According to the recent study the purified terephthalic acid market is projected to reach an estimated $79.6 billion by 2028 from $55.0 billion in 2023, at a CAGR of 5.2% from 2023 to 2028. Growth in this market is primarily driven by increasing application of purified terephthalic acid in the carbonated plastic bottles owing to its flexibility and toughness, growing demand for polyester fibers and rising demand from paints and coating, textile and pharmaceutical sectors.
A more than 150 – page report is developed to understand trends, opportunities and forecast in purified terephthalic acid market by application (polyester, polybutylene terephthalate (PET), polybutylene terephthalate (PBT), plasticizers, and others), end use industry (textiles, PET bottles, packaging, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
"Polyester market is expected to remain the largest segment during the forecast period."
Based on application, the purified terephthalic acid market is segmented into polyester, polybutylene terephthalate (PET), polybutylene terephthalate (PBT), plasticizers, and others. Lucintel forecasts that the polyester market is expected to remain the largest segment because of growing demand for polyester fiber and yarn in the textile yarn industry along with increasing application of unsaturated polyester resin in different sectors, such as transportation, construction, and maritime.
"Within the purified terephthalic acid market, the textiles segment is expected to remain the largest end use industry"
Based on end use industry the textiles segment is expected to witness the highest growth over the forecast period due to surge in population, on-going changing fashion trend, and rising demand for polyester fibers from the textile industry in the emerging countries, such as India, China, and Malaysia, owing to high tenacity and durability properties of PTA that makes it suitable for use in the textile industry.
"Asia pacific will dominate the purified terephthalic acid market in near future"
APAC will remain the largest region over the forecast period due to rapid industrialization, increasing demand for PET material bottles, and rising foreign investment in the paint and coating and packaging industries in this region.
Major players of purified terephthalic acid market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. PennWell, China Petrochemical, JBF Industries, Indian Oil, Lotte Chemical, Petkim Petrokimya, Taekwaang Industrial, Zhejiang Hengyi Group, Reliance Industries, and British Petroleum are among the major purified terephthalic acid providers.
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