Demand within the Purified Terephthalic Acid (PTA) market has been forecast to increase at a compound annual growth rate (CAGR) of 5.3% over the next seven years, reaching a total volume of approximately 66 million tons by the end of 2020.
Asia-Pacific is expected to account for around 82% of industry demand, making it the largest region within the PTA market.
Additionally, North America (6% demand) and Europe (5%), followed by Latin America (4%) and the Middle East and Africa (3%) are expected to help fuel market growth.
According to a recent report, 'Purified Terephthalic Acid Global Market to 2020,' Asia-Pacific will continue to dominate the PTA market through 2020, thanks to the region's improving living standards, cross-industry usage of PTA products and expanding manufacturing industries.
China has emerged as a global textile manufacturing hub because production in the country benefits from low-cost labor. With more PTA plants planned for installation in the region, Asia-Pacific is expected to drive and dominate the PTA market for the foreseeable future.
PTA is a chemical derived from crude oil that is mainly used to produce Polyester Fibre, which textile and home furnishing industries require to produce garments such as clothes, curtains and bed sheets.
PTA is a precursor to Polyethylene Terephthalate (PET), which is used in the bottling and packaging industry. Although PET accounts for a little less than 30% of the total PTA consumption in the world, it is expected that the changing dynamics of the PET industry might have an impact on the total market for PTA.
The increased use of recyclable PET, the growing popularity of family-pack bottles, and a shift towards light-weight bottles that use less PET are some of the trends that might harm the growth in demand for PET, which in turn will affect demand for PTA.
For more information on the PTA market, see the latest research: PTA Market
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