Global Isophthalic Acid Market Size, Share, Trends, Industry Growth by Type (Purified, Technical Grade), by Application (PET Resin, UPR Resin, Polyester, Others), by End-Use Industry, by Region, and Forecast to 2030

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The global isophthalic acid market size was valued at around USD 3 billion in 2022 and expected to grow at a significant CAGR of around x.x% during the forecast period from 2023 to 2030. Its demand hinges on various industries like automotive, construction, and marine, where it’s utilized in polyester resin production. Economic growth, urbanization, and infrastructure projects boost its demand in construction. Isophthalic Acid also contributes to lightweight automotive parts, aligning with the automotive industry’s quest for efficiency and sustainability. Furthermore, the macroeconomic factors like GDP growth and consumer spending impact its market performance. Technological advancements, environmental regulations favoring eco-friendly materials, and shifting consumer preferences towards sustainability further shape its trajectory. Geopolitical events, trade policies, and supply chain disruptions can influence availability and pricing.

Market Snapshot:

Benchmark Year 2022
Market Size ~ USD 3 Billion in 2022
Market Growth (CAGR) ~ x.x% (2023-2030)
Largest Market Share Asia Pacific
Analysis Period 2020-2030
Market Players Lotte Chemical, Eastman Chemical, Indorama Ventures, Mitsubishi Gas Chemical, and BASF

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Market Drivers:

End-Use Industries: Isophthalic Acid serves as a crucial component in the production of polyester resins. These resins find widespread applications in various industries, including automotive, construction, electrical, marine, and more. The growth and performance of these industries directly impact the demand for isophthalic acid.

Construction Industry: The construction sector represents a significant consumer of Isophthalic Acid. It is used in applications like fiberglass reinforced plastics, which are utilized in the construction of various building components. Economic development, urbanization, and infrastructure projects can lead to increased demand for construction materials, thereby driving the isophthalic acid market.

Automotive Sector: Isophthalic Acid plays a vital role in the production of composites used for lightweight automotive parts. As the automotive industry continues to seek innovative solutions for improving fuel efficiency and reducing emissions, the demand for materials like isophthalic acid is expected to grow.

Global Economic Conditions: Macroeconomic factors, such as the overall health of the global economy, GDP growth, and consumer spending patterns, can significantly impact the Isophthalic Acid market. Economic downturns can lead to reduced demand in various industries, affecting the consumption of isophthalic acid.

Technological Advancements: Ongoing research and development efforts aimed at improving the production processes and applications of Isophthalic Acid can lead to cost reductions and open up new possibilities for its use. Technological innovations can enhance the competitiveness of isophthalic acid in the market.

Environmental Regulations: Environmental concerns and regulations have a notable influence on material choices in various industries. Isophthalic Acid is a component of materials that are considered environmentally friendly. Consequently, stringent environmental regulations can drive demand for products that incorporate isophthalic acid.

Geopolitical Factors: Factors such as geopolitical tensions, trade policies, and supply chain disruptions can impact the availability and pricing of isophthalic acid. Changes in international trade relationships and sourcing of raw materials can have ripple effects throughout the supply chain.

Consumer Preferences: Modern consumers are increasingly conscious of sustainability and environmental impact. Products and materials that align with eco-friendly values may experience higher demand. isophthalic acid, as a component of such materials, may benefit from this shift in consumer preferences.

Market Insights:

The global isophthalic acid market is bifurcated into type, application, end-use industry, and geography. On the basis of end-use industry, the market is further segmented into packaging, automotive, textile, construction, electronics, and others. the packaging segment dominated the global market in 2022 and anticipated to grow at a significant CAGR over the forecast period. Isophthalic acid is a vital component in the production of PET resins, which are extensively used in the packaging sector for items like plastic bottles and containers. The packaging industry enjoys consistent demand driven by consumer preferences and sustainability concerns. Furthermore, as economies grow, consumer spending typically increases, boosting demand for packaged goods, and subsequently, isophthalic acid. The packaging sector is also characterized by ongoing innovations, including lightweight materials, enhanced barrier properties, and extended shelf life—all of which rely on isophthalic acid-based PET resins.

Packaging Industry: Isophthalic Acid finds applications in the packaging industry, particularly in the production of polyester resins used for manufacturing PET (Polyethylene Terephthalate) bottles and containers. Its excellent barrier properties, chemical resistance, and durability make it a preferred choice for food and beverage packaging.

Automotive Industry: Isophthalic Acid is used in the automotive sector for producing lightweight composite materials. These materials are employed in manufacturing various automotive components to reduce weight and enhance fuel efficiency. It contributes to the development of lightweight and durable parts like bumpers, body panels, and interior components.

