Global Purified Isophthalic Acid Market Size To Worth USD 4.25 Billion By 2033 | CAGR of 5.16%
Category: Chemicals & MaterialsGlobal Purified Isophthalic Acid Market Size To Worth USD 4.25 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Purified Isophthalic Acid Market Size is Expected to Grow from USD 2.57 Billion in 2023 to USD 4.25 Billion by 2033, at a CAGR of 5.16% during the forecast period 2023-2033.
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Browse key industry insights spread across 245 pages with 114 Market data tables and figures & charts from the report on the "Global Purified Isophthalic Acid Market Size, Share, and COVID-19 Impact Analysis, By Type (Commercial (90%-99%) and High Purity (> 99%)), By Application (Polyethylene Terephthalate (PET) Production, Unsaturated Polyester Resins (UPR), Alkyd Resins, Powder Coatings, Plasticizers, Lubricants, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/purified-isophthalic-acid-market
A chemical substance primarily used as an essential step in the production of polyester resins, coatings, and plasticizers, purified isophthalic acid is produced, distributed, and consumed globally by the purified isophthalic acid (PIA) market. Purified isophthalic acid, a white, crystalline solid that is created when m-xylene is oxidized, is produced, distributed, and used in the pure isophthalic acid (PIA) market. The strength, transparency, and heat resistance of packaging materials used to make PET bottles, food jars, and films are all improved by PIA. This growth is largely due to the growing automotive and construction industries, as well as the growing consumption of PET bottles, films, and fibers. The growing need for PET resins in the packaging sector is the main factor driving the market for purified isophthalic acid. The need for PET resins is further driven by the expansion of the markets for carbonated soft drinks and bottled water, which in turn is driving the PIA industry. Growing building projects, especially in developing nations, raise demand for these high-performance materials, which drives market expansion. However, the market for purified isophthalic acid is primarily restricted by price fluctuations for raw materials.
The commercial (90%-99%) segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the type, the purified isophthalic acid market is classified into commercial (90%-99%) and high purity (> 99%). Among these, the commercial (90%-99%) segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Polyester resins, films, and coatings are produced in large quantities using the commercial (90%–99%) segment, particularly in sectors like textiles and packaging where somewhat lower purity is sufficient.
The polyethylene terephthalate (PET) production segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the purified isophthalic acid market is divided into polyethylene terephthalate (PET) production, unsaturated polyester resins (UPR), alkyd resins, powder coatings, plasticizers, lubricants, and others. Among these, the polyethylene terephthalate (PET) production segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Purified isophthalic acid is used in the production of polyethylene terephthalate (PET), a polymer that is widely used in the manufacturing of textiles, bottles, packaging, and other consumer products.
Asia Pacific is estimated to hold the largest share of the purified isophthalic acid market over the forecast period.
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Asia Pacific is estimated to hold the largest share of the purified isophthalic acid market over the forecast period. The Asia Pacific region is growing as a result of the region's focus on creating cutting-edge materials and the growing use of high-performance plastics in a variety of applications. Furthermore, the region presents substantial prospects for market expansion due to the availability of raw resources and reduced production costs.
Middle East & Africa is predicted to grow at the highest CAGR growth in the purified isophthalic acid market over the forecast period. The growing demand for purified isophthalic acid in industries like coatings, composites, and resins driven by several mega projects and infrastructure development initiatives is driving the market growth.
Major key players in the purified isophthalic acid market include Merck KGaA, LOTTE Chemical CORPORATION., Eastman Chemical Company., International Chemical Co., Thermo Fisher Scientific Inc., The Chemical Company, Formosa Chemicals & Fibre Corp., Mitsubishi Gas Chemical Company, Inc., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the purified isophthalic acid market based on the below-mentioned segments:
Global Purified Isophthalic Acid Market, By Type
- Commercial (90%-99%)
- High Purity (> 99%)
Global Purified Isophthalic Acid Market, By Application
- Polyethylene Terephthalate (PET) Production
- Unsaturated Polyester Resins (UPR)
- Alkyd Resins
- Powder Coatings
- Plasticizers
- Lubricants
- Others
Global Purified Isophthalic Acid Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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