Market Players to Adopt Sustainable and Innovative Manufacturing Techniques to Safeguard Environment

Purified terephthalic acid (PTA) is primarily used in the large-scale production of polyesters such as polyester fiber and more. In addition, purified terephthalic acid (PTA) is the core ingredient in the production of polyethylene terephthalate (PET), which is extensively used in a range of industrial sectors, including food & beverages and consumer good packaging. At present, leading players involved in the current Asia Pacific purified terephthalic acid (PTA) market are increasingly focusing on two major aspects– enhancing the production capacity of their manufacturing plants and minimizing their carbon footprint. The growing demand for purified terephthalic acid (PTA) from the polyester industry is a leading factor that is expected to drive the growth of the Asia Pacific purified terephthalic acid (PTA) market.

In addition, in a few industries, the potential of purified terephthalic acid (PTA) for wastewater treatment is currently being explored– another factor that could open up new opportunities for the manufacturers operating in the Asia Pacific purified terephthalic acid (PTA) market. At present, due to the limitations of conventional purification techniques, market players are also focusing on improving the efficiency of the new process of obtaining purified terephthalic acid (PTA). As per current observations, the Asia Pacific region is expected to offer lucrative opportunities to the players involved in the purified terephthalic acid (PTA) market in the region due to the booming industrial sector and high concentration of key manufacturers of purified terephthalic acid (PTA).

At the back of these factors, along with the growing demand for polyester products around the world, the Asia Pacific purified terephthalic acid (PTA) market is expected to surpass US$ 132 Bn mark by the end of 2030.

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Market Players Focus on Sustainable Production of Purified Terephthalic Acid

The chemical sector around the world continues to face timely pressure from the regulatory bodies and government agencies, due to the negative impact on the environment. As environment protection laws and regulations around the world continue to become stringent, efforts are in place to discover sustainable and eco-friendly techniques for purified terephthalic acid (PTA) production. Several research projects and initiatives are currently targeting the production of purified terephthalic acid (PTA) from renewable sources. In addition, the early-stage sustainability analysis of a bio-PET precursor is being carried out to assess the environmental impact of the alternative production techniques for purified terephthalic acid (PTA). In addition, considerable resources are being invested to encourage the production of purified terephthalic acid (PTA) via bio-routes. The growing emphasis on safeguarding the environment and shift toward sustainable production of purified terephthalic acid (PTA) is expected to attract investments toward the Asia Pacific purified terephthalic acid (PTA) market due to which, the market is anticipated to grow at a steady pace during the assessment period.

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Asia Pacific to Spearhead Market Growth, ASEAN Countries Offer Potential Opportunities

As per the analysts at Transparency Market Research, developing nations of the Asia Pacific region, including India, China, and Vietnam, are likely to emerge as main exporters of purified terephthalic acid (PTA) during the assessment period. Over the past years, the prices of purified terephthalic acid (PTA) in the Asia Pacific region have witnessed a gradual rise due to the improving demand trends. The positive market sentiments in the Asia Pacific region are likely to have a positive impact on the overall growth of the Asia Pacific purified terephthalic acid (PTA) market. The developing countries of the Asia Pacific, including India, China, and the ASEAN countries are likely to be promising markets for purified terephthalic acid (PTA) during the assessment period.

Demand Likely to Dip amid COVID-19 Pandemic in 2020

Due to the ongoing COVID-19 pandemic, the global demand for purified terephthalic acid (PTA) is expected to witness a gradual decline in 2020 in comparison with 2019. Stringent lockdown measures, restrictions on trade, and transportation, particularly in the first half of 2020, is expected to have a strong impact on the overall growth of the Asia Pacific purified terephthalic acid (PTA) market in 2020. In addition, the dwindling demand from key end-use industries is another major factor that is projected to stall the growth of the Asia Pacific purified terephthalic acid (PTA) market in 2020. However, as lockdowns on the industrial sector in several regions of the world have been lifted, the market is showing signs of recovery. The demand for purified terephthalic acid (PTA) in the second half of 2020 has witnessed steady growth– a factor that could potentially improve the prospects of the purified terephthalic acid (PTA) during the ongoing COVID-19 crisis.

