The Asia-Pacific Region To Witness Robust Growth In the Global Purified Terephthalic Acid (PTA) Market Through 2023, MarketsandMarkets™ Report
The global Purified Terephthalic Acid (PTA) market size is estimated to be USD 48.14 billion in 2018 and is projected to reach USD 61.78 billion by 2023, at a CAGR of 5.1% from 2018 to 2023. PTA is an organic compound produced commercially through the oxidation of paraxylene. A majority of PTA is consumed in the development of polyester resins, such as polyester films, polyester fiber & yarn, and PET material bottles.
The increase in demand for polyester resins to manufacture polyester fiber & yarn is fueling the growth of the purified terephthalic acid market. However, the overcapacity of PTA in China is acting as a restraint to the growth of the purified terephthalic acid market.
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Based on application, the polyester segment of the purified terephthalic acid market is projected to grow at the highest CAGR during the forecast period. Polyester is classified into 3 grades, namely, fiber & yarn grade, Polyethylene Terephthalate (PET) grade, and film grade. PET resins are used as packaging materials for food & beverage products, such as chips, pickles, jams, fruit juices, and soft drinks. PET is replacing traditional packaging materials, such as glass, paper, metal, and aluminum, owing to its properties that include high strength, lightweight, improved clarity, long-term durability, and improved design plasticity. The unique properties of PET and its eco-friendly nature have contributed to PET resins becoming the preferred choice of packaging material. The growth of the polyester application segment can be attributed to the increased consumption of packaged food & drinks and rise in per capita income of consumers.
Asia Pacific is the largest market for PTA. The increasing consumption of PET material bottles and the rising demand for PTA from the packaging industry are key factors driving the growth of the Asia Pacific purified terephthalic acid market. Rapid industrialization in Asia Pacific countries is also fueling the growth of the purified terephthalic acid market in this region.
Reliance Industries Limited (India), Sinopec Corporation (China), British Petroleum (UK), Indorama Ventures Public Company (Thailand), SABIC (Saudi Arabia), and Jiaxing Petrochemical Co., Ltd. (China) are key players operating in the purified terephthalic acid market. These companies are focused on expanding their product portfolios to compete with other key market players.
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British Petroleum (BP) is one of the major oil & gas companies worldwide. The company operates in all areas of the oil & gas industry that include refining, exploration & production, distribution & marketing, power generation, petrochemicals, and trading. It has its operations in Europe, the Americas, Asia, Australia, and Africa. More than 70% of its revenue is generated from Europe and the US.
In July 2015, BP Zhuhai, a joint venture between BP and Zhuhai Port Co., established a new PTA plant in China. This plant will have an annual PTA production capacity of more than 1.25 MT. In November 2014, BP invested USD 200.0 million in its PTA plants located at Cooper River (South Carolina) and Geel (Belgium). This expansion strategy enabled BP to address the increasing demand for PTA from the polyester industry in the US and Belgium.
Reliance Industries Limited, another key player in the purified terephthalic acid market, operates through the following business segments that include refining & marketing, petrochemicals, oil & gas exploration & production, retail, and others. The petrochemicals segment of the company carries out marketing operations and is involved in the production of polypropylene, polyethylene, polyvinyl chloride, polyester fibers, polyester yarn, polybutadiene rubber, purified terephthalic acid, paraxylene, ethylene glycol, aromatics, linear alkyl benzene, olefins, acrylonitrile, caustic soda, and polyethylene terephthalate.
In April 2015, Reliance Industries Limited expanded its purified terephthalic acid plant in Dahej, Gujarat. The plant with a capacity of 1,150 KTA is built with INVISTA technology. This expansion strategy enabled the company to increase its PTA capacity by 3.2 MMTPA and the global capacity share by 4%.
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