Market Players to Adopt Sustainable and Innovative Manufacturing Techniques to Safeguard Environment
Purified terephthalic acid (PTA) is primarily used in the large-scale production of polyesters such as polyester fiber and more. In addition, purified terephthalic acid (PTA) is the core ingredient in the production of polyethylene terephthalate (PET), which is extensively used in a range of industrial sectors, including food & beverages and consumer good packaging. At present, leading players involved in the current Asia Pacific purified terephthalic acid (PTA) market are increasingly focusing on two major aspects– enhancing the production capacity of their manufacturing plants and minimizing their carbon footprint. The growing demand for purified terephthalic acid (PTA) from the polyester industry is a leading factor that is expected to drive the growth of the Asia Pacific purified terephthalic acid (PTA) market.
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In addition, in a few industries, the potential of purified terephthalic acid (PTA) for wastewater treatment is currently being explored– another factor that could open up new opportunities for the manufacturers operating in the Asia Pacific purified terephthalic acid (PTA) market. At present, due to the limitations of conventional purification techniques, market players are also focusing on improving the efficiency of the new process of obtaining purified terephthalic acid (PTA). As per current observations, the Asia Pacific region is expected to offer lucrative opportunities to the players involved in the purified terephthalic acid (PTA) market in the region due to the booming industrial sector and high concentration of key manufacturers of purified terephthalic acid (PTA).
At the back of these factors, along with the growing demand for polyester products around the world, the Asia Pacific purified terephthalic acid (PTA) market is expected to surpass US$ 132 Bn mark by the end of 2030.
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Market Players Focus on Sustainable Production of Purified Terephthalic Acid
The chemical sector around the world continues to face timely pressure from the regulatory bodies and government agencies, due to the negative impact on the environment. As environment protection laws and regulations around the world continue to become stringent, efforts are in place to discover sustainable and eco-friendly techniques for purified terephthalic acid (PTA) production. Several research projects and initiatives are currently targeting the production of purified terephthalic acid (PTA) from renewable sources. In addition, the early-stage sustainability analysis of a bio-PET precursor is being carried out to assess the environmental impact of the alternative production techniques for purified terephthalic acid (PTA). In addition, considerable resources are being invested to encourage the production of purified terephthalic acid (PTA) via bio-routes. The growing emphasis on safeguarding the environment and shift toward sustainable production of purified terephthalic acid (PTA) is expected to attract investments toward the Asia Pacific purified terephthalic acid (PTA) market due to which, the market is anticipated to grow at a steady pace during the assessment period.
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Asia Pacific to Spearhead Market Growth, ASEAN Countries Offer Potential Opportunities
As per the analysts at Transparency Market Research, developing nations of the Asia Pacific region, including India, China, and Vietnam, are likely to emerge as main exporters of purified terephthalic acid (PTA) during the assessment period. Over the past years, the prices of purified terephthalic acid (PTA) in the Asia Pacific region have witnessed a gradual rise due to the improving demand trends. The positive market sentiments in the Asia Pacific region are likely to have a positive impact on the overall growth of the Asia Pacific purified terephthalic acid (PTA) market. The developing countries of the Asia Pacific, including India, China, and the ASEAN countries are likely to be promising markets for purified terephthalic acid (PTA) during the assessment period.
Demand Likely to Dip amid COVID-19 Pandemic in 2020
Due to the ongoing COVID-19 pandemic, the global demand for purified terephthalic acid (PTA) is expected to witness a gradual decline in 2020 in comparison with 2019. Stringent lockdown measures, restrictions on trade, and transportation, particularly in the first half of 2020, is expected to have a strong impact on the overall growth of the Asia Pacific purified terephthalic acid (PTA) market in 2020. In addition, the dwindling demand from key end-use industries is another major factor that is projected to stall the growth of the Asia Pacific purified terephthalic acid (PTA) market in 2020. However, as lockdowns on the industrial sector in several regions of the world have been lifted, the market is showing signs of recovery. The demand for purified terephthalic acid (PTA) in the second half of 2020 has witnessed steady growth– a factor that could potentially improve the prospects of the purified terephthalic acid (PTA) during the ongoing COVID-19 crisis
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