The global purified terephthalic acid market size was USD 43.00 Billion in 2021 and is expected to register a revenue CAGR of 4.1% over the forecast period, according to the latest report by Reports and Data.
Polyethylene terephthalate (PET) is a polymer with several properties that make it suitable for product packaging. PET is the most recycled plastic in the world. Being transparent, strong, environmentally friendly, chemically inert and lightweight, it enables the production of large, lightweight and safe containers. Also, packages made from it can be easily decorated with printed patterns and effects that suit different product and brand aesthetics. PET can be used to create boxes in a variety of standard shapes (such as cubes and rectangles) as well as unique shapes (such as pyramids, wallets, or customizable sizes), allowing product manufacturers to create their own.
Top Companies Operating in the Global Purified Terephthalic Acid Market:
Reliance Industries Limited, BP p.l.c., Indorama Ventures Public Company Limited, SABIC, Mitsubishi Chemical Corporation, Eastman Chemical Company, Alfa Group, Indian Oil Corporation Ltd, Samyang Corporation, and LOTTE Chemical Corporation.
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Some Key Highlights from the Report
· Based on regional analysis, the Asia-Pacific market is the major consumer of polyester fibers and yarns and is thus expected to register the largest revenue share during the forecast period. China is the world's largest producer and exporter of refined terephthalic acid. His PTA market in the Asia-Pacific region is expected to grow due to increased demand for polyester yarns and fibers from the textile industry and increased use of PET bottles. India is one of the world's leading producers and suppliers of polyester yarns, and has had a significant impact on the country's economic growth.
· Also, the growing packaging industry in this region is expected to drive revenue growth of the market over the forecast period. The North American purified terephthalic acid (PTA) market is expected to register a significant CAGR in sales during the forecast period. The increasing demand for PTA in the packaging and textile industry along with the continuing trend towards industrialization and urbanization are the major factors behind the revenue growth of the market in the region.
· On 12 September 2022, Reliance Industries Ltd. (RIL), an Indian conglomerate and major player in the petrochemical industry, will acquire two companies for a total consideration of INR 15.92 billion (US$200 million) By doing so, we are expanding our polyester business. The acquisition is part of the company's plans to tap into the downstream polyester market.
· On 2nd August 2020, Indian Oil Corporation Ltd (IOCL) invested his Rs 1,380.5 crore to build a textile raw material manufacturing plant in Odishas Paradip. The project is scheduled to be completed in 2024. Purified terephthalic acid (PTA) and paraxylene (PX) plants will be connected to IOCL's refinery facility in the port city of Jagatzingpur.
Read full Report Description @ https://www.reportsanddata.com/report-detail/purified-terephthalic-acid-market
Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Purified Terephthalic Acid Market Segmentation
Application Outlook (Revenue, USD Billion; 2019-2030)
- Polyester
- Polybutylene Terephthalate (PBT)
- Plasticizers
- Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Textile
- PET Bottles
- Packaging
- Home Furnishing
- Others
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