Terephthalic Acid Market Analysis | 2023-2028

Market Insights

The terephthalic acid market was estimated at USD 45.05 billion in 2022 and is likely to grow at a CAGR of 5.19% during 2023-2028 to reach USD 661.38 billion by 2028.

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Market Dynamics

Introduction

Terephthalic acid is an organic compound with the chemical formula C?H?(CO?H)?. It is a white crystalline solid and belongs to the class of aromatic carboxylic acids. Terephthalic acid is an important raw material in producing various polymers, particularly polyethylene terephthalate (PET).

PET is a widely used polymer for making plastic bottles, fibers, films, and other products. Terephthalic acid is one of the main building blocks for PET production. It is commonly produced from the oxidation of para-xylene, a derivative of crude oil.

Market Drivers

The market is driven by a host of factors, some of which are noted below:

• The demand for terephthalic acid is anticipated to rise over the forecasted period because of the expanding market trends in the textile, automobile manufacturing, and other application sectors.
• Polyester fibers, widely used in the textile industry, home furnishings, and industrial textiles, are made from the essential raw material, terephthalic acid.
• Terephthalic acid is the source of the growing demand for Polyethylene Terephthalate (PET) resin, which is used to produce plastic bottles, containers, and packaging materials.
• Sustainable packaging options are becoming more important because of growing environmental concerns. PET, a polymer manufactured from terephthalic acid, is recyclable and has high barrier qualities. The market for terephthalic acid is anticipated to expand as demand for environmentally friendly packaging materials increases.
• The terephthalic acid market is heavily influenced by the construction sector. Polyethylene terephthalate (PET) film, utilized as a protective layer in building materials like glass laminates and solar panels, is made using terephthalic acid.
• Demand for polyester fibers has increased because of rising disposable income levels and shifting customer tastes towards stylish yet comfortable clothes.

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Key Players

The following are the key players in the terephthalic acid market:

• British Petroleum (UK)
• Indorama Ventures Public Company (Thailand)
• Reliance Industries Limited (India)
• Sinopec Corporation (China)
• SABIC (Saudi Arabia)

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Application Type

"PET resin segment held the largest share of the market in 2022"

The terephthalic acid market is segmented as PET resins, polyester fiber, and films. The PET resin segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Rising demand for PET resins in water bottles and soft drink bottles is expected to augment the market growth over the forecast period. Rising consumption of PET resins in packaging fresh and prepared foods will increase the market size, which is expected to grow over the forecast period.

By End-Use Type

"Bottling & packaging segment held the largest share of the market in 2022"

The terephthalic acid market is segmented as textile, bottling & packaging, and home furnishing. The bottling & packaging segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The growth of this segment is due to the vast usage of PTA in take-out containers, ketchup jars, baked goods containers, household products, frozen foods, bottled water, cosmetics, juices, and carbonated drinks.

Regional Analysis

"Asia Pacific is estimated to be the largest and fastest-growing market during the forecast period"

Asia Pacific is estimated to be the largest and fastest-growing market for terephthalic acid during the forecast period, followed by North America and Europe, with developing countries such as France, Germany, Spain, and the UK being the major countries with lucrative growth opportunities. The rise in demand for terephthalic acid and the increase in consumption of PET bottles are anticipated to influence the growth of the terephthalic acid market in the region. 

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s terephthalic acid market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Feature

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The terephthalic acid market is segmented into the following categories:

By Application Type 

• PET Resins
• Polyester Fiber
• Films

By End-Use Type 

• Textile
• Bottling & Packaging
• Home Furnishing

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players

Market Segmentation

• Current market segmentation of any one of the application types by end-use type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.