Textile Industry: In the textile industry, Isophthalic Acid is utilized for creating polyester fibers and fabrics. It offers characteristics such as strength, resilience, and resistance to moisture, making it suitable for textile applications. Polyester textiles are widely used in clothing, home textiles, and industrial fabrics.

Construction Industry: Isophthalic Acid plays a role in the construction sector through the production of fiberglass reinforced plastics. These materials are used for various construction applications, including panels, cladding, and structural components. It contributes to the development of durable and corrosion-resistant construction materials.

Electronics Industry: Isophthalic Acid may find limited applications in the electronics industry. It is used in the production of electrical insulation materials and components requiring resistance to heat and chemicals. Its use in electronics is relatively specialized and may involve specific formulations.

Others: The “Others” category encompasses various industries where Isophthalic Acid may have niche applications. These could include marine, aerospace, renewable energy, and more. Isophthalic Acid’s versatility allows for customization to meet the specific requirements of these industries.

The isophthalic acid market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

  • 2020-21 – Historical Year
  • 2022 – Base Year
  • 2023-2030 – Forecast Period

Market Segmentation:

By Type:

  • Purified Isophthalic Acid
  • Technical Grade Isophthalic Acid

By Application:

  • PET Resin
  • UPR Resin
  • Polyester
  • Others

By End-Use Industry:

  • Packaging
  • Automotive
  • Textile
  • Construction
  • Electronics
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regional Analysis:

Geographically, the Asia Pacific dominated the global isophthalic acid market in the benchmark year 2022 and expected to maintain its dominance over the forecast period. The rapid industrialization in countries like China and India has fueled demand for isophthalic acid across various industries. These nations have become major manufacturing centers for a wide range of products, from consumer goods to industrial components, all of which rely on isophthalic acid-based materials in their production. The sheer size and growth of the consumer base in APAC have also played a pivotal role. The region’s burgeoning population creates a substantial demand for products such as packaged goods, automobiles, textiles, and construction materials, all of which heavily depend on Isophthalic acid.

Furthermore, APAC’s prominence is underscored by its status as a manufacturing hub. The electronics and automotive industries, which are prominent users of isophthalic acid in applications like coatings and composites, have a significant presence in this region. Infrastructure development initiatives in various APAC countries have spurred growth in the construction industry, further contributing to the demand for isophthalic acid-based materials. Environmental considerations have also driven the adoption of more sustainable materials in APAC. Isophthalic acid-based resins are attractive due to their recyclable and eco-friendly properties.

Competitive Analysis:

Some of the major market players operating in the global isophthalic acid market are Lotte Chemical, Eastman Chemical, Indorama Ventures, Mitsubishi Gas Chemical, and BASF. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Recent Developments:

  • In 2023, Lotte Chemical announced the expansion of its isophthalic acid production capacity in South Korea. The expansion is expected to be completed in 2024 and will increase the company’s production capacity by 50%.
  • In 2023, Eastman Chemical announced the construction of a new isophthalic acid plant in the United States. The plant is expected to be completed in 2025 and will have a production capacity of 200,000 tons per year.
  • In 2022, Indorama Ventures announced the acquisition of a isophthalic acid plant in China. The plant has a production capacity of 100,000 tons per year.
  • In 2022, Mitsubishi Gas Chemical announced the start-up of a new isophthalic acid plant in Japan. The plant has a production capacity of 100,000 tons per year.

Key Companies:

  • Lotte Chemical
  • Eastman Chemical
  • Indorama Ventures
  • Mitsubishi Gas Chemical
  • BASF
  • Perstorp
  • SABIC
  • Shell
  • Sumitomo Chemical
  • Wanhua Chemical

Key Questions Answered by Isophthalic Acid Market Report

  • Global isophthalic acid market forecasts from 2023-2030
  • Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
  • Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
  • Isophthalic acid submarket forecasts from 2023-2030 covering the market by type, application, end-use industry, and geography
  • Various industry models such as SWOT analysis, Value Chain Analysis about the market
  • Analysis of the key factors driving and restraining the growth of the global, regional, and country-level isophthalic acid markets from 2023-2030
  • Competitive Landscape and market positioning of top 10 players operating in the market
Table of Content:

1. Preface


1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions

 

2. Executive Summary


2.1. Global Isophthalic Acid Market Portraiture
2.2. Global Isophthalic Acid Market, by Type, 2022 (USD Mn)
2.3. Global Isophthalic Acid Market, by Application, 2022 (USD Mn)
2.4. Global Isophthalic Acid Market, by End-Use Industry, 2022 (USD Mn)
2.5. Global Isophthalic Acid Market, by Geography, 2022 (USD Mn)

 

3. Global Isophthalic Acid Market Analysis


3.1. Isophthalic Acid Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of New Entrants
3.6.4. Threat of Substitutes
3.6.5. Degree of Competition
3.7. PESTLE Analysis
3.8. COVID-19 Impact Analysis

