Global Purified Isophthalic Acid Market Insights Forecasts to 2033

• The Global Purified Isophthalic Acid Market Size was estimated at USD 2.57 Billion in 2023
• The Purified Isophthalic Acid Market Size is Expected to Grow at a CAGR of around 5.16% from 2023 to 2033
• The Worldwide Purified Isophthalic Acid Market Size is Expected to Reach USD 4.25 Billion by 2033
• Middle East & Africa is Expected to Grow the fastest during the forecast period.

The Global Purified Isophthalic Acid Market Size is expected to cross USD 4.25 Billion by 2033, Growing at a CAGR of 5.16% from 2023 to 2033. The compound's special qualities allow it to be used in the production and processing of cutting-edge materials, opportunities in purified isophthalic acid market.  

Market Overview  

Purified isophthalic acid, a chemical substance mostly utilized as a crucial intermediate in the manufacturing of polyester resins, coatings, and plasticizers, is produced, distributed, and consumed worldwide by the industry known as the purified isophthalic acid (PIA) market.  The market for pure isophthalic acid (PIA) includes the production, distribution, and use of purified isophthalic acid, a white, crystalline solid that is produced m-xylene oxidized. PIA is used to improve the strength, transparency, and heat resistance of packaging materials for the production of PET bottles, food jars, and films. Growing consumer and company awareness, technological advancements, and stricter government recycling regulations are driving the market for purified isophthalic acid. The growing need for greener, more ecologically friendly packaging materials is the primary factor driving the growth of the purified isophthalic acid market. The automobile industry's focus on high-strength, lightweight, and fuel-efficient materials is another important element driving the demand for purified isophthalic acid market.      

Report Coverage

This research report categorizes the purified isophthalic acid market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the purified isophthalic acid market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the purified isophthalic acid market.

Driving Factors

Demand from the textile and automotive industries, improvements in production technology, environmental limitations, and the cost of raw materials are some of the factors driving the purified isophthalic acid market. The need for PIA is being driven mostly by the growing popularity of sustainable packaging. The need for PIA-based plastics is also increasing as a result of the growing popularity of electric vehicles (EVs) since these materials help reduce weight and increase battery efficiency. The growing need for PIA in the production of PET, which is extensively utilized in packaging materials such as films, bottles, and containers due to its exceptional strength, chemical resistance, and thermal stability, is driving the purified isophthalic acid market.   

Restraining Factors

Price fluctuations for raw materials are one of the main factors restricting the market for purified isophthalic acid. The cost of producing PIA is directly affected by changes in the price of crude oil, which is the raw material used to make PIA.   

Market Segmentation

The purified isophthalic acid market share is classified into type and application.      

• The commercial (90%-99%) segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the type, the purified isophthalic acid market is divided into commercial (90%-99%), and high purity (> 99%). Among these, the commercial (90%-99%) segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Polyester resins, films, and coatings are commonly produced using the commercial (90%–99%) segment, particularly in sectors like textiles and packaging where large quantities of slightly less pure materials are adequate.   

• The polyethylene terephthalate (PET) production segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

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 largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. A common polymer used in the manufacture of bottles, packaging, textiles, and other consumer products is polyethylene terephthalate or PET.   

Regional Segment Analysis of the Purified Isophthalic Acid Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the purified isophthalic acid market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the purified isophthalic acid market over the predicted timeframe. The Asia-Pacific market for PIA is expanding quickly due to factors like industrialization, the growth of the packaging industry, and an increase in the manufacture of automobiles. The region presents substantial prospects for market expansion due to the accessibility of raw materials and reduced production costs. China and India are important nations in Asia Pacific due to the region's strong PET production capability and widespread demand in its packaging and textile industries.      

Middle East & Africa is expected to grow at the fastest CAGR growth of the purified isophthalic acid market during 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. Saudi Arabia has a competitive edge in the manufacture of PIA due to its supply of petrochemical feedstock, which is contributing to regional market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the purified isophthalic acid market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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.
• 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