PTA to emerge as biggest market with growth of textile industry

The market for purified terephthalic (PTA) is likely to witness noticeable expansion in the coming years with the growing demand for polyester, specifically in China. Purified terephthalic acid (PTA) is a chemical which is synthesized from crude oil and majorly used to manufacture polyester fiber.

Several growth factors such as growing per capita consumption in emerging regions such as China and significant growth of the textile industry is expected to boost the demand for the PTA market.

Furthermore, the country is emerging as a global textile manufacturing hub with low-cost labor further driving the growth of the purified terephthalic acid market.

However, fluctuating prices in energy sources such as crude oil required to produce PTA is expected to affect profitability of PTA manufacturers thereby impacting the growth of the market.

Beer and other alcoholic beverage industries as well as household product containers are still dominated by the glass industry, which could be an unexplored market for PTA consumption thereby, providing new opportunities for the growth of the market.

Asia Pacific was the largest consumer for purified terephthalic acid, followed by North America and Europe. Future market growth is expected to be from Asia Pacific as well owing to the improving living standards as well as cross-country usage of PTA products.

Some of major producers of purified terephthalic acid dominating the market are Alfa, S.A.B. de C.V., CPC Corporation, Far Eastern Group, Honam Petrochemical Corporation, Indian Oil Corporation Limited, Mitsubishi Chemical Corporation, Mitsubishi Gas Chemical Co. Inc., Reliance Industries Ltd., Samyang Chemical Co., Ltd. and Saudi Basic Industries Corporation.

PTAs end-user industries include textile and home furnishing where it is required to manufacture garments such as bed sheets, curtains and clothes.