Terephthalic Acid Prices

Terephthalic Acid Prices December 2023

The terephthalic acid prices in the USA for Q4 2023 reached 708 USD/MT in December. The market was driven by a significant reduction in crude oil prices in the domestic market. This decline was further compounded by fewer overseas orders, linked to logistical difficulties, particularly in the Panama Canal.

The price trend for terephthalic acid in China for Q4 2023, reached 798 USD/MT in December. The market experienced stable pricing trend due to consistent demand from the PET and polyester industries. The slight reduction in prices reflected steady demand, keeping the market relatively balanced within a narrow pricing range.

The price trend for terephthalic acid in Germany for Q4 2023, reached 868 USD/MT in December. The market saw price declines, influenced by the drop in xylene and crude oil prices. Economic challenges, including inflationary pressures and reduced export opportunities due to geopolitical tensions, contributed to a buildup in inventories.

Terephthalic Acid Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Terephthalic Acid Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of terephthalic acid pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of terephthalic acid at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of terephthalic acid price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing terephthalic acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Terephthalic Acid Market Analysis

The global terephthalic acid market size reached US$ 77.688 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 118.47 Billion, at a projected CAGR of 4.80% during 2023-2032.

• The growing textile industry is widely employing terephthalic acid due to its increasing use in synthetic fibers like polyester, Moreover, polyester, a vital component of many textile products, is produced using terephthalic acid, a crucial raw material. According to IMARC Group, the global textile market reached US$ 1,027.0 Billion in 2023. The textile market is expected to increase at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2032, reaching US$ 1,445.4 Billion. This upsurge is attributed to the increased need for adaptable textiles for fashion and industrial uses and the developing textile industries in emerging nations across the globe. As consumers prefer polyester for its durability and ease of maintenance, the production of terephthalic acid is expected to increase significantly meeting consumer needs, further boosting the expansion of the market.
• The demand for terephthalic acid is growing due to its crucial role in the production of polyethylene terephthalate (PET), a common material in flexible packaging solutions in the packaging segment. Also, terephthalic acid is essential to flexible packaging as it is more economical and uses less material than rigid packaging, as PET is used in flexible packaging to provide strength, clarity, and barrier qualities. According to the Flexible Packaging Association (FPA), the flexible packaging sector generated sales amounting to US$ 42.9 in 2022. Besides, flexible packaging is the second-largest category in the U.S. packaging market, accounting for approximately 21% of the entire market valued at US$ 180.3 Billion. Along with this, exports make up around 9% of all flexible packaging shipments from the United States (US). At present, terephthalic acid demand is increasing globally due to several sectors, including food and beverage, pharmaceutical, and cosmetics, switching to flexible packaging to improve product appeal and shelf life.
• Furthermore, the increased need for lightweight materials in the automotive sector is increasing the demand for terephthalic acid. Also, terephthalic acid (TA) is a precursor used in polyethylene terephthalate (PET) due to its lightweight and durable characteristics which is utilized in automotive interiors and components significantly. According to the European Automobile Manufacturers Association (ACEA) reports, the global motor vehicle production in 2022 was 85.4 million, increased by 5.7% from 2021.
  Apart from this, the increasing need for PET is escalating the demand for TPA to meet stringent international environmental laws by reducing emissions and increasing fuel efficiency. Hence, terephthalic acid is predicted to see an increase in demand as automakers innovate and use eco-friendly materials to satisfy customer preferences and regulatory regulations which will help the market expand for terephthalic acid.

Terephthalic Acid News

The report covers the latest developments, updates, and trends impacting the global terephthalic acid market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in terephthalic acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the terephthalic acid price trend.

Latest developments in the terephthalic acid industry:

• 22 April 2024, The Eurasian Economic Commission's decided to extend for two years the zero rate of import customs duty in respect of terephthalic acid and its salts (code 2917 36 000 0 of the CN FEA of the EAEU). The goods in question are terephthalic acid, its salts and esters and are used primarily for the manufacture of polyethylene terephthalate polymers used as raw materials in manufacturing plastic bottles, films and packaging containers for the food industry.

Product Description

Terephthalic acid (TPA) is an essential ingredient that is commonly utilized in the production of polyester, namely polyethylene terephthalate (PET). It is a white, crystalline substance utilized in numerous industrial processes. Furthermore, terephthalic acid is used extensively in the plastics industry, where it is synthesized to create PET. Similarly, the demand for TPA is increasing due to its exceptional barrier properties, which effectively prevent water, carbon dioxide, and oxygen from entering and degrading product freshness, food packaging, and beverage bottles to keep fresh products longer. Moreover, TPA is widely adopted in the textile industry as it is required for the synthesis of polyester fibers, which are used to create a range of items including upholstery and curtains for homes and workplaces. At present, TPA has a high value as they are long-lasting, resistant to chemical deterioration, and simple to maintain.

Regional Coverage

The report provides a detailed analysis of the terephthalic acid market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the terephthalic acid price trend.

Global Terephthalic Acid Price

The report offers a holistic view of the global terephthalic acid pricing trends in the form of terephthalic acid price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into terephthalic acid historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into terephthalic acid price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed terephthalic acid demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Terephthalic Acid Price

In Europe, the market faced significant fluctuations, heavily influenced by the drop in xylene prices, a crucial feedstock in its production. Terephthalic acid prices followed a similar downward trend as xylene and crude oil prices declined. In addition, the market contended with lowered consumer demand amid inflationary pressures and a slump in export activities because of disruptions in the Red Sea shipping route. These factors contributed to increased inventories and a subsequent price decline.

This analysis can be extended to include detailed terephthalic acid price information for a comprehensive list of countries.

North America Terephthalic Acid Price

In North America, the market mirrored the sluggish price movements seen in Europe during the period. A notable decrease in the prices of crude oil impacted regional pricing, leading to a broader market slowdown. The domestic market observed additional pressure on account of lowered international orders, exacerbated by logistical challenges like low water levels in the Panama Canal. These conditions, along with a downturn in overseas demand, led to price decline for terephthalic acid.

Specific terephthalic acid historical data within the United States and Canada can also be provided.

Middle East and Africa Terephthalic Acid Price

The report explores the terephthalic acid pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on terephthalic acid prices for countries can also be provided.

Asia Pacific Terephthalic Acid Price

Prices in the region, particularly in China, stayed on the downside owing to consistent demand from the polyester and PET sectors. The market witnessed reduction in prices from October to December. The steady demand from downstream industries helped keep prices relatively stable. Terephthalic acid continued to see a balanced demand, resulting in a stable pricing trend within narrow ranges. The overall price movement reflected the moderate demand stability across the region, influenced by a constant requirement for PET and polyester products.

This terephthalic acid price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Terephthalic Acid Price

The analysis of terephthalic acid prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of terephthalic acid pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting terephthalic acid price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The terephthalic acid price charts ensure our clients remain at the forefront of the industry.