New York, NY -- (SBWIRE) -- 10/16/2014 -- Purified Terephthalic Acid is a chemical derived from crude oil and is generally used to produce polyester fiber, which textile and home furnishing industries require to produce garments such as curtains, bed sheets and clothes. Purified terephthalic acid is a precursor to Polyethylene Terephthalate (PET), which is used in the bottling and packaging industry. By causing a reaction between the secondary petroleum product paraxylene (PX) and acetic acid, purified terephthalic acid can be made. Polyester is the largest synthetic fibre used in textiles and growing popularity of purified terephthalic film, sheet and moulded containers for food packaging, indirectly drives the demand for purified terephthalic acid. Apart from use in textiles and bottling industry, purified terephthalic acid is used in films for audio and video recording tapes.

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Based on the applications, purified terephthalic acid market is divided in four broad segments: textiles, bottling and packaging, furnishing and others.

Asia Pacific is the largest market for purified terephthalic acid, followed by North America and Europe. Asia Pacific represents the largest and fastest growing market and holds the key for future market trends in purified terephthalic acid market owing to large population, increase in living standards due to higher disposable income and cross-industry usage of purified terephthalic acid products and expanding manufacturing industries.

Some of the major drivers contributing the overall market growth of purified terephthalic acid include rising disposable income, continued growth from the Asia Pacific region and cross-industry usage of purified terephthalic acid products and expanding manufacturing industries. Increasing disposable income allow the customer to spend more on apparels and home furnishing, indirectly increase the demand for terephthalic acid. According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India medium household income increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013. More dependence on APAC region and volatility of crude oil prices are some of the major restraints for terephthalic acid market.

Some of the major companies operating in the terephthalic acid market include Reliance Industries Limited, Eastman Chemical Company, DuPont and Sinopec Yizheng Chemical Fibre Company Limited.

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