Isopthalic Acid Market Will Reach USD 2.37 Billion By 2028
According to a recent report by Reports and Data, the global Isophthalic Acid market is predicted to reach USD 2.37 Billion by 2028. Isophthalic acid is a colorless organic compound that is industrially produced by oxidizing meta-xylene, serving as an isomer of terephthalic acid and phthalic acid.
The demand for PET bottles and containers, particularly in the production of soft drinks, detergents, cosmetics, and pharmaceutical products, is increasing, and PET is also used in making water-resistant papers, all of which are predicted to drive market growth. Another factor driving market growth is the increased use of unsaturated polyester resin in industries such as water tanks, pipes, and marine and automotive.
However, the market's growth may be hampered by strict regulations and policies mandated by organizations like EPA and REACH. The North American market is projected to have slow growth, while the European market may face intense competition from countries in the Middle East that supply materials for PET bottle resin.
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The report also identifies several key findings, such as the technical grade of isophthalic acid having the highest growth rate, with a CAGR of 5.9% due to its extensive use in industries and laboratories. Additionally, the packaging industry is projected to hold the largest market share, with a growth rate of CAGR 6.1% in the forecast period due to rising applications of isophthalic acid in the production of packaging items for various industries.
The Asia Pacific region is forecasted to witness the highest growth rate in the forecast period, with a CAGR of 6.2% attributed to increased production of PET bottle resins and unsaturated polyester resins in countries like China and India.
Major participants in the Isophthalic Acid market include:
· Mitsubishi Gas Chemical Company
· Lotte Chemical Corporation
· British Petroleum
· Exxonmobil, Perstorp
· Total Petrochemicals
· Eastman Chemical Company
· Koch Chemical Company
· AG International Chemical Company Inc.
· Versalis S.P.A.
Reports and Data have segmented the global Isophthalic Acid market based on type, physical state, grade, application, end-use industry, and region.
Isopthalic Acid Market: Drive Factors:
The Isopthalic Acid market is expected to grow significantly, reaching USD 2.37 billion by 2028, with several driving factors:
1. Increased demand for PET bottles and containers from end-users, especially in companies manufacturing soft drinks, detergents, cosmetics, and pharmaceutical products. PET also finds application in the production of water-resistant papers.
2. A rise in the use of unsaturated polyester resin for use in water tanks, pipes, and marine & automotive industries.
3. The packaging industry is projected to hold the largest market share, owing to the rising application of isopthalic acid in the production of material used in the manufacturing of packaging items for various industries.
However, one of the major factors restricting the market growth is the mandating of stringent regulations and policies by regulatory bodies such as the EPA and REACH. These policies are likely to hinder the market growth.
Isopthalic Acid Market: Notable Innovation
As of the knowledge cut-off date of September 2021, there were no notable innovations reported in the global isophthalic acid market. However, with the continuous advancement in technology and growing demand for eco-friendly products, there may be new innovations in the future to improve the production processes and develop more sustainable applications for isophthalic acid.
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