Purified Terephthalic Acid (PTA) is an organic white solid commodity chemical used to precursor the polyester PET, used to make clothing and plastic. According to BlueQuark Research & Consulting, the global Purified Terephthalic Acid (PTA) market is expected to witness a significant growth rate during the forecasted period. Factors such as the increasing demand for Purified terephthalic Acid as a raw material used to manufacture Polyethylene Terephthalate (PET) resin are expected to drive the market during the forecasted periods. Further, the increasing usage of PET resin to manufacture beverage bottling and food packaging is expected to propel the demand for Purifies Terephthalic Acid in the forecasted period. Furthermore, Purified Terephthalic Acid used in textile, polyester fiber, films, and coating industries is expected to drive the market in the forecasted periods. However, the environmental regulations and the fluctuation in the paraxylene prices are expected to restrain the Purified Terephthalic Acid market growth in the forecasted period.

Purified Terephthalic Acid (PTA) is used to manufacture polyester resins, polyester films, polyester fiber, yarn, and PET material bottles, audio and video recording tapes, data storage tapes, labels and other sheet material requiring both dimensional stability and toughness, photographic films, paint carrier, certain drugs, plasticizers, water-soluble coatings, metal-organic frameworks, military smoke grenades. PTA is also used to produce liquid crystal polymers, plasticizers, cyclohexane dimethanol, terephthaloyl chloride, and polytrimethylene terephthalate.

The Plastic industry is the most dominating industry regarding demand and consumption of Purified Terephthalic Acid (PTA). According to the World Health Organization (WHO), the world population will surpass 8.2 billion by 2026, rapidly increasing plastic demand. Approximately 1 million plastic bottles are sold every minute globally. The yearly consumption of plastic bottles is expected to reach 550 billion in 2021, thus driving the demand for PTA. The increasing drinking water problems and polluted freshwater resources result in people's dependence on the mineral water sold in plastic bottles. Americans use about 50 billion plastic bottles annually, making it a great future market prospect for Purified Terephthalic Acid. Since the Covid-19 has affected the entire global population directly or indirectly, its prevention is highly essential. Therefore, people avoid using public water sources for drinking and prefer untouched mineral water, which comes in plastic bottles, which has boosted the post-pandemic market. PTA is widely used to manufacture polyester fibers and yarn. Due to their recyclability, versatility, and affordability, polyester fibers are preferred by the textile industry compared to other threads. Therefore, the polyester industry has been accounting for the most significant share of the textile industry and contributing to the global Purified Terephthalic Acid (PTA) market.

The Asia Pacific region is expected to be the leader in producing and consuming Purified Terephthalic Acid, with most companies in China and India. The Asia-Pacific region is home to over 60% of the world's total population. This growing population's plastic and polymer demand has increased since the last decade, benefiting the PTA market. The development of PET material bottles, polyester resigns, and yarn amongst other commodities and high demand for Polyethylene Terephthalate (PET) from the bottling and packaging industry accelerated market growth. The increase in the need for PET resins is used as an ingredient in beverage bottling and food packaging. The rise in popularity of the product due to its lightweight and waterproof characteristics further influences the market. Due to its flexibility and toughness, the growing demand for purified terephthalic acid in carbonated plastic bottles is anticipated to propel industry expansion. Additionally, a surge in investment, stringent regulations and a rise in demand for recyclable and sustainable products positively affect the purified terephthalic acid (PTA) market. Moreover, increasing PTA-based polyester fiber usage due to its high strength, quick-drying, and high chemical & wrinkle resistance is projected to drive product demand over the forecasted period. PTA is worn as a raw material for polyester films owing to its toughness and dimensional stability. An increase in usage of these films in photographic films and data storage tapes & sheets is predicted to fuel the PTA market. The region's market mainly consists of countries like China, India, Malaysia, Japan, Vietnam, and Australia, which consume many plastics and polymers. China alone consumes around a quarter of the world's total plastic bottles. Though the country is not self-sufficient, consumed PTA is imported from Korea and Taiwan. Due to the increase in the underground pipelines and storage tanks used to store and transport oil and gas products in the region, the coating industry has also been uplifted, ultimately increasing the Global Purified Terephthalic Acid (PTA) market. The increasing demand for the textile industry in the region is expected to increase the demand for PTA in the APAC region. Thus, the growing demand for the food & beverage and textile industry is expected to propel the demand for Purified Terephthalic Acid.

The global Purified Terephthalic Acid (PTA) market was fragmented. Major international players in the industry were British Petroleum, Reliance Industries Limited, SABIC, Sinopec Corporation, Indorama Ventures Public Company, Eastman Chemical Company, Indian Oil Corporation, Mitsubishi Chemical Corporation, Lotte Chemical Corporation.

On 29th June 2020, BP and Ineos announced the sales agreement under which BP sold its petrochemical asset to private-sector integrated company Ineos. BP's Asia production assets span Taiwan, China, South Korea, and Indonesia, and it produces mostly PTA and Acetic acid. The PTA production volumes were at 4.15 mn t/yr.

Global Purified Terephthalic Acid (PTA) Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Purified Terephthalic Acid (PTA) market by segmenting based on Derivatives (Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT), polytrimethylene terephthalate (PTT), Others), Application (Food and Beverage, Food Packaging, Textiles, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers emerging market trends, developments, opportunities, and challenges in the industry. The report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.