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I AgreeAnalysis of Polybutylene Terephthalate (PBT) market covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global polybutylene terephthalate market is valued to be US$ 2.8 billion in 2023 and it is anticipated to grow at a CAGR of 5.2% to reach US$ 4.6 billion by the end of 2033.
Polybutylene terephthalate (PBT) offers numerous benefits for both processors and designers in the automotive industry. It can be used in both the interior and exterior parts of the automobile. High electrical resistance and dielectric strength make it more useful in uncountable electrical and electronic applications.
Report Attributes |
Details |
Polybutylene Terephthalate (PBT) Market Size (2022A) |
US$ 2.6 Billion |
Estimated Market Value (2023E) |
US$ 2.8 Billion |
Forecasted Market Value (2033F) |
US$ 4.6 Billion |
Global Market Growth Rate (2023-2033) |
~5.2% CAGR |
Key Companies Profiled |
|
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Rising integration and growing manufacturers adaptability to the positive network externalities across the consumer goods, machinery, and packaging industry are set to thrive in the polybutylene terephthalate market growth.
Further, rising demand from niche applications like packaging, and drug delivery systems in the medical industry is set to fuel the demand for PBT in forthcoming years.
According to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 6.0% CAGR between 2023 and 2033.
“Rising Automotive Industry to Augment Growth of the Polybutylene Terephthalate (PBT) Market”
Polybutylene terephthalate is showing superior chemical stability and resistance to high temperatures due to which it is frequently used in industrial and automotive equipment and for the manufacturing of ceramic-based automotive handles, windscreen wiper covers, seat belts, and other types of equipment PBT is widely used.
In addition, PBT is considered naturally elastic, saltwater resistant, and has color retention properties, thus the textile industry is increasingly using PBT to manufacture swimwear, which is favoring the market expansion. Moreover, the various product innovations, such as the creation of recyclable PBT, are boosting market expansion.
Continuous demand for PBT from various end-use industries has provided opportunities for manufacturers to broaden their profit margins. The aforementioned above factors drive the polybutylene terephthalate market growth, hence, polybutylene terephthalate is anticipated to witness growth on the back of the flourishing end-use industry.
“Up surging demand for substitutes: Restrain the Market Growth”
The demand for polybutylene terephthalate is declining as a result of substitute products being available with nearly identical properties. Numerous industrial companies are competing for PBT supply by providing reliable substitutions. For instance, Shell Chemical is engaged in fabricating polytrimethylene terephthalate (PTT) as a substitute for polybutylene terephthalate (PBT).
Additionally, PBT and PTT have many of the same characteristics, including tensile strength and heat deflection temperature. Moreover, the alternative option has already arrived in the market and is undoubtedly going to have an influence on PBT demand over the course of the long-term forecast period.
The rise in the consumption and rapid production of PBT-based products in the US witnessed high demand for polybutylene terephthalate. The preponderant factor that is driving the demand for Polybutylene terephthalate (PBT) in the US is the increasing automotive framework coupled with rising per capita income.
Further, the country's demand for polybutylene terephthalate is expected to increase over the projected period due to the substance's numerous uses in electrical insulation polymers, electrical encapsulation materials, and electrical and electronic plastics.
China is expected to hold a prominent market share globally owing to the presence of a bundle of manufacturers and consumers in proximity. This is anticipated to favor economies of density in the region. China is the demand epicenter, the country known for heightened consumption and production of PBT across the globe.
The electrical and electronics industry together has bolstered at a rapid pace over the past half-decade with most of the production concentrated in China. Moreover, prominent manufacturers are eyeing to shift their production bases to China owing to the economies of proximity favoring the PBT market growth.
Apart from automotive and other industries, the growing use of polybutylene terephthalate in electrical applications in China aids market growth. The market in China is projected to expand at a sizable CAGR during the designated period.
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Polybutylene terephthalate is used in the automobile industry to manufacture, covered insulations, ignition systems, body panels, exhaust system components, and other equipment as well. Further, electrical and electronic products use polybutylene terephthalate as a crucial raw material which raises the demand for the product.
In addition, polybutylene terephthalate (PBT) is considered the second most utilized commercial polyester and the automotive industry is going through a significant transformation due to the efforts laid down by the world to reduce the consumption of fossil fuels and expurgated emissions. Further, the significant rise in the number of electric vehicles is anticipated to increase the demand for high-voltage components. Hence, the demand for PBT is increasing.
The semi-crystalline thermoplastic polybutylene terephthalate (PBT) is a versatile general-purpose resin for a variety of applications, including home applications (food processor, knife blades, coffee makers, and others.), electronics (keycaps for computer keyboards, connectors, and others), and automobiles (body panels, wheel covers, components for doors and windows, etc.)
Further, the injection molding process is essential for the development of medical and pharmaceutical products. Hence, the growing pharmaceutical industry leads to an increase in the demand for PBT.
Prominent polybutylene terephthalate manufacturers are DSM, Röchling, RTP Company, Chang Chun Group, Duromer Products Pty Ltd, Nan Ya Plastics, Polyplastics Co., Ltd., Sahara International Petrochemicals Co., Samyang Corporation, Toray Industries, Inc., and others.
The market players operating in the PBT market are focusing on entering into long-term supply contracts with electronics and automotive manufacturing companies to expand their customer base and global footprints.
Further, manufacturers are indulging in improving their overall portfolio by offering customized solutions to their customers. Analyzing customer feedback and developing products accordingly to meet the exact requirement level.
Fact.MR has provided detailed information about the price points of key manufacturers of polybutylene terephthalate positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global Polybutylene Terephthalate (PBT) market is valued at US$ 2.8 billion in 2023.
During 2023-2033, sales of Polybutylene Terephthalate (PBT) is forecasted to grow at a CAGR of 5.2%.
East Asia tops the global polybutylene terephthalate market accounting for 33.1% market share in 2023.
Market players include Sahara International Petrochemicals Co, Duromer Products Pty Ltd., and Chang Chun Group are majorly operating and dominating in the market.
Factors such as growing demand for Polybutylene Terephthalate (PBT) from the flourishing automotive industry and electrical & electronics bolster sales growth of polybutylene terephthalate.