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Analysts’ Viewpoint

The Asia Pacific purified terephthalic acid (PTA) market is expected to grow at an impressive CAGR of ~8% during the assessment period. The market growth can be primarily attributed to factors such as growing demand for purified terephthalic acid (PTA) for polyester production, growing investments in research and development, growing emphasis on innovation due to evolving regulatory landscape, and high demand from the Asia Pacific region.

Asia Pacific Purified Terephthalic Acid (PTA) Market: Overview

  • In terms of value, the Asia Pacific purified terephthalic acid (PTA) market is expected to cross US$ 132 Bn by 2030
  • Rapid increase in the demand for polyester fibers, owing to their functional advantages is anticipated to fuel the purified terephthalic acid (PTA) market in Asia Pacific during the forecast period
  • Polyester fiber is a synthetic fiber consisting wholly or majorly of a polyester. Generally, it is a quick-drying resilient fiber made in filament and staple form from ethylene glycol and terephthalic acid or its dimethyl ester and often blended with other fibers (as wool or cotton). Rise in consumption of polyester fibers has led to the revival of the textile sector. This, in turn, is estimated to augment the purified terephthalic acid (PTA) market in Asia Pacific.

Asia Pacific Purified Terephthalic Acid (PTA) Market: Key Drivers and Restraints

  • Polyester fibers are manmade fibers increasingly being adopted by the textile industry, owing to their recyclability and versatility as well as their cost-effectiveness, as compared to that of other fibers. The hydrophobic property of polyester fibers makes them highly suitable for the manufacture of garments and jackets that can be used in wet or damp environment - coating the fabric with a water-resistant finish intensifies this effect.
  • The purified terephthalic acid (PTA) market is expected to weaken in 2020, as the supply of PTA is surpassing the demand for PTA in the region, although weak upstream paraxylene prices amid mega-expansions in Asia, particularly China. Excess production of PTA in China is expected to hamper the market in the near future.

Asia Pacific Purified Terephthalic Acid (PTA) Market Segmentation

  • Based on application, the purified terephthalic acid (PTA) market in Asia Pacific has been segregated into PET resin, polyester fibers, polyester films, and others
  • The polyester fiber segment is estimated to account for a major share of the purified terephthalic acid (PTA) market in Asia Pacific, in terms of revenue, in the near future, owing to its extensive utilization in the textile sector in the region. This trend is expected to continue during the forecast period. The PET resin segment of the Purified Terephthalic Acid (PTA) market in Asia Pacific has been expanding at a sluggish pace for the last few years. The segment is anticipated to expand at a stagnant CAGR during the forecast period.
  • Based on end use, the purified terephthalic acid (PTA) market in Asia Pacific has been divided into packaging, textile, electronics & electrical, automotive, construction, and others
  • Packaging, construction, and textile segments are estimated to hold more than three-fourth share of the Purified Terephthalic Acid (PTA) market in Asia Pacific during forecast period. According to the World Trade Statistical Review 2019 released by the World Trade Organization (WTO), the Dollar value of world textiles (SITC 65) and apparel (SITC 84) exports totaled US$ 315 Bn and US$ 505 Bn in 2018, respectively, an increase of 6.4% and 11.1% from the previous year. This has been the fastest growth of world textile and apparel trade since 2012. Rising demand for polyester fibers in the textile industry is projected to boost the purified terephthalic acid (PTA) market in Asia Pacific.
  • Therefore, expansion of the textile industry is projected to boost the demand for purified terephthalic acid (PTA) in Asia Pacific

China to be Highly Lucrative Country for Purified Terephthalic Acid (PTA) Market in Asia Pacific

  • In terms of demand, China has been a lucrative country of the purified terephthalic acid (PTA) market in Asia Pacific. The country accounts for more than 60% share of the PTA market in Asia Pacific. According to the World Trade Organization (WTO) China, the European Union and India remained the world’s top three exporters of textiles in 2018. Cumulatively, these three accounted for 66.9% of world textile exports in 2018, a new record high since 2011. Thus, significant expansion of the textiles industry in China and India is estimated to boost the utilization of polyester fiber in the next few years. This, in turn, is projected to drive the demand for purified terephthalic acid (PTA) during the forecast period.

