The global purified terephthalic acid (PTA) market is estimated to grow remarkably on account of its increasing usage in producing polyethylene terephthalate (PET) resins, polyester fibers, and polyester films globally, according to findings published in a report by Grand View Research, Inc. PTA is a compound produced by the synthesis of crude oil. It finds application in textile, home furnishing, and bottling and packaging sectors due to good electrical properties, dimensional stability, and superior tensile strength.
Companies have been turning their attention to sustainable chemicals due to the toxic effect synthetic variants have on the environment. Bio-based PTA is being used to produce recyclable PET bottles. Coca-Cola Co., a prominent beverage manufacturer, has decided to foray into producing sustainable bottles using its proprietary PlantBottle technology. It is expected to witness rapid adoption in other sectors soon.
Companies are establishing additional PTA plants in order to expand their global reach. For instance, British Petroleum recently upgraded its plant in South Carolina. This is expected to increase its annual capacity as well as reduce carbon emissions by nearly 110, 000 million tons per year. The company also decided to expand its reach in China to build a 1.2 million-ton capacity-based plant at the Ningxia Ningdong Energy and Chemical Zone to produce PTA for polyesters.
The worldwide PTA market is anticipated to reach a size close to USD 111 billion by 2025. It is expected to expand at a CAGR of close to 6% over the forecast period (2014–2025). Increase in budgetary spending among economies of China and India, coupled with expanding food and beverages and pharmaceutical packaging sectors, is projected to positively impact market growth. However, fluctuation in crude oil prices can impede market growth.
Prominent market players include Reliance Industries Limited, Eastman Chemical Company, Formosa Plastics Group, and Yizheng Chemical Fibre. These players are planning to improve their bottomline margins by investing in technologies that can provide better quality products at low costs.
In-Depth Research Report On Purified Terephthalic Acid (PTA) Market:
https://www.grandviewresearch.com/industry-analysis/purified-terephthalic-acid-market
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