Purified Terephthalic Acid (PTA) Market Analysis By Demand, By Region, By Applications and Forecast Report Till 2032

Purified Terephthalic Acid Market 

The global Terephthalic Acid Market was valued at USD 79 Billion in 2023 and is poised to register a CAGR of 3.5% to reach around USD 100 Billion in 2032. The global Terephthalic Acid market is primarily driven by the production of PET resins, films, and fibers. The largest application of PTA is in the production of polyethylene terephthalate polymer (PET) accounting for over 95% of the global Terephthalic Acid Market. 

global Terephthalic Acid Market

Introduction

PTA stands for Purified Terephthalic Acid is one of the largest commodity chemicals. It is produced in two stages: Initially, crude PTA is produced from the oxidation of paraxylene in acetic acid solvent and in the presence of air. Manganese or cobalt acetate are used as a catalyst. The produced PTA is impure as it contains impurities such as 4-carboxy benzaldehyde, para-tolu aldehyde, benzoic acid, and para-toluic acid. In the second stage, crude PTA undergoes chemical and physical procedures such as hydrogenation, crystallization, filtration and drying to produce high-purity PTA. The major application of PTA is in production of Polyethylene Terephthalate (PET) including PET fiber, PET bottle resins and PET film. 

Historical Purified Terephthalic Acid Market Analysis

The global PTA capacity was estimated to be nearly 93,400 Kiloton in 2016, which grew by an annual average rate of 4.1% to around 125,000 Kiloton in 2023. The global Terephthalic Acid capacity is poised to cross 160,000 Kiloton by 2032 with most of the major capacity additions in Asia Pacific. The global Terephthalic Acid demand has grown from 66,960 Kiloton in 2016 to 90,000 Kiloton in 2023 with an average annual rate of 4.3% during the period. The largest application of PTA is in production polyethylene terephthalate polymer, PET. This polymer mainly used as polyester fiber, solid state resin, PET filaments and film. Textile and packaging are the significant end-use industries of PET. 
 

Regional Purified Terephthalic Acid Market Analysis

Asia-Pacific dominates the global PTA market accounting for over 85% of global demand in 2023. China is the largest consumer of PTA in the region and the world. China is also the largest producer of PTA globally with estimated production of around 61,009 Kiloton in 2023. The largest downstream application of PTA is polyethylene terephthalate, accounting for around 95% of the PTA consumption. Polyethylene Terephthalate resin is produced through polycondensation reaction of PTA and mono-ethylene glycol and around 1 ton of PET requires around 0.85-0.86 tons of PTA. 

The major producers of PTA in China includes, Hengli Petrochemical, Yisheng Petrochemical, Jianxing Petrochemical, Xiang Lu Petrochemical, Hanbang Jiangyin Petrochemical, BP Zhuhai Chemical. Globally, Hengli Petrochemical located in Changxing Island, China is the largest producer of PTA with total production capacity of around 11,600 Kiloton annually. The company has 5 production lines and utilises INVISTA technology for PTA production, with 6th and 7th line in slated to start by Q1-2024. More than half of the country’s PTA production facility is in East China. 

Global Terephthalic Acid Demand, By Region 2023 (Kilotons)

 

Global Terephthalic Acid Demand, By Region 2023(Kilo Tons)Source: Secondary & Primary Research and Prismane Consulting estimates
 
China has consistently ranked among the world's leading PTA exporters, averaging approximately 7,000 Kiloton of PTA exports annually from 2016 to 2023. Over this period, China maintained a net export position, with an average of about 1,063 Kiloton of PTA exported. In 2023, China's PTA exports totaled around 2,571 Kiloton, marking a 5% decrease compared to 2021. Notably, India and Turkey emerged as significant destinations for China's PTA exports.


In 2022, the primary importers of PTA were India, the USA, Germany, Turkey, and China, with Turkey leading the pack as the largest importer, closely followed by India. Specifically, India's PTA imports amounted to approximately 1,650 Kiloton in 2022. The main sources of PTA imports into India were China, Taiwan, Thailand, Indonesia, and Malaysia. During the period from 2016 to 2022, Turkey consistently imported an average of about 992 Kiloton of PTA, primarily from South Korea and China.