 

4. Global Isophthalic Acid Market By Type, 2020 – 2030 (USD Mn)


4.1. Overview
4.2. Purified Isophthalic Acid
4.3. Technical Grade Isophthalic Acid

 

5. Global Isophthalic Acid Market By Application, 2020 – 2030 (USD Mn)


5.1. Overview
5.2. PET Resin
5.3. UPR Resin
5.4. Polyester
5.5. Others

 

6. Global Isophthalic Acid Market By End-Use Industry, 2020 – 2030 (USD Mn)


6.1. Overview
6.2. Packaging
6.3. Automotive
6.4. Textile
6.5. Construction
6.6. Electronics
6.7. Others

 

7. North America Isophthalic Acid Market Analysis and Forecast, 2020 – 2030 (USD Mn)


7.1. Overview
7.2. North America Isophthalic Acid Market by Type, (2020-2030 USD Mn)
7.3. North America Isophthalic Acid Market by Application, (2020-2030 USD Mn)
7.4. North America Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
7.5. North America Isophthalic Acid Market by Country, (2020-2030 USD Mn)
7.5.1. U.S.
7.5.1.1. U.S. Isophthalic Acid Market by Type, (2020-2030 USD Mn)
7.5.1.2. U.S. Isophthalic Acid Market by Application, (2020-2030 USD Mn)
7.5.1.3. U.S. Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
7.5.2. Canada
7.5.2.1. Canada Isophthalic Acid Market by Type, (2020-2030 USD Mn)
7.5.2.2. Canada Isophthalic Acid Market by Application, (2020-2030 USD Mn)
7.5.2.3. Canada Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
7.5.3. Mexico
7.5.3.1. Mexico Isophthalic Acid Market by Type, (2020-2030 USD Mn)
7.5.3.2. Mexico Isophthalic Acid Market by Application, (2020-2030 USD Mn)
7.5.3.3. Mexico Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)

 

8. Europe Isophthalic Acid Market Analysis and Forecast, 2020 - 2030 (USD Mn)


8.1. Overview
8.2. Europe Isophthalic Acid Market by Type, (2020-2030 USD Mn)
8.3. Europe Isophthalic Acid Market by Application, (2020-2030 USD Mn)
8.4. Europe Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
8.5. Europe Isophthalic Acid Market by Country, (2020-2030 USD Mn)
8.5.1. Germany
8.5.1.1. Germany Isophthalic Acid Market by Type, (2020-2030 USD Mn)
8.5.1.2. Germany Isophthalic Acid Market by Application, (2020-2030 USD Mn)
8.5.1.3. Germany Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
8.5.2. U.K.
8.5.2.1. U.K. Isophthalic Acid Market by Type, (2020-2030 USD Mn)
8.5.2.2. U.K. Isophthalic Acid Market by Application, (2020-2030 USD Mn)
8.5.2.3. U.K. Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
8.5.3. France
8.5.3.1. France Isophthalic Acid Market by Type, (2020-2030 USD Mn)
8.5.3.2. France Isophthalic Acid Market by Application, (2020-2030 USD Mn)
8.5.3.3. France Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
8.5.4. Spain
8.5.4.1. Spain Isophthalic Acid Market by Type, (2020-2030 USD Mn)
8.5.4.2. Spain Isophthalic Acid Market by Application, (2020-2030 USD Mn)
8.5.4.3. Spain Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
8.5.5. Italy
8.5.5.1. Italy Isophthalic Acid Market by Type, (2020-2030 USD Mn)
8.5.5.2. Italy Isophthalic Acid Market by Application, (2020-2030 USD Mn)
8.5.5.3. Italy Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
8.5.6. Rest of Europe
8.5.6.1. Rest of Europe Isophthalic Acid Market by Type, (2020-2030 USD Mn)
8.5.6.2. Rest of Europe Isophthalic Acid Market by Application, (2020-2030 USD Mn)
8.5.6.3. Rest of Europe Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)

 

