Asia Pacific Purified Terephthalic Acid (PTA) Market: Introduction
In terms of
value, the purified
terephthalic acid (PTA) market in Asia Pacific is
anticipated to exceed US$ 132 Bn by 2030 and
expand at a CAGR of 8% during
the forecast period. China dominated the purified terephthalic acid (PTA)
market in Asia Pacific, in terms of volume, in 2019. It is
estimated to be the leading country of the purified terephthalic acid (PTA)
market in Asia Pacific during the forecast period. Manufacturers of PTA plan to
expand their footprint and portfolio in Asia Pacific, thereby offering
significant opportunities for the purified terephthalic acid (PTA) market. For
instance, in September 2019,
Mitsubishi Chemical Corporation announced that its wholly owned subsidiary PT.
MC PET Film Indonesia (MFI) would build a new facility to increase the
production capacity of polyester films. MFI expects to invest about US$
130 Mn in the new facility, which is expected to be
completed by the end of 2021. This, in turn, is projected to fuel the demand
for PTA.
Asia Pacific Purified Terephthalic
Acid (PTA) Market: Key Drivers and Restraints
The
increase in usage of PTA in the textile sector for polyester fibers
applications is anticipated to boost the purified terephthalic acid (PTA)
market during the forecast period. Fabrics made from polyester fiber possess
good elasticity, wrinkle resistance, shape retention, excellent wash-and-wear
performance, and durability; therefore, polyester fiber is extensively utilized
in all kinds of apparel fabrics. It can be used for fashionable dresses.
However, it is most preferred for its ability to resist wrinkling and easy wash
ability. Its toughness makes polyester fiber a frequent choice for children’s
wear. Polyester is often blended with other fibers, such as cotton, to obtain
the best of both worlds. These factors are anticipated to fuel the purified
terephthalic acid (PTA) market.
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Advancements
in technology have created a positive outlook for the PET bottle segment. For
instance, manufacturers have introduced a plasma-based coating, which makes PET
bottles more impervious in nature. Moreover, manufacturers have also started
utilizing silver to increase the shelf life of PET bottles. According to RADII
China, in 2018 P.E.T. (Plastic Ecological
Transformation) successfully recycled 110,000 bottles
from traditional waste streams. This has created demand for PET resin from the
packaging and food & beverages sector, which, in turn, is expected to drive
the purified terephthalic acid (PTA) market.
According
to a report, China's active PTA capacity has increased by 4.7
million tons per year since 2018 to stand
at 48.9
million ton per year in November 2019. Two
more new PTA plants are expected to commence production by early 2020;
Hengli Petrochemical's 2.5 million ton
per year new PTA line at Dalian and Xinjiang Zhongtai Chemical's 1.2
million ton per year at Korla in the Bayingolin Mongol
Autonomous Prefecture. This expected to create overcapacity of PTA in China.
This is anticipated to hamper the purified terephthalic acid (PTA) market in
Asia Pacific during the forecast period.
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Asia Pacific Purified Terephthalic
Acid (PTA) Market: Key Segments
In terms of
volume, the polyester fibers application segment held a major share of the
purified terephthalic acid (PTA) market in Asia Pacific in 2019. This trend is
anticipated to continue during the forecast period, as a significantly high
amount of PTA is consumed in polyester production, including polyester fiber.
The polyester segment also offers significant opportunities for the purified
terephthalic acid (PTA) market in Asia Pacific, owing to increase in
utilization to make fabrics for apparel and home furnishings such as bed
sheets, bedspreads, curtains, and draperies. However, the polyester films
segment is estimated to expand at a sluggish pace during the forecast period.
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Based on
end use, the packaging segment held a significant share of more than 30% of
the Purified Terephthalic Acid (PTA) market in Asia Pacific in 2019.
This trend is estimated to continue during the forecast period. On the other
hand, automotive and textile segments of the purified terephthalic acid (PTA)
market in Asia Pacific are projected to expand at a steady CAGR, as compared to
that of others segments, during the forecast period.
Competition Landscape of Asia
Pacific Purified Terephthalic Acid (PTA) Market
Major
players operating in the Purified Terephthalic Acid (PTA) market in Asia Pacific include Reliance
Industries Limited, JBF Industries Ltd, Indorama Ventures Public Company
Limited, Indian Oil Corporation Ltd, SAMYANG HOLDINGS CORPORATION, and Hanwha
Group.
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