An increase in demand for PET bottle resins and unsaturated polyester resins are the major factors influencing market growth.
Market Size – USD 1.30 billion in 2018, Market Growth – CAGR of 6.0%, Market Trends – Rise in vertical integration.
The global Isopthalic Acid market is expected to reach USD 2.10 Billion by 2026, 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.
The North America market would witness a slow growth in the consumption of isopthalic acid. The market growth of the isopthalic acid in North America is chiefly contributed by the rising production of PET bottle resin in the United States. In Europe market would be more restricted due to stiff competition from the supply of material for PET bottle resin from counties in the Middle East region.
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Further key findings from the report suggest
- Technical grade 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 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 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.
- Key participants include 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.
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For the purpose of this report, Reports and Data have segmented global isopthalic acid market on the basis of type, physical state, grade, application, end-use industry and region:
Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- 99% Pure
- 5% Pure
Physical State Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Grade Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- PET Copolymer
- Unsaturated Polyester Resin
- Surface Coating Resins
- Amorphous Polyamide Resins
End-Use Industry Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- South-east Asia
- Latin America
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