Global Terephthalic Acid Demand Analysis, By Application Until 2032 (Kiloton)

Global Terephthalic Acid Demand Analysis, By Application 2016-2032 (Kilo Tons)

 

Source: Secondary & Primary Research and Prismane Consulting estimates

Terephthalic Acid Market, by Application

PET is the largest application of PTA and accounts for over 95% of PTA demand. Out of total PET, around 50% of PTA goes into the production of PET filament. PET bottle grade, chips, films, and staple fiber together consumes 44% of the total PTA demand. Other minor applications including polybutylene terephthalate, powder coatings, insulation material, and packaging accounting for around 1-2% of global PTA demand. 

Asia is the largest market for PET polymer in terms of PET capacity, production, and demand. The demand for PET polymer in Mainland China exceeded more than 55% of the global demand in 2023. PET is largely used for the production of polyester fiber. PET accounts for around 50% of 100 million tons of fiber consumed globally.  Polyester fiber owing to its excellent wrinkling resistance, elasticity, low cost, and stiffness is used to make woven garments, home furnishings, apparel, etc. There is an increase in the amount of polyester fiber consumption in dyeing, textile weaving, and apparel-making industries on the back of the fast-growing textile industry of Asia. 

Apparel is one of the significant applications of polyester fiber and China and USA are the major markets of apparel globally. China is the largest exporter of apparels in the world and exported total textile and apparel of worth around USD 374 Billion in 2023, increasing at a year-on-year growth of 0.2%. The total exports of textiles and apparel slowed down in 2022 as compared to 2021 owing to economic recession and interest rate hikes of overseas governments. However, total exports of China were up by around 23% in 2023 from USD 272 Billion in 2019.  The top 10 major destinations for China textile and apparel were the USA, Japan, Vietnam, South Korea, Bangladesh, Germany, Kyrgyzstan, Australia, the UK and Others. 

The growth of PTA market can be hampered by the growing demand of recycled PET.  The growing concern towards environmental sustainability is driving the market of recycled products. There is a growing demand for products made from recycled PET in the packaging, automotive, and textile industries. Many manufacturers are turning towards recycled PET. Indorama Ventures is the largest producer of recycled PET globally for beverage bottles. Indorama and Carbios collaborated in 2022 to build a bio-recycled PET manufacturing facility in Longlaville, France. The production facility will be operational by 2025 and will produce 100% bio-recycled PET.  

PurifiedTerephthalic Acid Demand Analysis Until 2032 (Kiloton)

Global Terephthalic Acid Demand Supply Analysis

Source: Secondary & Primary Research and Prismane Consulting estimates

Recent Developments in Terephthalic Acid Market

Lotte Chemical, a PTA prouder in South Korea will withdraw from PTA Business to focus completely on its special material business including polyethylene, polypropylene, and PET. The company announced in 2023 that it would sell its subsidiary, Lotte Chemical Pakistan Limited to a chemical company, Lucky Core Industries located in Lahore, Pakistan at around USD 156 Million.

Hengli Petrochemical is set to bring two additional PTA plants online, each with a capacity of 2.5 million tons. Line 6 is projected to commence operations in 2023, while line 7 is expected to follow suit in 2024. In the meantime, Zhejiang Yisheng Petrochemical expanded its No. 2 plant in the middle of 2021. Furthermore, Fujian Petrochemical has plans to augment its existing 4.5 million-ton plant with a new 3 million-ton facility, with operations slated to begin by 2026.

In India, Indian Oil Corp. is on track to initiate its 1.25 million-ton PTA plant in Odisha by 2024. Simultaneously, Reliance Industries Ltd. is gearing up for a mid-2024 start, with additional expansions planned at the same facility, resulting in a total new capacity of 3 million tons, scheduled to be operational by 2026.

JBF Industries successfully commenced operations at its PTA plant in 2022. Another significant expansion is in progress at Haldia Petrochemicals, involving an increase of 2.5 million tons, with a target start date of 2025.

Scope of Report 

The PTA report describes the global PTA market, with focus on the country, applications,
 and other end-use scenarios. The study provides

Market Data & Forecast (Short-term and Long-term)
•  Demand-Supply Analysis
•  Demand Composition, by Applications
•  Trade (Import, Export and Net Export)
•  Sales & Revenue
•  Pricing Analysis
•  Market Dynamics

Country Summaries & Product Review
•  Supply Demand Balance 
•  PTA Market data in terms of volume and value for each end-use 
   at regional and country level
•  PTA Market analysis for Production, Capacity and Demand, at regional and country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook
•  Industry & Policy Developments 
•  End-use Industry / Applications Market 
•  Reasoning & Analysis
•  Insightful Commentary
•  Market Review
•  Comparative Analysis
•  Key players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment

