Global Purified Terephthalic Acid (PTA) Market 2017-2021
About Purified Terephthalic Acid (PTA)
Terephthalic acid is a colorless solid material with the chemical formula C6H4(CO2H)2. It is difficult to dissolve in water or other liquids. It is largely used in manufacturing polyester, textiles, and plastic bottles. The common method for producing PTA is the Amoco process. It is produced by the oxidation of paraxylene, and the oxidation process includes acetic acid as solvent and the cobalt–manganese–bromide catalyst. A feed mixture containing paraxylene, acetic acid, and the catalyst system with compressed air is fed to a reactor.
Technavio’s analysts forecast the global purified terephthalic acid (PTA) market to grow at a CAGR of 7.51% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global purified terephthalic acid (PTA) market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Purified Terephthalic Acid (PTA) Market 2017-2021
Technavio recognizes the following companies as the key players in the global purified terephthalic acid (PTA) market: BP, China Petrochemical, Eastman, Mitsubishi Chemical Holdings, and Reliance Industries.
Other Prominent Vendors in the market are: Alpek, CEPSA, DowDuPont, Far Eastern Group, Formosa Petrochemical, Hanwha Group, Hengli Petrochemicals, JBF Industries, LOTTE CHEMICAL, Oriental Petrochemical (Taiwan), Indorama Ventures Public Company, Indian Oil, SABIC, TAEKWANG INDUSTRIAL, TONGKUN GROUP, and Zhejiang Hengyi Group.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is PET bottle packaging for alcoholic beverages. Many vendors are exploring new ways for the packaging of alcoholic beverages. Many alcoholic beverage vendors are considering PET bottles for the packaging of alcoholic beverages such as beer and wine as PET can maintain the appearance and stability of an alcoholic beverage and is lighter than glass. Incorporating PET bottles will lead to enhanced supply chain management, lower production cost, more margin, and higher sustainability.”
According to the report, one driver in the market is increase in demand from polyester fibers. PTA is largely used to produce polyester fibers. It acts as a feedstock along with mono-ethylene glycol and other chemicals for producing synthetic polymers. It is largely preferred due to its abundant availability, the simple chemical process of polyester synthesis, superior mechanical properties, enhanced chemical properties, recyclability, and a wide range of intermediates to be produced from polyester fibers. Polyester fibers are largely used to manufacture apparels such as top-weight and bottom-weight fabrics; household and institutional textiles such as sheets and pillowcases, towels, curtains, draperies, upholstery, and bed ticking; carpets and rugs; and industrial and consumer textiles. Industrial and consumer textiles have the highest consumption of polyester fiber, followed by apparel and household and institutional textiles.
Further, the report states that one challenge in the market is volatility of crude oil price. In recent years, the increasing costs of commodities have led to a lot of financial pressure on numerous commodity producers. After the global crisis, the cost of crude oil has been fluctuating, which is affecting the cost of raw materials derived from crude oil for manufacturing other products. Packaged consumer goods prices saw double-digit growth in the past few years. The major economies are yet to recover from the global crisis; some are still facing the same situation, and some have recovered from the crisis. A large portion of the global economy is on the path to recovery, yet the prices of raw materials are yet to stabilize. Many vendors do not have the adaptability to respond to market volatility rapidly.
BP, China Petrochemical, Eastman, Mitsubishi Chemical Holdings, Reliance Industries, Alpek, CEPSA, DowDuPont, Far Eastern Group, Formosa Petrochemical, Hanwha Group, Hengli Petrochemicals, JBF Industries, LOTTE CHEMICAL, Oriental Petrochemical (Taiwan), Indorama Ventures Public Company, Indian Oil, SABIC, TAEKWANG INDUSTRIAL, TONGKUN GROUP, and Zhejiang Hengyi Group.