purified Terephthalic Acid. In addition, government investments are also on the rise with countries such as China and India showing tremendous proliferation of textile and packaging industries.
Food & beverage and pharmaceutical packaging are areas which have high potential and can boost the Purified Terephthalic Acid Market in future. Also, rapid urbanization, development in marine & transport and advancing power sectors are influencing the construction and commercial industries which require unsaturated polyester resin (UPR) due to its cost-effective and eco-friendly characteristics. This can act as a market catalyst for the Purified Terephthalic Acid Market.
However, varying crude oil prices can impede the market growth. Stringent imposition of regulations and norms by various governments regarding its use may hinder the normal growth.
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British Petroleum (BP) has implemented technologies in their PTA production that not only reduces carbon footprint but is also cost-effective. The company has recently announced that it will share its technology with SOCAR Turkey Energy A.Ş (SOCAR Turkey) and they have entered into a licensing agreement.
The Global PTA Market can be segmented by Application, and End-User Industry.
Application-Wise, the market includes polyester fiber, polyester films, pet resin, industrial machinery, powder coatings, insulation materials and others. Polyester segment is currently generating the maximum market share. However, a shift in the consumer behavioral trend has rapidly augmented PET demand from the food & beverage sector which can witness a significant growth during the forecast period.
Based on End-User, the market comprises into food & beverages packaging, paints & coatings, textiles, electrical, and furniture. Food & beverage sector is experiencing a considerable growth owing to rising disposable income and rapid urbanization.
Geographically, the market covers Asia Pacific (APAC), Europe, Latin America (LATAM), North America, and the Middle East & Africa (MEA).
The APAC is currently generating the maximum market share as the region is now experiencing a rapid industrial expansion in countries such as India and China. Rising population has also triggered multiple fields such as construction, textile, and food & beverage into action which is currently influencing the PTA market. Rising demand for insulation materials owing to expansion of energy sector can boost the market during the forecast period.
North America is second in terms of generating revenues. The U.S. contributes the most owing to the presence of well-structured industries.
Europe is experiencing significant growth as countries such as Italy, Germany, Spain, France, the U.K., and Russia are fetching a substantial amount from the market. Home furnishing sector is impacting the market notably. The region is also reaping benefits from a well-developed automotive sector.
The LATAM is showing considerable growth. Countries such as Brazil, Colombia, and Argentina are experiencing more customer spending for passenger cars which impact the market directly.
The MEA is expected to grow with the highest CAGR during the review period owing to a considerable growth in food & beverage packaging industry. Housing industry is also experiencing a boom which directly influences paint and coating industry.
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