Terephthalic Acid Market Size Worth USD 90.25 Billion in 2032 | Emergen Research

Rising demand for polyesters in textile and packaging industries, growing adoption of terephthalic acid in textile and home furnishing sector

Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) — The global terephthalic acid market size was USD 56.48 Billion in 2022 and is expected to register a revenue CAGR of 4.9% during the forecast period. Rising demand for polyesters in textile and packaging industries, growing adoption of terephthalic acid in textile and home furnishing sector, rising global demand for Polyethylene Terephthalate (PET) resin from packaging materials, and increasing adoption of PET film as a protective layer in building materials are expected to drive market revenue growth.

Terephthalic acid refers to a carboxylic acid which is a very versatile and widely used monomer in almost all industrial polymers. Terephthalic acid finds extensive use in various high-tech industries and specialized applications such as construction, automotive, pharmaceuticals, electronics, food and beverage industry, and many more. Rising demand for polyester fibers in recent years is driving revenue growth of the market. The global demand for polyester fibers is growing rapidly due to the rising popularity of clothing fibers and the expanding requirement from the garment industry. This demand for polyester fibers is expected to rise over the next ten years, with adoption of clothing fibers which is expected to rise from approximately 85.6 million tons in 2022 to roughly 114.9 million tons by 2030. Most of this demand will be driven by PET resin used in clothing fibers, particularly in garment industry.

Volatile cost of raw materials such as paraxylene could restrain market revenue growth. Paraxylene is a crucial feedstock to produce terephthalic acid, and its price fluctuations can impact the overall cost structure of terephthalic acid manufacturing. The terephthalic acid market is highly dependent on the petrochemical industry, where paraxylene is derived from crude oil or naphtha. Any instability in the global oil markets, geopolitical tensions, or supply chain disruptions can lead to unpredictable price variations in paraxylene. These fluctuations in raw material costs not only affect the profit margins of terephthalic acid manufacturers but also make it challenging for them to plan and implement pricing strategies.

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Segment Insights

Manufacturing Process Insights:

On the basis of manufacturing process, the global terephthalic acid market is segmented into Amoco process, cooxidation, multistage oxidation, and henkel process.

Amoco process segment accounted for largest revenue share in the global terephthalic acid market in 2022 due to increasing adoption for this process in production of polyester fibers and resins. Amoco process involves ammoxidation as reactants, resulting in formation of terephthalic acid ensuring optimal crystallization and drying. In addition, terephthalic acid is resistant to hydrolysis and provides a stable platform for the packaging components, safeguarding against degradation over time.

Derivate Insights:

On the basis of derivative, the global terephthalic acid market is segmented into polybutylene terephthalate, polyethylene terephthalate, polytrimethylene terephthalate and dimethyl terephthalate.

Polyethylene terephthalate segment accounted for largest revenue share in the global terephthalic acid market in 2022 due to increasing use of this derivate to produce PET resin owing to its capability for packaging industries.  Polyethylene terephthalate offers the potential for lightweight and durable materials, making it an attractive option for manufacturers seeking cost-effective and recyclable materials. In addition, polyethylene terephthalate allows for precise control over the properties of plastic products, resulting in processing techniques of PET resin.

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Regional Insights:

Asia Pacific accounted for largest revenue share in 2022 due to growing adoption of polyester fibers in textile market in countries across the region, especially in China, Japan, South Korea, and India. The primary products within this category encompass saturated polyesters, mainly Polyethylene Terephthalate (PET) and related polymer products such as fibers, resins, thin films and bottles. Rapid economic growth in Asia Pacific is driving revenue growth of the textile market in these countries.

North America is expected to register a fast revenue growth rate during the forecast period due to the growing demand for polyester fibers in textile industry in countries across the region especially in U.S. and Canada. According to National Council of Textile Organization, The U.S. textile industry supply chain from textiles to apparel and other sewn products, employed 538,067 workers in 2022. US textile and apparel shipments reached USD 65.8 billion in 2022.

Scope of Research

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Major Companies and Competitive Landscape

The global terephthalic acid market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective terephthalic acid.
Some of the major companies included in the global terephthalic acid market report are:

• Eastman Chemical Company
• DuPont
• Reliance industries Limited
• Indorama Ventures Public Company Limited
• Tianjin Petrochemical Co., Ltd
• SABIC
• Sinopec
• Mitsubishi Chemical Corporation
• Karyopharm
• Formosa Plastics
• HANWA Co., Ltd.
• BP p.l.c.
• Alpek S.A.B. de C.V.

Strategic Development

• On 02 May 2023, DuPont announced that it had entered into a definitive agreement to acquire Spectrum Plastics Group from AEA Investor. The purchase price will be paid from available cash balances. The transaction is expected to be completed by the end of the third quarter of 2023, subject to regulatory approvals and other customary closing conditions. Spectrum is a recognized leader in the advanced manufacturing of specialty medical devices and components, serving 22 of the top 26 medical device manufacturers with a strategic focus on these areas. Important, fast-growing therapeutic areas include structural heart, electrophysiology, surgical robotics, and the cardiovascular system.
• On 16 May 2022, SABIC, a global leader in the chemical industry, introduced LNP ELCRIN WF0061BiQ resin, a new material that uses ocean-grade Polyethylene Terephthalate (PET) bottles as the source raw material for chemical recycling into Polybutylene Terephthalate (PBT) plastic. Ocean plastic is poorly managed waste that comes from within 50 km of the coast and has the potential to reach the ocean. The new grade is the latest addition to SABIC’s extensive portfolio of chemically recycled LNP ELCRIN iQ materials, helping to support circularity while also serving as a potential replacement for virgin PBT resin. LNP ELCRIN WF0061BiQ resin is a candidate for consumer electronics applications such as fan covers in computers and automobile seats, as well as connectors and electrical housings.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global terephthalic acid market on the basis of manufacturing process, derivate, application, end-use, and region:

• Manufacturing Process Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)

• • Amoco process
  • Cooxidation
  • Multistage oxidation
  • Henkel process

• Derivate Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)

• • Polybutylene Terephthalate
  • Polyethylene Terephthalate
  • Polytrimethylene Terephthalate
  • Dimethyl Terephthalate

• Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)

• • Paints
  • Polyester Coatings
  • Adhesives
  • Polyester Fibers
  • Bottles
  • Others

• End-Use Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
  • Construction
  • Packaging
  • Automotive
  • Pharmaceuticals
  • Electronics
  • Food and Beverage Industry

• • Others

• Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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