H1 2023: During H1 2023, the major producers of Purified Terephthalic Acid (PTA) were Yisheng Petrochemical, Hengli Petrochemical, and Reliance Industries Limited. In March 2023, The Indian Oil Board was granted 'Stage-I' authorization for the construction of the Paradip Petrochemical Complex in Paradip, Odisha. The petrochemical complex will include a world-scale cracker unit as well as downstream process units for producing a variety of petrochemical products such as linear low-density polyethylene (LLDPE), polypropylene, high density polyethylene (HDPE), etc. The refinery is also inclusive of an integrated paraxylene (PX) and purified terephthalic acid (PTA) complex. IOCL invested USD 1656 million (INR 13805 crore) in this complex with a capacity to produce 1.2 million tonnes per annum of PX which will be used to produce PTA. Based on region, Asia Pacific region held the largest consumption capacity of PTA. However, this region faced price incline from mid-February 2023 which was due to a variety of factors, including production shutdowns, irregularities in supply and demand relationship and overall bullish market sentiment. The one-week closure of Yizheng plant at the end of February 2023 affected the supply side of the market and led to the spike in the commodity price in the Asia Pacific region. Another plant, Hengli Petrochemical was under maintenance shutdown from March 2023 to the end of April 2023. Purified Terephthalic Acid (PTA) prices were optimistic in Asia in April 2023 as demand from downstream PET industry increased. However, by the middle of May, the market turned bearish due to a decline in the cost of raw material paraxylene in the Asian market. PTA's unfavorable condition persisted until the end of H1 2023, as region experienced an oversupply. Also, low feedstock Crude Oil prices resulted in the production rates of PTA to further deplete in the region.
The global Purified terephthalic acid (PTA) market has expanded to reach approximately 72 million tonnes in 2022 and is expected to grow at a healthy CAGR of 4.09% during the forecast period until 2032. Rising demand for Purified Terephthalic Acid (PTA), as a raw material to manufacture PET (Polyethylene Terephthalate), which is extensively employed in the food & beverage sector is anticipated to propel the market during the forecast period.
Purified terephthalic acid (PTA) is a white solid organic molecule chemical formula C₆H₄(CO₂H)₂. The industrial preparation of PTA begins with an aqueous solution of crude terephthalic acid, hydrogenated to remove impurities before being crystallized to create a slurry of purified terephthalic acid in an aqueous solution. This process is followed by an integrated separation washing process using a centrifuge with washing capabilities. PTA is a versatile chemical used to manufacture a wide array of plasticizers and polymers such as polyethylene terephthalate, polybutylene terephthalate (PBT), terephthaloyl chloride, liquid crystal polymer, etc. Other applications of PTA are the production of polyester coating resins for a variety of uses, including coil coats, electronics, vehicles, and the industrial sector. PTA also finds application in the textile sector for the production of polyester fibers.
Primary, the global PTA market is driven by the Polyester Fibre and Yarn industry. Expansion in the fibres and yarn with improving lifestyles across the globe, the PTA market is anticipated to grow in the forthcoming years. Moreover, PTA is utilized as a starting material for polyester films because of its dimensional stability and sturdiness. An increase in the use of these films in photographic films and data storage tapes and sheets is anticipated to drive the PTA market. Industry demand for packing materials is rising from sectors like food and beverage, consumer products, and others, hyping up the demand for PET resins which will most likely increase the demand for PTA in the forecast period. The global Purified terephthalic acid (PTA) market is anticipated to reach 120 million tonnes by 2032.
Based on region, APAC dominates the Purified terephthalic acid (PTA) market. As of 2022, this region consumed approximately 60% of the global Purified terephthalic acid (PTA). Owing to the rapidly growing population in countries like India, China, and Japan, there will be a rise in PET films, sheets, and molded containers packaging materials for food & beverages which is anticipated to increase the demand for Purified terephthalic acid (PTA) in this region. Furthermore, the growing demand for fibers from the textile sector further propels the demand for PTA in developing nations in APAC.
Based on the end-use, the global Purified terephthalic acid (PTA) market is segregated into Polyester Fibre and Yarn, PET Resin, Polyester Film, and Others. As of 2022, the Polyester Fibre industry is dominating the PTA market with a consumption of around 60%. PTA is one of the most important chemicals for the production of polyester fibers, which are compatible with other natural fibers, driving the majority of the PTA market. Polyester fibres are both strong and lightweight and resistant to wrinkles and water. Fabrics made using polyester fibres are employed for making outerwear clothes such as jackets, raincoats, etc. Furthermore, the PET Resin industry also holds major market shares. PET possesses outstanding qualities including good mechanical strength, excellent gas barrier, and high transparency due to which it is extensively used in packaging purposes, bottles, containers, shopping bags, and microwave containers.
Major players in the production of Global Purified terephthalic acid (PTA) are Reliance Industries Limited, Indorama Ventures, BP Chemicals, Indian Oil Corporation Limited, MCPI Private Limited, Oman International Petrochemical Industries Company’s (OMPET), SABIC Ibn Rushd Arabia Industrial Fiber Company, Shahid Tondgooyan Petrochemical Company, Yisheng Petrochemical, Hengli Petrochemical, Hanwha General Chemicals, Lotte Chemical, Fuhaichuang Petrochemicals, BP Zhuhai Chemical, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Purified terephthalic acid (PTA) which covers production, demand and supply of Purified terephthalic acid (PTA) market in the globe.
• To analyse and forecast the market size of Purified terephthalic acid (PTA)
• To classify and forecast Global Purified terephthalic acid (PTA) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Purified terephthalic acid (PTA) market in the globe.
To extract data for Global Purified terephthalic acid (PTA) market, primary research surveys were conducted with Purified terephthalic acid (PTA) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Purified terephthalic acid (PTA) market over the coming years.
ChemAnalyst calculated Purified terephthalic acid (PTA) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical supply and demand of Purified terephthalic acid (PTA) across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Purified terephthalic acid (PTA) manufacturers and other stakeholders
• Organizations, forums and alliances related to Purified terephthalic acid (PTA) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Purified terephthalic acid (PTA) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Purified terephthalic acid (PTA) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size Volume in 2022
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72 million tonnes
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Market size Volume by 2032
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120 million tonnes
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Growth Rate
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CAGR of 4.09% from 2023 to 2032
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2032
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Quantitative units
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Demand in million tonnes and CAGR from 2023 to 2032
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Report coverage
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Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process.
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Segments covered
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By End-Use: (Polyester Fibre and Yarn, PET Resin, Polyester Film, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
