LONDON–(BUSINESS WIRE)–Technavio has announced the top five leading vendors in their recent global purified terephthalic acid (PTA) market report. This market research report also lists 16 other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
According to the research analysis, the global PTA market is fragmented with the presence of both large and small vendors in the market. Different companies are trying innovative ideas to develop new methods of producing PTA with superior performance for different application areas. In addition, vendors are focusing on emerging countries for untapped market opportunities. The major growth is from Asia and developing economies such as China, India, Indonesia, and Vietnam. The MEA and ASEAN countries are the potential markets for PTA.
According to Mohd Shakeel Iqbal, a lead analyst at Technavio for specialty chemicals research, “Developing economies are experiencing significant growth in the industrial market. Large investments from established vendors are pouring in to increase the production capacities. New manufacturing units in these regions will cater to the growing demand in developing economies during the forecast period.”
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Technavio market research analysts identify the following key vendors:
The company operates globally as an integrated oil and gas company. It operates mainly in two segments: upstream and downstream. The upstream segment engages in the development oil and natural gas exploration, midstream, and transportation. It is also involved in the production and selling of liquefied natural gas (LNG) and natural gas liquid (NGL). The company has an annual PTA production capacity of 1.4 million tons.
China Petrochemical (Sinopec Group) is an oil and energy company. It offers household and commercial products, including oil products, fuel cards, lubricants, liquid petroleum gas, catalyst, asphalt, and natural gas. The company is involved in the exploration, production, distribution, storage, and marketing of petroleum oil and natural gas. It is also involved in oil refining and distribution of petrochemicals, coal chemicals, and synthetic fiber products. The PTA produced by the company is used in food and beverages packaging, paints and coating, fabrics for textiles, and others.
Eastman is a global company that produces a broad range of advanced material and specialty additives products used in everyday life. Eastman’s specialty business offers innovative products and solutions to its customers, ensuring safety and sustainability. The PTA produced by the company is used in automotive, polyester polyols for polyurethanes, polyester-melamine baking enamels, polyester powder coating resins, unsaturated polyester resins for fiberglass-reinforced plastics, and waterborne polyester resins.
Mitsubishi Chemical Holdings
The company offers products and services based on chemistry. Its business is segmented into electronics applications, designed materials, healthcare, chemicals, polymers, and others. The company had signed an agreement to sell 90% stake of its PTA plant in Haldia, India, to the Chatterjee Group, a New York-based firm engaged in IT, real estate, life sciences, and petrochemicals.
Reliance Industries is involved in various activities such as hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail, and telecommunications. The PTA produced by the company is used in clothing, furniture, upholstery, containers, and films. The company has an annual PTA production capacity of 5 million metric tons per annum (MMTPA) out of which 4.4 MMTPA is produced in India, and the rest is produced in Malaysia.
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