The growing application of the market product in plastics and its usage as a raw material is driving its demand.
The global Terephthalic Acid market is forecast to reach USD 81.12 Billion by 2027, according to a new report by Reports and Data. Terephthalic acid is produced by the chemical synthesis of crude oil. The majority of the terephthalic acid is utilized in the production of polyester resin, which is used to manufacture polyester film, polyethylene terephthalate resin, and polyester fiber.
It is employed in the manufacture of terephthaloyl chloride, liquid crystal polymers, plasticizers, cyclohexanedimethanol, and copolyester-ether elastomers. Terephthalic acid is more cost-effective than the dimethyl terephthalate alternative for most grades of polyester used in textiles and food and beverage containers. Terephthalic Acid is used to manufacture polyester coatings resins for usage in the formulation of the appliance, general metal, industrial maintenance, automotive, and coil coatings.
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The major application of the market product is in polyester powder coating resins. Polyester fiber is made up of terephthalic acid blends with natural and synthetic fibers. They are utilized to make fabrics for apparel and home furnishings, such as bedspreads, bed sheets, draperies, and curtains.
Asia-Pacific held the largest market share, owing to the growth in the packaging in the food and beverage sector, and the textile industry in India and China. The rise in the sale volume of clothing and apparel goods, through e-commerce portals, is expected to create ample growth opportunities for the market. APAC is the largest consumer of fiber and yarn.
Market Overview:
The chemicals and materials industry produces a massive variety of products consumed by people across the world on a daily basis. While several products, namely detergents, perfumes, soaps, and others are bought directly by the consumers, the others are used as ingredients to make numerous products. For instance, in Europe, nearly 70% of the chemicals that are manufactured are used to make other products. The industry uses a wide range of raw materials ranging from oil, minerals, air, and others. With growing competition among industry players, innovation remains vital in discovering new paths to meet the needs of sophisticated, demanding, and environmentally conscious consumers.
The competitiveness within the chemical industry and among the chemicals, the chemical industry spends large amounts on research, particularly in the highly industrialized countries, which will foster market size in the coming years.
Competitive Landscape:
Industry players in the Terephthalic Acid market are adopting the strategy of forwarding integration to cater to increasing product demand and to enhance their footprint in the global market.
This market report provides details of new recent developments, import-export analysis, trade regulations, production analysis, value chain optimization, market share, analyses opportunities in terms of emerging revenue pockets, the impact of domestic and localized market players, changes in the market, trends, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
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Regional Outlook:
North America is expected to dominate the global materials and chemicals market landscape during the forecast period owing to the strong presence of prominent industry players in this region.
APAC is projected to be the fastest-growing Terephthalic Acid market globally. The increasing manufacturing and export over the past years have led several global leading companies to not only make huge investments in the region’s chemical sector but also set up their own manufacturing sites to increase their presence in this emerging market.
Top companies operating in the market and profiled in the report include:
Sinopec Corporation, British Petroleum, SABIC, Reliance Industries Limited, Eastman Chemical Company, Indorama Ventures Public Company, Indian Oil Corporation, JBF Petrochemicals, Mitsubishi Chemical Corporation, and Lotte Chemical Corporation among others.
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Terephthalic Acid Market Segmentation:
The report segments the Terephthalic Acid markets on the basis of product types, end-use industries, technology, and region.
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Amoco Process
- Cooxidation
- Multistage Oxidation
- Henkel Process
Derivative Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Polybutylene Terephthalate (PBT)
- Dimethyl Terephthalate
- Polyethylene Terephthalate (PET)
- Polytrimethylene Terephthalate (PTT)
End-Use Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Packaging
- Electrical and Electronics
- Construction
- Paints and Coatings
- Textiles
- Furniture
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