1.  Introduction
      •  Scope
      •  Market Coverage
          -  Application
          -  Regions
          -  Countries
      •  Years Considered
          -  Historical - 2016 – 2021
          -  Base - 2022
          -  Forecast Period - 2023 – 2032
      •  Research Methodology
          -  Approach
          -  Research Methodology
          -  Prismane Consulting Market Models
          -  Assumptions & Limitations
          -  Abbreviations & Definitions
          -  Conversion Factors
          -  Data Sources
2.  Market Synopsis 
      •  Market Evolution
      •  Demand-Supply Overview
      •  Industry Structure
      •  Strategic Issues
      •  End-use Trends
      •  Growth Forecast
3.  Economic & Energy Outlook
      •  GDP and Demographics
      •  Monetary & Fiscal Policies
      •  Crude Oil Production and prices
      •  Natural Gas
      •  Electricity Prices
4.  End-use Sector Performance
      •  Automotive
      •  Electrical & Electronics
      •  Packaging
      •  Textiles
      •  Others
5.  Plants & Projects Analysis
      •  Terephthalic Acid Production Capacity, by Company
      •  Terephthalic Acid Production Capacity, by Country and by region
      •  Capacity Overview
6.  Introduction to Terephthalic Acid and Market Overview 
      •  Product Description
      •  Grades & Properties
      •  Raw Material
      •  Manufacturing Process
      •  Environmental Issues
      •  Value Chain
      •  Applications
7.  Market Dynamics and Industry Trends 
      •  Market Dynamics 
          -  Drivers
          -  Restraints
          -  Opportunities
          -  Challenges
8.  Global Terephthalic Acid Demand-Supply Analysis, By Application (Volume, Value) (2016–2032) 
      •  Strategic Issues
      •  Demand-Supply Analysis and Forecast (2016 – 2032)
          -  Capacity
          -  Capacity Utilization (%)
          -  Production
          -  Imports
          -  Exports
          -  Net Exports
          -  Demand
          -  Demand Growth Rate (%)
          -  Driving Force Analysis
      •  Global Terephthalic Acid Market, By Application 
          -  Polyethylene Terephthalate (PET)
            -  PET Resins
            -  PET Fibres
            -  PET Film
          -  Polybutylene Terephthalate (PBT)
          -  Plasticizers
          -  Others
9.  Demand-Supply Analysis and Market Review, By Region, By Country (Volume, Value), (2016– 2032)
      •  Strategic Issues
      •  Capacity
      •  Capacity Utilization (%)
      •  Production
      •  Imports
      •  Exports
      •  Net Exports
      •  Demand
      •  Demand Growth Rate (%)
      •  Terephthalic Acid Market, By Application
Note: Demand-Supply Analysis has been provided for all major Regions / Countries as mentioned below. The demand-supply (consumption) split by application, has been provided for each of the countries/regions in Volume (Kilotons) and Value (USD Million).
      •  North America
         -  USA
         -  Canada
         -  Mexico
      •  Western Europe
         -  Germany
         -  France
         -  Italy
         -  United Kingdom
         -  Spain
         -  Rest of Western Europe
      •  Central & Eastern Europe
         -  Russia
         -  Poland
         -  Rest of Central & Eastern Europe
      •  Asia-Pacific
         -  China
         -  Japan
         -  India
         -  South Korea
         -  Rest of Asia-Pacific
      •  Central & South America
      •  Middle East & Africa
Note: CAGR will be calculated for all the application to arrive at the regional/global demand growth for the forecast period (2023 – 2032)
10.  Pricing Analysis
      •  Average Terephthalic Acid prices, by Country 
      •  Average Terephthalic Acid prices, by Region
      •  Price Forecast
11.  Key Strategic Issues
12.  Business Opportunity Assessment 
      •  Market Attractiveness Assessment
      •  Prospective & Target Market Study
13.  Strategic Recommendation & Suggestions
14.  Company Analysis and Market Share Analysis
         -  Basic Details
         - Headquarters, Key Markets
         -  Ownership
         -  Company Financial
         -  Manufacturing Bases
         -  Global Turnover
         -  Total Employee
         -  Product Portfolio / Services / Solutions
         -  Recent Developments
         -  Companies Covered
             -  Reliance Industries
             -  SABIC
             -  Mitsubishi Chemicals
             -  Sinopec Group
             -  Eastman Chemical Company
             -  Alpek
             -  Havna Company Limited
             -  Indorama Ventures (IVL)
             -  Formosa Plastics
             -  India Oil Corp
             -  Hengli Petrochemical
             -  Siam Mitsui PTA
             -  OAO Polief (SIBUR)
             -  Other Manufacturers
Note: This section includes company information, company financials, manufacturing bases, and operating regions. Company financials have been mentioned only for those companies where financials were available in SEC Filings, annual reports, or company websites. All the reported financials in this report are in U.S. Dollars. Financials reported in other currencies have been converted using average currency conversion rates. Company profiles may include manufacturers, suppliers, and distributors.
15.  Appendices
      •  Demand-Supply - Regions
      •  Demand-Supply– Countries
      •  Capacities, 2016-2032