Asia Pacific Purified Terephthalic Acid (PTA) Market: Competition Landscape

  • Major players operating in the purified terephthalic acid (PTA) market in Asia Pacific include 
    • Reliance Industries Limited
    • JBF Industries Ltd
    • Indorama Ventures Public Company Limited
    • Indian Oil Corporation Ltd
    • SAMYANG HOLDINGS CORPORATION
    • Hanwha Group

Asia Pacific Purified Terephthalic Acid (PTA) Market – Scope of the Report

A new study on the purified terephthalic acid (PTA) market in Asia Pacific published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the purified terephthalic acid (PTA) market in Asia Pacific. TMR’s study offers valuable information on the purified terephthalic acid (PTA) market in Asia Pacific to illustrate how growth would discern during the forecast period of 2020–2030.

Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR) have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the purified terephthalic acid (PTA) market in Asia Pacific during the forecast period.

An extensive analysis of leading market players’ business strategies has also been featured in TMR’s study on the purified terephthalic acid (PTA) market in Asia Pacific. This can help readers understand principal factors to foresee growth of the purified terephthalic acid (PTA) market in Asia Pacific. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the purified terephthalic acid (PTA) market in Asia Pacific, which would guide market players in making apt decisions in the near future.

Key Questions Answered in TMR’s Study on Asia Pacific Purified Terephthalic Acid (PTA) Market

  • What would be the Y-o-Y growth rate of the purified terephthalic acid (PTA) market in Asia Pacific between 2020 and 2030?
  • What is the influence of changing trends in technologies on the purified terephthalic acid (PTA) market in Asia Pacific?
  • Would Asia Pacific continue to remain the most profitable region for manufacturers of purified terephthalic acid (PTA) in the near future?
  • Which factors would impede the growth of the purified terephthalic acid (PTA) market in Asia Pacific during the forecast period?
  • Which are the leading companies of the purified terephthalic acid (PTA) market in Asia Pacific?

Research Methodology

A unique research methodology has been utilized by TMR to conduct comprehensive research on the purified terephthalic acid (PTA) market in Asia Pacific and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.

Secondary resources referred to by analysts during the production of the report on the purified terephthalic acid (PTA) market in Asia Pacific include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the purified terephthalic acid (PTA) market in Asia Pacific as a primary resource.

These primary and secondary resources provided exclusive information during interviews, which served as a validation from leading players operating in the purified terephthalic acid (PTA) market in Asia Pacific. Access to extensive internal repository and external proprietary databases allows this report to address specific details and questions about the purified terephthalic acid (PTA) market in Asia Pacific with accuracy. The study also uses a top-down approach to assess numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects of the purified terephthalic acid (PTA) market in Asia Pacific more reliable and accurate.

Asia Pacific Purified Terephthalic Acid (PTA) Market – Segmentation

TMR’s study on the purified terephthalic acid (PTA) market in Asia Pacific has been segmented based on application, end use, and region. Changing market trends and other crucial market dynamics associated with these segments of the purified terephthalic acid (PTA) market in Asia Pacific have been discussed in detail.

Application

  • PET Resin
  • Polyester Fibers
  • Polyester Films
  • Others

End Use

  • Packaging
  • Textile
  • Electrical & Electronics
  • Automotive
  • Construction
  • Others

Country and Sub-region

  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific

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Asia Pacific Purified Terephthalic Acid Market

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