9. Asia Pacific Isophthalic Acid Market Analysis and Forecast, 2020 - 2030 (USD Mn)


9.1. Overview
9.2. Asia Pacific Isophthalic Acid Market by Type, (2020-2030 USD Mn)
9.3. Asia Pacific Isophthalic Acid Market by Application, (2020-2030 USD Mn)
9.4. Asia Pacific Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
9.5. Asia Pacific Isophthalic Acid Market by Country, (2020-2030 USD Mn)
9.5.1. China
9.5.1.1. China Isophthalic Acid Market by Type, (2020-2030 USD Mn)
9.5.1.2. China Isophthalic Acid Market by Application, (2020-2030 USD Mn)
9.5.1.3. China Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
9.5.2. Japan
9.5.2.1. Japan Isophthalic Acid Market by Type, (2020-2030 USD Mn)
9.5.2.2. Japan Isophthalic Acid Market by Application, (2020-2030 USD Mn)
9.5.2.3. Japan Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
9.5.3. India
9.5.3.1. India Isophthalic Acid Market by Type, (2020-2030 USD Mn)
9.5.3.2. India Isophthalic Acid Market by Application, (2020-2030 USD Mn)
9.5.3.3. India Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
9.5.4. South Korea
9.5.4.1. South Korea Isophthalic Acid Market by Type, (2020-2030 USD Mn)
9.5.4.2. South Korea Isophthalic Acid Market by Application, (2020-2030 USD Mn)
9.5.4.3. South Korea Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
9.5.5. Rest of Asia Pacific
9.5.5.1. Rest of Asia Pacific Isophthalic Acid Market by Type, (2020-2030 USD Mn)
9.5.5.2. Rest of Asia Pacific Isophthalic Acid Market by Application, (2020-2030 USD Mn)
9.5.5.3. Rest of Asia Pacific Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)

 

10. Latin America (LATAM) Isophthalic Acid Market Analysis and Forecast, 2020 - 2030 (USD Mn)


10.1. Overview
10.2. Latin America Isophthalic Acid Market by Type, (2020-2030 USD Mn)
10.3. Latin America Isophthalic Acid Market by Application, (2020-2030 USD Mn)
10.4. Latin America Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
10.5. Latin America Isophthalic Acid Market by Country, (2020-2030 USD Mn)
10.5.1. Brazil
10.5.1.1. Brazil Isophthalic Acid Market by Type, (2020-2030 USD Mn)
10.5.1.2. Brazil Isophthalic Acid Market by Application, (2020-2030 USD Mn)
10.5.1.3. Brazil Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
10.5.2. Argentina
10.5.2.1. Argentina Isophthalic Acid Market by Type, (2020-2030 USD Mn)
10.5.2.2. Argentina Isophthalic Acid Market by Application, (2020-2030 USD Mn)
10.5.2.3. Argentina Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
10.5.3. Rest of Latin America
10.5.3.1. Rest of Latin America Isophthalic Acid Market by Type, (2020-2030 USD Mn)
10.5.3.2. Rest of Latin America Isophthalic Acid Market by Application, (2020-2030 USD Mn)
10.5.3.3. Rest of Latin America Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)

 

11. Middle East and Africa Isophthalic Acid Market Analysis and Forecast, 2020 - 2030 (USD Mn)


11.1. Overview
11.2. MEA Isophthalic Acid Market by Type, (2020-2030 USD Mn)
11.3. MEA Isophthalic Acid Market by Application, (2020-2030 USD Mn)
11.4. MEA Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
11.5. Middle East and Africa Isophthalic Acid Market, by Country, (2020-2030 USD Mn)
11.5.1. GCC
11.5.1.1. GCC Isophthalic Acid Market by Type, (2020-2030 USD Mn)
11.5.1.2. GCC Isophthalic Acid Market by Application, (2020-2030 USD Mn)
11.5.1.3. GCC Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
11.5.2. South Africa
11.5.2.1. South Africa Isophthalic Acid Market by Type, (2020-2030 USD Mn)
11.5.2.2. South Africa Isophthalic Acid Market by Application, (2020-2030 USD Mn)
11.5.2.3. South Africa Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)
11.5.3. Rest of MEA
11.5.3.1. Rest of MEA Isophthalic Acid Market by Type, (2020-2030 USD Mn)
11.5.3.2. Rest of MEA Isophthalic Acid Market by Application, (2020-2030 USD Mn)
11.5.3.3. Rest of MEA Isophthalic Acid Market by End-Use Industry, (2020-2030 USD Mn)

 

12. Competitive Landscape


12.1. Company Market Share Analysis, 2022
12.2. Competitive Dashboard
12.3. Competitive Benchmarking
12.4. Geographic Presence Heatmap Analysis
12.5. Company Evolution Matrix
12.5.1. Star
12.5.2. Pervasive
12.5.3. Emerging Leader
12.5.4. Participant
12.6. Strategic Analysis Heatmap Analysis
12.7. Key Developments and Growth Strategies
12.7.1. Mergers and Acquisitions
12.7.2. New Product Launch
12.7.3. Joint Ventures
12.7.4. Others

 

13. Company Profiles


13.1. Lotte Chemical
13.1.1. Business Description
13.1.2. Financial Health and Budget Allocation
13.1.3. Product Positions/Portfolio
13.1.4. Recent Development
13.1.5. SWOT Analysis
13.2. Eastman Chemical
13.3. Indorama Ventures
13.4. Mitsubishi Gas Chemical
13.5. BASF
13.6. Perstorp
13.7. SABIC
13.8. Shell
13.9. Sumitomo Chemical
13.10. Wanhua Chemical
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