Research is advancing in bio-based PTA production. With promising results, the purified terephthalic acid (PTA) market size has the potential to reach USD 18,359.40 million by 2034. The purified terephthalic acid (PTA) market size is forth as USD 11,058.60 million in 2024. The purified terephthalic acid (PTA) industry expansion is anticipated at 5.20% CAGR till 2034.
| Attributes | Details |
|---|---|
| Market Size, 2023 | USD 10,670.20 million |
| Market Size, 2024 | USD 11,058.60 million |
| Market Size, 2034 | USD 18,359.40 million |
| Value CAGR (2024 to 2034) | 5.20% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Bio-based Feedstocks Grow More Popular in the Market
More companies are researching on the use of bio-based feedstocks instead of crude oil for making PTA. The environment being in focus nurtures with this trend because it lowers greenhouse gas emissions and reduces the need for fossil fuels.
As scientists improve these methods, it can lead to more growth in the market. Stakeholders and businesses trying to be more sustainable will likely be interested. This shows a move towards greener practices, which could mean more opportunities and better technology in the future.
Firms like Annellotech, Primus, Avantium, and Gevo in the bio-based terephthalic acid industry can help the market flourish with their innovative production methods and technologies.
Recycling Technologies are Advancing and Helping Market to Prosper
Better ways to recycle polyethylene terephthalate (PET) plastic are helping to solve the plastic waste problem. These methods, like chemical recycling and depolymerization, can fetch important materials from old plastic. More people want to reuse things, so these recycling ways are getting popular. This is making the recycling market grow and making plastic production more eco-friendly.
For example, BP launched BP Infinia, an enhanced recycling technology that enabled unrecyclable PET plastic waste to be converted into new, virgin-quality feedstocks. Less than 60% of PET used for bottles is collected for recycling. This means there is room for more innovations in this aspect.
Expansion of Regional Markets is Evident
In countries like China and India, industries like textile, packaging, and automotive are growing fast because more people are moving to cities and their income levels are improving. This means they need more PTA, which is used to make polyester and plastic bottles.
China, especially, makes and uses significant quantities of polyester and plastic, which helps the PTA market. China’s production capacity stands at 65.63 million metric tons. Thus, the PTA market is getting bigger in the Asia Pacific region.
Principal Consultant
| Segment | Polyester (Application) |
|---|---|
| Value Share (2024) | 37.80% |
The polyester segment is anticipated to lead the purified terephthalic acid (PTA) market by application in 2024. Polyester is popular because it can be used in various applications. It is cheaper to make than natural fibers like cotton and silk.
As such, it is preferred in the clothing industry. It is strong and durable. These traits make it ideal for outdoor clothing and sportswear. More people in cities and those who like trendy clothes tend to like polyester. This is causing applications in polyester to go higher in the market.
| Segment | Textile (End Use) Value |
|---|---|
| Share (2024) | 42.10% |
The textile segment is anticipated to top the market by end use in 2024. More individuals are moving to cities. They are buying more clothes and home décor items. This means there's more need for textiles like polyester, which comes from PTA.
Fashion changes quickly these days, and various textiles are needed for trendy clothes. There is also a demand for various textiles in industries for things like automotive airbags and medical implants because they are strong and durable. These things all affect how much PTA is needed and used in the textile sector.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| United States | 2.90% |
| Germany | 2.40% |
| China | 5.80% |
| India | 7.70% |
| Australia | 1.90% |
Market demand for purified terephthalic acid in the United States is line to expand at 2.90% CAGR until 2034. American companies are bringing back PTA production to the United States to be less dependent on other countries and make their supply chains stronger. They're doing this by building new PTA factories.
American manufacturers are using ethane from shale gas, which makes it cheaper to produce PTA. Companies are forming alliances to make better products and compete in the market. Also, there are rules to make sure PTA production is cleaner and safer. This encourages companies to use more eco-friendly practices.
The upcoming Corpus Christi Polymers facility in Texas will be the world's largest, producing 2.4 million tons of PTA-PET materials. Construction restarted in January 2023 and will provide around 2,500 jobs, with an additional 250 when it achieves full capacity in 2025.
The demand for PTA acid in Germany is inclined to rise at 2.40% CAGR until 2034. Manufacturers in Germany are reputed for using new technology to make PTA efficiently. They also focus on recycling PTA, which helps the environment and makes their market grow.
The country spends a lot on research to make better products and work closely with other companies and universities. Germany's location and good transportation make it easy to sell PTA to other countries. These things make Germany a leader in making PTA, attracting investment, and helping the market grow.
The PTA production sector in China is invoked to rise at 5.80% CAGR until 2034. Chinese people buy a lot of things made with PTA, like clothes and packaging, because they have more money and like convenience. Chinese vendors sell their PTA to other countries too, which helps them grow even more. By focusing on making things better and being part of global trade deals, China stays ahead in the PTA acid sector.
Hengli Petrochemical is a leading PTA producer in China. The company focuses on capacity expansion to meet the demand for the product. It focuses on vertical integration too.
Purified Terephthalic Acid (PTA) industry expansion in India is estimated at 7.70% CAGR until 2034. The population of the country is boosting at a mammoth rate. As such, more people are moving to cities and earning more money.
This means they're buying more things made with PTA, like clothes and packaging. The government wants to encourage companies to make things domestically. So, the government gives them benefits like tax breaks and subsidies.
India has easy access to the materials needed to make PTA. This makes it cheaper to produce PTA here. Indian companies are also starting to sell PTA to other countries, especially in Asia and Africa. They're also trying to make PTA in an eco-friendly way to protect the environment. All these factors are helping India's PTA market grow.
Reliance Industries Limited and Indian Oil Corporation Limited strive to meet the demand in India. These businesses use diversification in downstream petrochemicals. They focus on process optimization and invest in technology upgrades.
Market demand for purified terephthalic acid in Australia is anticipated to surge at 1.90% CAGR till 2034. Australia’s location makes it possible for companies in the country to have access to significant amounts of renewable energy, like solar and wind power, which makes making PTA cheaper and better for the environment.
Australian companies use new technology to make PTA more efficiently. Australian players trade with other countries, which helps its PTA market grow. These things make Australia a good place for making PTA.
The purified terephthalic acid (PTA) industry is extremely competitive, with significant rivals such as Indorama Ventures, BP, and Reliance Industries leading this market. Emerging rivals such as Hengli Petrochemical and Zhejiang Petrochemical are getting recognition.
Companies compete for market share by expanding their capacity, developing new technologies, and implementing sustainability measures. Regulatory compliance and regional dynamics also influence competition.
Recent Developments
The purified terephthalic acid industry is in line to be valued at USD 11,058.60 million in 2024.
The market size is estimated to increase at 5.20% CAGR through 2034.
The market is expected to be worth USD 18,359.40 million by 2034.
Textile end use is highly preferred in the market.
The market in India is predicted to expand at 7.70% CAGR through 2034.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User 6.1. Textile 6.2. PET Bottles 6.3. Packaging 6.4. Others 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Sinopec Yizheng Chemical Fibre Company 17.2. Mitsui Chemicals 17.3. Reliance Industries Limited 17.4. Eastman Chemical Company 17.5. DuPont 17.6. Formosa Plastics Group 17.7. Alfa Group 17.8. Indian Oil Corporation 17.9. Mitsubishi Chemical Corporation 17.10. SABIC 17.11. Samsung Petrochemical Co. Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Chemicals & Materials Insights
View Reports
Purified Terephthalic Acid (PTA) Market
