IMPACT ASSESSMENT OF COVID-19 OUTBREAK ON PURIFIED ISOPHTHALIC ACID MARKET

Purified Isophthalic Acid: Introduction

  • Purified isophthalic acid is an organic and colorless compound. It is an isomer of terephthalic acid and phthalic acid. Isophthalic acid that is available in a highly pure form, with purity of 99% or more, is referred to purified isophthalic acid.
  • Purified isophthalic acid is extensively used in the production of various important polymers. For instance, polybenzimidazole, a high performance polymer, is produced by using purified Isophthalic acid as a precursor. Isophthalic acid is produced on the billion kilogram per year scale by oxidizing meta-xylene using oxygen. The process employs a cobalt-manganese catalyst.
  • Purified isophthalic acid possesses significant properties such as hydrolytic stability, hardness, stain resistance, glossiness, corrosion resistance, and ability to process easily. This makes it highly useful in a wide range of applications such as manufacture of corrosion resistant pipes, tanks, and fiberglass reinforced plastics (FRP). These are used in coatings, automotive, and marine industries.
  • Purified isophthalic acid is highly preferred for coating in the automotive industry, as polyester resins derived from purified Isophthalic acid exhibit high thermal stability and also provide significant resistance against outdoor weathering

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Key Drivers and Restraints of Global Purified Isophthalic Acid Market

  • Rise in global demand for polyethylene terephthalate (PET) bottle resins is anticipated to drive the global purified isophthalic acid market during the forecast period. Purified isophthalic acid is utilized as a key ingredient in the production of PET resins. Thus, increase in the global consumption of PET is expected to offer significant opportunities to manufacturers of purified isophthalic acid in the near future. Additionally, excellent resistance properties exhibited by purified isophthalic acid are boosting the purified isophthalic acid market.
  • Concerns regarding incompliance with various environmental regulations are adversely affecting the purified isophthalic acid market. Regulations that limit the use of purified isophthalic acids in consumer products are expected to hinder the global purified isophthalic acid market in the near future.

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Purified Isophthalic Acid: Application Segment

  • In terms of application, the global purified Isophthalic acid market can be segmented into polyethylene terephthalate (PET) copolymer, polyester surface coating resins, and unsaturated polyester resins
  • PET copolymers are widely used in bottle resins and fibers. Purified isophthalic acid decreases the crystallinity of PET, which is used to enhance the clarity and improve the productivity of bottle manufacturers. Purified isophthalic acid is used in unsaturated polyester resins to enhance the mechanical performance and thermal resistance. It is also used as a resistant to water and chemicals. In polyester surface coating resins, purified isophthalic acid increases the resistance to water, and the overall durability.
  • The polyethylene terephthalate (PET) copolymer application segment is expected to expand at a healthy CAGR during the forecast period

Asia Pacific to be Key Region of Global Purified Isophthalic Acid Market

  • In terms of region, the global purified isophthalic acid market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is expected to dominate the global purified isophthalic acid market. Increase in industrial activities in emerging economies, such as China, India and Japan, is projected to boost the demand for purified isophthalic acid, as it is extensively used in the manufacture of corrosion resistant pipes and tanks.
  • Rise in construction activities in the Middle East is also boosting the demand for purified isophthalic acid in Middle East & Africa

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Key Manufacturers Operating in Global Purified Isophthalic Acid Market

The global purified isophthalic acid market was highly fragmented in 2019. Major players have prominent presence in developing countries. Key manufacturers operating in the global purified isophthalic acid market include:

  • Lotte Chemical
  • Eastman
  • SABIC
  • British Petroleum (BP)
  • Total Petrochemicals
  • A.G. International Chemical Company Inc (AGIC)
  • Exxonmobil
  • Koch Chemical Company
  • Mitsubishi Gas Chemical
  • Versalis
  • The Chemical Company
  • Eastman Chemical Company
  • Hefei TNJ Chemical Industry Co., Ltd.
  • SILVER FERN CHEMICAL, INC

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