Home / All Categories / Chemicals & Materials / Other / Global Purified Isophthalic Acid (PIA) Market Analysis 2018-2029, by Manufacturers, Regions, Countries, Types, Applications and Forecast
Global Purified Isophthalic Acid (PIA) Market Analysis 2018-2029, by Manufacturers, Regions, Countries, Types, Applications and Forecast
Global Purified Isophthalic Acid (PIA) Market Analysis 2018-2029, by Manufacturers, Regions, Countries, Types, Applications and Forecast

Pages: 140       Published Date: Aug 03 2023       Category: Other       Report ID: HJR704800
This report studies the Purified Isophthalic Acid (PIA) market status and outlook of global and major regions, from angles of players, countries, product types and end industries, this report analyzes the top players in global Purified Isophthalic Acid (PIA) industry, and splits by product type and applications/end industries. This report also includes the impact of COVID-19 on the Purified Isophthalic Acid (PIA) industry.

The Purified Isophthalic Acid (PIA) industry is experiencing significant growth and is expected to expand at a compound annual growth rate (CAGR) of 7.51% by 2022. According to a report by HJResearch, the global market size for PIA will reach US$2842 million in 2022. This substantial growth can be attributed to the various uses and applications of PIA in industries such as PET Resin, UPR Resin, Polyester, and others.

PIA, or Purified Isophthalic Acid, is a chemical compound that is primarily used in the production of resins and polymers. It is a key ingredient in the manufacturing of PET (Polyethylene Terephthalate) Resin, which is widely utilized in the production of plastic bottles, packaging materials, and synthetic fibers. The increasing demand for PET Resin as a sustainable and eco-friendly alternative to traditional packaging materials is a major driving force behind the growth of the PIA market.

Moreover, PIA is also used in the production of Unsaturated Polyester Resin (UPR), which finds application in industries such as construction, automotive, and marine. UPR is widely used as a binding material in fiberglass reinforced composites, providing strength and durability to various end products. The growth in these industries, especially in developing economies, is expected to significantly contribute to the rising demand for PIA.

Furthermore, PIA is utilized in the manufacturing of polyester, which has a wide range of applications in textiles, furnishings, and apparel industries. The increasing consumer demand for clothing and textiles, coupled with advancements in textile technologies, is driving the need for high-quality polyester, consequently boosting the demand for PIA.

In terms of industry status, the global PIA market is dominated by several major manufacturers. LOTTE Chemical, Eastman, Beijing Yanshan Petrochemical, Mitsubishi Gas Chemical, Indorama, Perstorp, and Formosa Chemicals & Fibre Corporation are some of the prominent players in the market. These companies have established their foothold in the industry and have a significant market share. They focus on product development, innovation, and strategic partnerships to maintain their competitive edge.

Looking ahead, the prospects for the PIA industry appear promising. The growing demand for sustainable packaging materials, coupled with the expansion of end-use industries such as construction, automotive, and textiles, is expected to drive the market growth for PIA. Additionally, ongoing research and development activities to improve the performance and efficiency of PIA-based products will offer new opportunities for market players.

In conclusion, the global PIA market is witnessing a steady growth rate, with an estimated market size of US$2842 million by 2022. The industry is primarily driven by the increasing use of PIA in the production of PET Resin, UPR Resin, polyester, and other applications. Key players in the market include LOTTE Chemical, Eastman, and Beijing Yanshan Petrochemical. The industry's future prospects look promising, fueled by the demand for sustainable packaging materials and the growth of various end-use industries.

The SWOT analysis of the Purified Isophthalic Acid (PIA) industry is as follows:

Strengths:
1. Growing demand: The purified isophthalic acid (PIA) industry is experiencing increasing demand due to its various applications in industries such as textiles, plastics, and resins.
2. Efficient production: PIA can be efficiently produced from various raw materials, such as xylene, through a well-established production process, making it a cost-effective and reliable option for manufacturers.
3. Quality control: PIA manufacturers have implemented stringent quality control measures to ensure the purity and consistency of the final product, meeting the strict standards set by customers.
4. Established market players: The PIA industry is dominated by a few key players who have years of experience, established customer bases, and strong distribution networks.

Weaknesses:
1. Environmental concerns: The production process of PIA may release harmful emissions and waste, leading to environmental concerns and potential regulatory pressures.
2. Dependence on raw materials: The PIA industry is highly dependent on the availability and price of raw materials such as xylene. Any fluctuations in the supply or cost of raw materials can impact the profitability of PIA manufacturers.
3. Susceptibility to substitutes: PIA faces competition from alternative chemicals used in similar applications, such as terephthalic acid. Any advancements or preferences for these substitutes could impact the demand for PIA.

Opportunities:
1. Growing textile industry: The increasing demand for textiles, including polyester fibers and fabrics, creates opportunities for PIA as a key ingredient in their production.
2. Technological advancements: Continuous research and development efforts in the PIA industry can lead to improved production processes, increasing efficiency, reducing environmental impacts, and potentially opening new application areas.
3. Emerging markets: Emerging economies, such as India, China, and Brazil, are witnessing rapid industrialization and urbanization, creating opportunities for PIA manufacturers to cater to their growing demand for textiles, plastics, and resins.

Threats:
1. Regulatory pressures: Environmental concerns and strict regulations regarding emissions and waste disposal can increase compliance costs for PIA manufacturers and potentially restrict their operations.
2. Price volatility: Fluctuations in the prices of raw materials, such as xylene, can impact the profitability of PIA manufacturers and potentially disrupt supply chains.
3. Competition from substitutes: PIA faces competition from alternative chemicals like terephthalic acid, benzoic acid, and others, which can offer similar properties and applications. The preference for these substitutes can pose a threat to the demand for PIA.

Key players in global Purified Isophthalic Acid (PIA) market include:
LOTTE Chemical
Eastman
Beijing Yanshan Petrochemical
Mitsubishi Gas Chemical
Indorama
Perstorp
Formosa Chemicals & Fibre Corporation

Market segmentation, by product types:
Purity 99.9%
Purity 99.8%
Other

Market segmentation, by applications:
PET Resin
UPR Resin
Polyester
Others

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