An increase in demand for PET bottle resins and unsaturated polyester resins are the major factors influencing market growth.
Polymer Isopthalic Acid Market Size – USD 1.50 Billion in 2020, Growth - CAGR of 6.0%, Trends – Rise in vertical integration.
The global Polymer Isopthalic Acid Market is expected to reach USD 2.37 Billion by 2028, according to a new report by Reports and Data. Isophthalic acid is an aromatic colorless organic compound which serves as an isomer of terepthalic acid and phthalic acid and is industrially manufactured by the oxidizing meta-xylene.
There is an increase in the demand for PET bottle and containers among end-user especially in companies manufacturing soft drinks, detergents, cosmetics and pharmaceutical products among others. PET also finds application in the production of water resistant papers. This increased demand of PTE is forecasted to boost the market growth.
A rise in the use of unsaturated polyester resin for use in water tanks, pipes and marine automotive industries is also one of the major factors driving the market growth.
One of the major factors restricting the market growth is the mandating of stringent regulations and policies. The EPA and REACH have framed certain stringent regulations and policies which are likely to hinder the market growth.
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Top Companies: Mitsubishi Gas Chemical Company, Lotte Chemical Corporation, British Petroleum, Exxonmobil, Perstorp, Total Petrochemicals, Eastman Chemical Company, Koch Chemical Company, AG International Chemical Company Inc. and Versalis S.P.A among others.
Further Key Finding from the Report Suggestion:
- Technical grade Polymer Isopthalic acid is estimated to observe the highest growth rate with a CAGR of 5.9% in the forecast period due to the extensive use of this grade of Polymer Isopthalic acid in industries and laboratories.
- Powder form is estimated to have a significant growth rate of CAGR 6.1% in the forecast period. This can be attributed to the rising application of powder form in various industrial manufacturing process.
- The largest contribution to the market share is by the application segment of PET copolymers with a growth rate of CAGR 6.0% in the forecast period. The PET Copolymers are used in the manufacturing of PET bottle resins used in the manufacturing of soft drink bottles packaging of cosmetics and detergents among other applications.
- The packaging industry is projected to hold the largest market share with a growth rate of CAGR 6.1% in the forecast period owing to a rising application of Polymer Isopthalic acid in production of material used in manufacturing of packaging items for various industries.
- Asia Pacific holds the largest market and is forecasted to witness the highest growth rate in the forecast period with a CAGR of 6.2%. This can be attributed chiefly to an increase in production of PET bottle resins and unsaturated polyester resins in countries like China and India.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Polymer Isopthalic Acid market is segmented into:
Type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- 99% Pure
- 5% Pure
- Others
Physical State Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Crystal
- Powder
- Liquid
Grade Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Industrial
- Technical
- Reagent
- Others
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- PET Copolymer
- Unsaturated Polyester Resin
- Surface Coating Resins
- Amorphous Polyamide Resins
- Others
End-Use Industry Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Paint
- Coating
- Plastic
- Packaging
- Chemical
- Automotive
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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