The global terephthalic acid market size is expected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing demand for polyethylene terephthalate from the packaging industry.
Terephthalic acid is derived from crude oil by chemical synthesis. This chemical compound is a raw material utilized in the development of multipurpose plastics; for example, polybutylene terephthalate, polyethylene terephthalate, and polytrimethylene terephthalate. Terephthalic acid is utilized widely in the creation of polyester fibers. It is likewise utilized in the manufacturing of polyester coating resins for different applications in machines, car, industrial maintenance, and coil coatings. Terephthalic acid is essentially utilized as a conspicuous unrefined substance in the development of different thermoplastics.
The outbreak of COVID-19 pandemic majorly impacted the terephthalic acid market. The disruption in supply chain and lack of demand has negatively impacted the global chemical sector. The relaxation in restriction is expected to help the market recover by end of 2021.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing per capita consumption and growing disposable income are some of the major factors anticipated to spur the growth of the market.
- Rising demand for polyester fibers is estimated to propel the market growth.
- The toxic effects of terephthalic acid can hinder the market growth in the projected timeline.
- Volatile prices of crude oil, complex manufacturing process, and availability of raw materials can hamper the growth of the market.
- Increasing demand for recycled polyethylene terephthalate can create the challenges for the market growth.
- Replacement of glass bottles for alcoholic beverages with polyethylene terephthalate bottles is anticipated to create lucrative opportunities in the projected timeline.
Scope of the Report
The report on the global terephthalic acid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Terephthalic Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Derivatives (Polybutylene Terephthalate, Dimethyl Terephthalate, Polyethylene Terephthalate, Polytrimethylene Terephthalate, and Others) and Applications (Packaging, Paints & Coatings, Fibers, Adhesives, and Others) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | SABIC; Sinopec Corp.; Arkema; BP PLC; and Eastman Chemical Company |
Terephthalic Acid Market Segment Insights
Dimethyl terephthalate segment is anticipated to exhibit a high CAGR
On the basis of derivatives, the market is classified as polybutylene terephthalate, dimethyl terephthalate, polyethylene terephthalate, polytrimethylene terephthalate, and others. The dimethyl terephthalate segment is expected to hold a large market share during the forecast period due to application in the development and modification of polymer materials. It is used to yield esters that are used as plasticizers. Products such as polyester resins, dyes and pigments, polyester polyols, and insect repellents retain these plasticizers. Furthermore, it is a fundamental material in manufacturing of numerous valuable video films and thermoplastics.
Fibers segment to hold a major market share
In terms of applications, the market is categorized as packaging, paints & coatings, fibers, adhesives, and others. The fibers segment is projected to expand at a considerable CAGR during the forecast period. Fibers are utilized for different applications, for example, to make textures for clothing and home goods, for example, bedsheets, blankets, shades, and curtains. They are additionally blended with natural fibers, for example, cotton to create a fabric with further developed properties, for example, wrinkle opposition.
Asia Pacific is anticipated to constitute a key market share
On the basis regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period. Rapid growth of various industries, such as packaging, food & beverage, and textile manufacturing, in India and China is estimated to spur the regional market growth. Growing sales capacity of clothing goods and clothing, through e-commerce doorways is o estimated to produce massive potential for the market in Asia Pacific.
Segments
Segments Covered in the Report
The global terephthalic acid market is segmented on the basis of:
Derivatives
- Polybutylene Terephthalate
- Dimethyl Terephthalate
- Polyethylene Terephthalate
- Polytrimethylene Terephthalate
- Others
Applications
- Packaging
- Paints & Coatings
- Fibers
- Adhesives
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SABIC
- Sinopec Corp.
- Arkema
- BP PLC
- Eastman Chemical Company
Competitive Landscape
The key players competing in the terephthalic acid market are SABIC; Sinopec Corp.; Arkema; BP PLC; and Eastman Chemical Company.
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