Isophthalic Acid is a colorless solid, isomer of phthalic acid and terephthalic acid with the formula C6H4(CO2H)2. According to BlueQuark Research & Consulting, the global Isophthalic Acid market is expected to witness a significant growth rate during the forecasted period. Factors such as the increasing demand for plastic bottles and food packaging drive the global Isophthalic Acid market as the bottles are extensively made of polyethylene terephthalate (PET), and Isophthalic Acid serves as an important raw material for the production of PET. Furthermore, Isophthalic acid used in automotive, coating, and lubricant industries is expected to drive the market in the forecasted years. However, the environmental regulations and limits imposed on the use of purified Isophthalic Acid could restrain the global Isophthalic Acid market.
Isophthalic Acid is produced in solid form and is used to manufacture chemicals such as polyethylene terephthalate (PET), unsaturated polyester resins, and polyester surface coating resins. It is also used to manufacture high polymers like polybenzimidazole. Furthermore, due to its excellent physical properties such as hardness, stain resistance, corrosion resistance, and hydrolytic stability, isophthalic acid is used in making fiberglass plastics, tanks, and corrosion-resistant pipes which makes it ideal for the automotive, storage, and transport industry as well.
The plastic industry is the most dominating industry in terms of demand and consumption of Isophthalic acid. According to the World Health Organization (WHO), the world population is expected to surpass 8.2 billion by 2026, increasing the plastic demand globally at a rapid pace. Approximately One million plastic bottles are sold every minute globally. The yearly consumption of plastic bottles is expected to reach 550 billion in 2021, thus driving the demand for Isophthalic Acid. The increasing drinking water problems and polluted freshwater resources result in people's dependence on the mineral water sold in plastic bottles. Americans use about 50 billion plastic bottles annually, making it a great future market prospect for Isophthalic Acid. However, the European region is not expected to increase the consumption of Isophthalic acid as most of the PET bottle resin material is supplied from the Middle-East region. Since the Covid-19 has affected the entire global population directly or indirectly, its prevention is highly essential, therefore people avoid using any public water sources for drinking and prefer untouched mineral water which comes in plastic bottles, which has boosted the market post-pandemic. Thus, the plastic industry is expected to drive the demand for Isophthalic acid in the forecasted years.
The global Isophthalic Acid market was found to be consolidated. Some of the market's key players areLOTTE Chemical Corporation,Eastman Chemicals,Marubeni Europe,SABIC, among others.
The Asia Pacific region is expected to be the leader in the production and consumption of Isophthalic Acid, with most companies in China and India. The Asia-Pacific region is home to over 60% of the world's total population. This growing population's plastic and polymer demand has been increasing since the last decade, and this could benefit the Isophthalic Acid market. The Asia Pacific region also drives the Storage & Transportation industry, and the automotive industry playing a pivotal role in sales. The region's market, mainly consisting of countries like China, India, Malaysia, Japan, Vietnam, and Australia, consumes huge amounts of plastics and polymers. China alone consumes around a quarter of the world's total plastic bottles. Though the country is not self-sufficient, and the major part of consumed Isophthalic Acid is imported from Korea and Taiwan. Due to the increase in the underground pipelines and storage tanks used to store and transport oil and gas products in the region, the coating industry has also been uplifted, ultimately increasing the Global Isophthalic Acid market.
LOTTE Chemicals, one of the largest manufacturers of Isophthalic Acid, mentions in its annual report for 2019 that the sales of monomers, including Isophthalic Acid, were 3.74 billion KRW.
Global Isophthalic Acid Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Isophthalic Acid market by segmenting based on the Form (Solid), Grade (Top Grade, Industrial Grade), End-User Industry (Automotive, Plastics & Packaging, Storage and transport Industry, Lubricants, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.