Isophthalic Acid Market
Isophthalic Acid Market Share & Trends Analysis, By Applications (Production of PET resin, Production of UPR, Thermosetting fiber, Process additives, Others), By End-use Industry (Coating, Plastics, Lubricants, Others), By Region Forecast - Global Review 2021 to 2031
Isophthalic Acid Market Overview
As per the latest research done by the Fact.MR, over the historical period of 2016-2020, the isophthalic acid industry grew at a fast pace. However, during the forecast period, the demand for isophthalic acid is projected to grow at a moderate to high CAGR and is expected to hold more than 23% consumption share in North American market. This increase is anticipated because, these Isophthalic acid has various applications in the manufacture of a variety of essential polymers. At present, this acid is used as a base to make polybenzimidazole, a high-performance polymer. Due to these factors, this chemical has significant demand over the market.
Isophthalic acid is a fragrant dicarboxylic acid derived industrially from m-xylene oxidation. These acids are used commonly in commercial applications as a part of the PET (polyethylene terephthalate) copolymer, often used as resins for the bottles. These acids are also available as Purified Isophthalic Acid (PIA), which is a highly pure type of isophthalic acid with up to 99 per cent or higher purity.
What are Driving and Challenging Factors for Isophthalic Acid Market?
Global isophthalic acid demand is projected to expand with a substantial pace. These expansion is primarily driven by the demand growth of polyethylene terephthalate (PET), resins for bottles. Since this acid is one of the primary raw material in the manufacture of PET resins the demand growth for the targeted product is rising.
Isophthalic acid's outstanding properties are drawing attention and demand growth of customers for the global isophthalic acid players. Some of the properties are hydrolytic stability, strength, glossiness, resistance to corrosion, and ease of fabrication make it extremely useful in a wide variety of applications, including the production of corrosion-resistant pipes. In addition, other factors driving the growth of this product include the emerging economy, which is contributing to the rapid development of industries across various geographies.
In the present scenario, there is a surplus quantity of isophthalic acid, with enough quantity to meet the demands for the next five years. This means that the rate of output exceeds the rate of consumption of isophthalic acid. As a result, the price of isophthalic acid is expected to plummet. Increasing demand for resins derived from isophthalic acid is likely to balance the supply consumption cycle in the coming years, bringing prices back up to a higher level.
On the back of the growing demand for soft drinks and bottles, the bottling and packaging sector is expected to see a substantial volume increase. The products like take-out containers, ketchup, kitchen supplies, frozen meals, drinking water, and carbonated beverages all contain the packaging is inclusive of purified terephthalic acid. As PET is derived from isophthalic acid, the growing demand for these products is an indirect growth factor in the targeted market.
Isophthalic acid-derived resins have high longevity and resistance to wear and tear, which decreases their degradation rate. This is one of the factors contributing to the growth of the global isophthalic acid industry. However, it raises the issues of various environmental legislation that seek to protect the nature from pollution and are opposed to the use of such polymers. As a result, regulations limiting the isophthalic acids usage in consumer goods are expected to slow the global market demand.
Regional Outlook of global Isophthalic Acid Market:
China is the largest consumer of isophthalic acid, followed by Europe and North America. The isophthalic acids market is projected to see increased demand from Asia Pacific countries like India, Thailand, and Brazil where production and industry growth is accelerating. This indicates that the global isophthalic acid market is expanding significantly.
The rapid urbanization of the Middle East and Africa stimulates business growth, such as increasing demand for surface coating and resins of unsaturated polymers and others, where isophthalic acids are applied.
Who are the Key Service Providers of Isophthalic Acid Market?
The Isophthalic Acid market is a partially consolidated, hence, the market comprises of moderate number of regional and international players at the market. Some of the leading manufacturers of this market are
- The Chemical Company
- G. International Chemical Co. Inc.
- KOHAP Corporation
- Tecnosintesi S.p.A.
- EMCO Dyestuff
- LOTTE Chemical CORPORATION
- Marubeni Europe plc
- Hefei TNJ Chemical Industry Co. Ltd.
- SILVER FERN CHEMICAL INC
- Eastman Chemical Company
- Dhalop Chemicals
Key manufacturers are currently working with the aim of gaining a substantial market share, using both organic and inorganic growth strategies. The main goals were product launch, partnership, acquisition, and gradually improving their production capability.
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Isophthalic Acid Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
Segmentation Analysis of Isophthalic Acid Market
The global Isophthalic Acid market is bifurcated based on applications, end-use industry and geographic regions.
Based on Applications:
- Production of PET resin (Polyethylene terephthalate)
- Production of UPR (unsaturated polyester resin)
- Thermosetting fiber
- Powder coating
- Aerospace coating
- Process additives
- Production of coating resins
Based on End-use Industry:
Based on geographic regions:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Oceania
- Australia and New Zealand (ANZ)
- Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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