Global Terephthalic Acid Market - Segmented by Derivative, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global terephthalic acid market is expected to witness a CAGR of over 5%, owing to the increased utilization of polyethylene terephthalate (PET) during the production of bottles and other products from the packaging industry.
PET Resin driving the Market
Many alcoholic beverage vendors are considering PET bottles for the packaging of alcoholic beverages, such as beer and wine. One of the advantages of PET is that, it can maintain the appearance and stability of an alcoholic beverage, along with being lighter than glass. The usage of PET bottles also lead to low-production cost and enhanced supply chain management. The incorporation of PET containers in packaging sodas, shampoo, pharmaceuticals etc., is likely to drive the terephthalic acid market, as terephthalic acid is widely used in the production of PET resins.
Growing Demand for Packaging Application
In 2017, the polyester fiber application accounted for over 60% of the terephthalic acid market share. Owing to the increasing usage in apparel, carpets, curtains, nets, and ropes, the market for terephthalic acid is expected to witness a substantial growth. Terephthalic acid acts as a feedstock, along with other chemicals, for the production of synthetic polymers. However, the polyethylene terephthalate (PET) resin production for packaging and film applications is growing rapidly, due to its success in the soft drinks and water bottles market.
Textile Industry Making Asia-Pacific the Biggest Market
With a share of over 40%, Asia-Pacific accounted for the highest market share for terephthalic acid. The establishment of various food & beverage, packaging, and textile manufacturing industries in China and India is likely to fuel up the market during the forecast period. Increasing sales volume of apparel goods and clothing, through e-commerce portals in Asia-Pacific countries, is also expected to create an immense industry potential. In Europe, the market growth is expected to be sluggish, due to the increasing use of bio-based PET in the bottle and packaging industry.
In Dec 2017, SIBUR upgraded and expanded its terephthalic acid production capacity to about 350,000 metric ton in Russia, which is likely to get started by 2019.
Major Players: BP, China Petrochemical, Eastman, Mitsubishi Chemical, and Reliance Industries, amongst others.
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