Phthalic Anhydride and Terephthalic Acid Market

The article provides a comprehensive analysis of the global market for phthalic anhydride and terephthalic acid, forecasting an upward consumption trend over the next eight years. Key insights include anticipated CAGR rates for volume and value, as well as consumption, production, import, and export trends. The article also highlights top consuming, producing, importing, and exporting countries, along with per capita consumption levels and pricing trends. Overall, the data sheds light on the dynamics of the market and key factors influencing its growth.

Market Forecast

Driven by rising demand for phthalic anhydride and terephthalic acid worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.1% for the period from 2022 to 2030, which is projected to bring the market volume to 34M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market value to $94.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Phthalic Anhydride, Terephthalic Acid And Its Salts

In 2022, global phthalic anhydride and terephthalic acid consumption shrank modestly to 34M tons, remaining constant against the year before. Over the period under review, consumption recorded a pronounced reduction. As a result, consumption attained the peak volume of 46M tons. From 2014 to 2022, the growth of the global consumption remained at a lower figure.

The size of the market for phthalic anhydride, terephthalic acid and its salts worldwide fell to $78.8B in 2022, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a pronounced contraction. As a result, consumption attained the peak level of $133.4B. From 2014 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (4.4M tons), China (4.3M tons) and the United States (3.1M tons), with a combined 35% share of global consumption. Turkey, Pakistan, Russia, Brazil, Indonesia, Mexico, Vietnam, South Korea, Belgium and Lithuania lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Vietnam (with a CAGR of +14.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($3.5B), China ($3.2B) and the United States ($2.6B) constituted the countries with the highest levels of market value in 2022, together comprising 12% of the global market. Turkey, Pakistan, Russia, Brazil, Vietnam, Indonesia, Mexico, Lithuania, Belgium and South Korea lagged somewhat behind, together accounting for a further 11%.

Among the main consuming countries, Vietnam, with a CAGR of +14.4%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of phthalic anhydride and terephthalic acid per capita consumption was registered in Lithuania (213 kg per person), followed by Belgium (55 kg per person), Turkey (22 kg per person) and South Korea (13 kg per person), while the world average per capita consumption of phthalic anhydride and terephthalic acid was estimated at 4.3 kg per person.

From 2012 to 2022, the average annual growth rate of the phthalic anhydride and terephthalic acid per capita consumption in Lithuania totaled +4.4%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Belgium (+8.9% per year) and Turkey (+7.1% per year).

Production

World Production of Phthalic Anhydride, Terephthalic Acid And Its Salts

In 2022, production of phthalic anhydride, terephthalic acid and its salts increased by 0.5% to 35M tons, rising for the second consecutive year after two years of decline. Over the period under review, production, however, showed a pronounced descent. The growth pace was the most rapid in 2013 when the production volume increased by 5%. As a result, production reached the peak volume of 45M tons. From 2014 to 2022, global production growth remained at a lower figure.

In value terms, phthalic anhydride and terephthalic acid production fell slightly to $74.6B in 2022 estimated in export price. In general, production, however, showed a perceptible curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 8.9% against the previous year. As a result, production attained the peak level of $130B. From 2014 to 2022, global production growth remained at a lower figure.

Production By Country

China (7.7M tons) constituted the country with the largest volume of phthalic anhydride and terephthalic acid production, accounting for 22% of total volume. Moreover, phthalic anhydride and terephthalic acid production in China exceeded the figures recorded by the second-largest producer, India (2.7M tons), threefold. The United States (2.6M tons) ranked third in terms of total production with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +11.6%. In the other countries, the average annual rates were as follows: India (-0.8% per year) and the United States (-10.7% per year).

Imports

World Imports of Phthalic Anhydride, Terephthalic Acid And Its Salts

In 2022, approx. 9.8M tons of phthalic anhydride, terephthalic acid and its salts were imported worldwide; increasing by 2.7% against 2021. Over the period under review, imports, however, continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. Over the period under review, global imports hit record highs at 11M tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, phthalic anhydride and terephthalic acid imports surged to $9.9B in 2022. In general, imports, however, recorded a perceptible setback. The pace of growth was the most pronounced in 2021 when imports increased by 58% against the previous year. Over the period under review, global imports reached the maximum at $12.5B in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

Turkey (1.9M tons) and India (1.7M tons) represented the largest importers of phthalic anhydride, terephthalic acid and its salts in 2022, reaching near 19% and 18% of total imports, respectively. Vietnam (793K tons) held an 8.1% share (based on physical terms) of total imports, which put it in second place, followed by Lithuania (6.1%), the United States (5.9%), Germany (5.9%) and Oman (5.3%). The following importers - Egypt (332K tons), Saudi Arabia (292K tons), Spain (291K tons), Italy (282K tons), Russia (259K tons) and Pakistan (234K tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Spain (with a CAGR of +38.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Turkey ($1.8B), India ($1.6B) and Vietnam ($877M) constituted the countries with the highest levels of imports in 2022, with a combined 43% share of global imports. Lithuania, the United States, Germany, Oman, Egypt, Italy, Spain, Pakistan, Saudi Arabia and Russia lagged somewhat behind, together comprising a further 41%.

Among the main importing countries, Spain, with a CAGR of +33.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average import price for phthalic anhydride, terephthalic acid and its salts stood at $1,017 per ton in 2022, jumping by 28% against the previous year. Overall, the import price, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by 32% against the previous year. Global import price peaked at $1,182 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Italy ($1,143 per ton) and Vietnam ($1,107 per ton), while Saudi Arabia ($784 per ton) and Russia ($848 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.2%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Phthalic Anhydride, Terephthalic Acid And Its Salts

In 2022, approx. 11M tons of phthalic anhydride, terephthalic acid and its salts were exported worldwide; picking up by 6.1% compared with 2021 figures. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 26% against the previous year. Over the period under review, the global exports hit record highs at 11M tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, phthalic anhydride and terephthalic acid exports skyrocketed to $10.3B in 2022. Over the period under review, exports, however, showed a mild setback. The most prominent rate of growth was recorded in 2021 with an increase of 60%. Over the period under review, the global exports reached the maximum at $12B in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

China represented the largest exporter of phthalic anhydride, terephthalic acid and its salts in the world, with the volume of exports finishing at 3.5M tons, which was approx. 33% of total exports in 2022. South Korea (1,811K tons) ranks second in terms of the total exports with a 17% share, followed by Taiwan (Chinese) (13%), Thailand (10%), Belgium (5.9%), Mexico (5.3%) and Portugal (4.9%).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +73.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest phthalic anhydride and terephthalic acid supplying countries worldwide were China ($3B), South Korea ($1.6B) and Taiwan (Chinese) ($1.4B), with a combined 58% share of global exports.

In terms of the main exporting countries, China, with a CAGR of +66.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced mixed trends in the exports figures.

Export Prices By Country

In 2022, the average export price for phthalic anhydride, terephthalic acid and its salts amounted to $979 per ton, growing by 29% against the previous year. In general, the export price, however, continues to indicate a mild decrease. The pace of growth was the most pronounced in 2021 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices attained the peak figure at $1,142 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Belgium ($1,133 per ton) and Mexico ($1,117 per ton), while Thailand ($842 per ton) and China ($853 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+0.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform