Global Terephthalic Acid Market Outlook to 2026

Terephthalic acid is obtained primarily by oxidation of xylene and is used chiefly in the synthesis of polyesters. This sand-like white solid is a commodity chemical, used principally as a precursor to the polyester PET, used to make plastic bottles and clothing. According to BlueQuark Research & Consulting, the global Terephthalic Acid market is expected to witness a considerable growth rate during the forecast period. Growing demand for PET from the packaging industry and bottle manufacturing industry is driving the global terephthalic acid market during the forecast period. Further, the increasing demand for polyester fibers is likely to drive the market. However, fluctuation in paraxylene prices is expected to restrain the growth of the studied market during the forecast period.

Asia-Pacific is expected to lead the market due to the growth of various industries, such as food and beverage, textile manufacturing, and packaging in developing countries like China and India are likely to fuel the market growth during the forecast period. Further, the increase in consumption of PET bottles and the rise in demand for yarn from the textile industry is anticipated to influence the growth of the terephthalic acid market in the region.

Increasing demand for polyester fibers due to the enormous applications, including manufacturing polyester coating resins used in the formulation of general metal, automotive, coil coatings, and industrial maintenance, is likely to drive the studied market. Moreover, they are blended with natural and other synthetic fibers that provide improved properties such as wrinkle resistance. Hence, the growth in polyester fibers is expected to drive the market for Terephthalic Acid during the forecast period.

The global Terephthalic Acid market is highly fragmented. Some of the key players in the market are SABIC, BP PLC, Sinopec Corp., Eastman Chemical Company, and Arkema, among others.

In March 2020, MMF sector expected to attract more investments, The removal of anti-dumping duty on PTA (Purified Terephthalic Acid) in the Union Budget is expected to bring in investments in the Manmade Fibre (MMF) sector and benefit the entire value chain. Moreover, in March 2019, India's Haldia Petrochemicals had received the approval to build an aromatics plant with a 2.5 million mt/year purified terephthalic acid plant and 1.6 million mt/year of paraxylene capacity in the state of Odisha.

Global Terephthalic Acid Market report provides deep insight into the current and future state of the Terephthalic Acid market across various regions. The study comprehensively analyzes the Terephthalic Acid market by segmenting based on geography, by Derivative (Polyethylene Terephthalate, Polybutylene Terephthalate, Polytrimethylene Terephthalate, Dimethyl Terephthalate, and Others), Application (Packaging, Fibers, Paints and Coatings, Adhesives, and Others). The report examines the market drivers and restraints that are influencing the growth in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape section with profiles of major companies, including their market shares and projects.