Scope of Report 

The PTA report describes the global PTA market, with focus on the country, applications,
 and other end-use scenarios. The study provides

Market Data & Forecast (Short-term and Long-term)
•  Demand-Supply Analysis
•  Demand Composition, by Applications
•  Trade (Import, Export and Net Export)
•  Sales & Revenue
•  Pricing Analysis
•  Market Dynamics

Country Summaries & Product Review
•  Supply Demand Balance 
•  PTA Market data in terms of volume and value for each end-use 
   at regional and country level
•  PTA Market analysis for Production, Capacity and Demand, at regional and country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook
•  Industry & Policy Developments 
•  End-use Industry / Applications Market 
•  Reasoning & Analysis
•  Insightful Commentary
•  Market Review
•  Comparative Analysis
•  Key players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment


Frequently Asked Questions

What is the global production capacity for Terephthalic Acid (PTA), and how is it distributed regionally?
The global PTA capacity was estimated to be nearly 93,400 Kiloton in 2016, which grew by an average of 4.1% CAGR to around 125,000 Kiloton in 2023. The global Terephthalic Acid capacity will cross 160,000 Kiloton by 2032 with most of the major capacity additions in Asia Pacific.
How big is the PTA market?
The global Terephthalic Acid Market was valued at USD 79 Billion in 2023 and is poised to register a CAGR of 3.5% to reach around USD 100 Billion in 2032. The global Terephthalic Acid market is primarily driven by the production of PET resins, films and fibres. The largest application of PTA is in the production of polyethylene terephthalate polymer (PET) accounting for over 95% of the global Terephthalic Acid Market.
Who are the key players in the Global PTA market?
Reliance Industries, SABIC, Lotte Chemical, Mitsubishi Chemicals, JBF Industries, Sinopec Group, Eastman Chemical Company, Alpek, Havna Company Limited, Indorama Ventures (IVL), Formosa Plastics, India Oil Corp, Hengli Petrochemical, Siam Mitsui PTA, and OAO Polief (SIBUR) are some of the major PTA producers in the world.
What is the market price of terephthalic acid?
The PTA pricing trends can vary due to factors such as fluctuation in raw material costs, supply and demand dynamics, and geopolitical factors. As of 2023, the global PTA prices ranged from USD 1100-1200 per ton. The Asian PTA prices saw a significant increase, driven by high demand from regional end use industries and rising upstream costs.
How has the global Terephthalic Acid demand changed from 2016 to 2022, and what is the annual growth rate during this period?
The global Terephthalic Acid demand has grown from 66,960 Kiloton in 2016 to 90,000 Kiloton in 2023 with an average annual rate of 4.3% during the period. The largest application of PTA is in production polyethylene terephthalate polymer, PET. This polymer mainly used as polyester fiber, solid state resin, PET filaments and film. Textile and packaging are the significant end-use industries of PET.
Which region dominates the global PTA market, and what percentage of global demand does it account for in 2023?
Asia-Pacific dominates the global PTA market accounting for over 85% of global demand in 2023. China is the largest consumer of PTA in the region and the world. China is also the largest producer of PTA globally with estimated production of around 61,000 Kiloton in 2023. The largest downstream application of PTA is polyethylene terephthalate, accounting for around 95% of the PTA consumption.
Who are some of the major PTA producers in China, and what are their production capacities?
The major producers of PTA in China includes, Hengli Petrochemical, Yisheng Petrochemical, Jianxing Petrochemical, Xiang Lu Petrochemical, Hanbang Jiangyin Petrochemical, BP Zhuhai Chemical. Globally, Hengli Petrochemical located in Changxing Island, China is the largest producer of PTA with total production capacity of around 11,600 kilo tons annually.