The global Isopthalic Acid for Technical Grade 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.
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Top Players in the Global Isopthalic Acid for Technical Grade Market:
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.
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.
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Market segmentation based on Type Outlook:
- 99% Pure
- 5% Pure
- Others
Physical State Outlook:
- Crystal
- Powder
- Liquid
Grade Outlook:
- Industrial
- Technical
- Reagent
- Others
Application Outlook:
- PET Copolymer
- Unsaturated Polyester Resin
- Surface Coating Resins
- Amorphous Polyamide Resins
- Others
End-Use Industry Outlook:
- Paint
- Coating
- Plastic
- Packaging
- Chemical
- Automotive
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Isopthalic Acid for Technical Grade Market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Isopthalic Acid for Technical Grade Market?
- Which regional market is expected to lead in terms of revenue share in the global Isopthalic Acid for Technical Grade Market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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