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The polybutylene terephthalate market size is forecast to increase by USD 736.3 million, at a CAGR of 5.29% between 2023 and 2028. Market expansion hinges on multiple factors, such as the rising demand for polybutylene terephthalate (PBT) within the automotive sector, the increasing need for PBT in the electronics industry, and the expanding utilization of PBT in medical applications. PBT, valued for its durability, heat resistance, and electrical insulation properties, is witnessing heightened interest across various industries. In the automotive sector, PBT finds extensive use in components like connectors, housings, and under-the-hood applications, where its mechanical strength and resistance to chemicals prove beneficial. Similarly, in the electronics industry, PBT's excellent dielectric properties and ability to withstand high temperatures make it a preferred material for manufacturing electrical components and enclosures. Furthermore, the growing adoption of PBT in medical devices and equipment underscores its versatility and reliability in maintaining sterilization and performance standards. These converging trends underscore PBT's pivotal role in driving market growth across diverse industrial domains. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is witnessing a surge in demand, fueled by the growing prominence of electric vehicles and consumer electronics. As a versatile material used in automobile parts, coil cases, and electronic and electrical components, PBT plays a crucial role in advancing vehicle production and industry overview. Engineered from the polyester family of polymers, PBT offers exceptional properties such as resistance to ultra rays and durability, making it ideal for applications in robotics, virtual reality, and 5G connectivity devices. Manufactured through processes like injection molding, extrusion, and blow molding, PBT yields high-quality extrusion products essential for diverse sectors. Companies like Celanese Corporation are at the forefront of PBT innovation, driving advancements in automotive market solutions and consumer electronics. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Driver
The growing use of polybutylene terephthalate in medical applications is notably driving market growth. Medical-grade polybutylene terephthalate materials are available with reinforcement for increased strength, stiffness, and creep resistance, as well as friction-reduction properties for demanding high-strength and low-friction applications in the medical/healthcare industry. It provides high strength, rigidity, the ability to take on different colors, toughness, and low creep and resistance to a wide range of chemicals, solvents, oils, and greases. Thus, polybutylene terephthalate can be used in manufacturing medical devices.
Moreover, apart from medical devices, other key medical applications include drug delivery devices, injection pens, autoinjectors, and many others. Various vendors offer polybutylene terephthalate that can be used in the medical industry. For instance, Celanex MT polybutylene terephthalate is a set of high-quality medical-grade polymers offered by Celanese, which offer an excellent and unique solution for medical device OEMs and molders to improve the quality of color molded parts. Therefore, such factors are expected to drive the global PBT market growth during the forecast period.
Increasing product launches is an emerging trend in the market. Manufacturers of polybutylene terephthalate are frequently launching products to meet the needs of end-users in the automotive, electrical and electronics and other industries. The global market has witnessed an increase in the number of new product launches in recent years.
Further, companies are providing specialized and sustainable material solutions to end-users. For instance, in June 2022, Lanxess launched a new polybutylene terephthalate compound that is halogen-free, has flame-retardant properties, and is hydrolysis-stabilized. The structural material has excellent electrical properties and is hardly dependent on temperature and moisture in the typical operating conditions of high-voltage connectors. It can be used at temperatures of up to 150 degrees C. Additionally, vendors also invest in developing polybutylene terephthalate with advanced properties such as high corrosion resistance and others to increase their foothold in the market. Therefore, such activities will drive the growth of the global PBT market during the forecast period.
The threat of substitutes is a major challenge impeding market growth. Polyethylene terephthalate, which is the most commonly used thermoplastic polymer, can be a substitute for polybutylene terephthalate. They both belong to the polyester family. Compared to polybutylene terephthalate, polyethylene terephthalate has higher strength and rigidity.
Further, polyethylene terephthalate finds applications in packaging, textiles, films, and molded parts in the automotive and electronics industries. It offers high resistance to impact, moisture, alcohol, and solvents. The products that are commonly made from polyethylene terephthalate include polyethylene terephthalate bottles and jars, carpets, clothing, ropes, automotive parts, fiberfill for winter jackets and sleeping bags, construction materials, and protective packaging. Furthermore, it is completely recyclable and is the most recycled plastic in the US and worldwide. Thus, factors like these will hamper the growth of the PBT market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and trends report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the electrical and electronic segment will be significant during the forecast period. Polybutylene terephthalate is a thermoplastic engineering polymer used in various electrical and electronic applications. Some of the devices include data communications devices, cameras, millimeter-wave radars, Light Detection and Ranging (LiDAR), and many others.
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The electrical and electronic segment was valued at USD 928.51 million in 2018. Polybutylene terephthalate is mainly used to seal, encapsulate, and insulate microelectronic components and printed circuit boards. It protects electronics due to its excellent insulation properties. It also provides resistance against solvents, water, and high temperatures. It is selected for its high abrasion resistance, good electrical and adhesion properties, impact strength, and low-temperature flexibility. Various vendors, such as Toray, LG Chem, and others, offer polybutylene terephthalate for various electronic devices. For instance, Toray offers TORAYCON polybutylene terephthalate resin, which can be used in electronic devices. Thus, the wide range of applications of polybutylene terephthalate in electrical and electronic products drives the growth of the segment. Moreover, the global electrical and electronics components manufacturing industry is growing significantly. As the electronic components manufacturing industry is shifting toward the miniaturization of components, the use of polybutylene terephthalate will increase to provide electrical insulation. Therefore, the abovementioned factors will drive segment growth during the forecast period.
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APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The major end-user industries in the PBT market in APAC, such as automotive, construction, medical devices, and electronics, have been flourishing owing to the significant economic growth of the region. The automotive industry in APAC is flourishing due to the high demand for automobiles in countries such as China, India, Indonesia, Thailand, and Vietnam. The increasing demand for automobiles from APAC has increased the demand for polybutylene terephthalate from automotive manufacturers for manufacturing automotive electronics.
Further, the electronics industry is also one of the major end-users of this product for manufacturing electronic devices. The presence of a well-established electronics industry in various countries such as China, South Korea, India, and Japan will drive the use of polybutylene terephthalate. For instance, India aims to have USD 300 billion worth of the electronics industry by 2025-2026. Thus, the immense growth of the electronics industry in the region will drive the growth of the PBT market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is experiencing significant growth, driven by its versatile applications across industries such as the aviation industry and flexible packaging. Derived from terephthalic acid and butanediol, PBT is renowned for its robustness, making it a preferred choice for engineered plastics in various sectors, including aerospace. In the aviation industry, PBT finds use in critical components like fuel system components, windshield wiper covers, and seat belts due to its exceptional properties such as electrical resistance, dielectric strength, and UV radiation resistance. Moreover, its heat aging behavior ensures long-lasting performance, meeting stringent safety standards.
Further, as aircraft contracts surge and urbanization drives demand for advanced materials, PBT emerges as a reliable solution. Its ability to replace traditional materials like cast iron, stainless steel, and bronze in demanding applications underscores its significance in modern engineering and manufacturing processes, particularly in the aerospace sector. With its resilience and adaptability, PBT is integral to the development of electric vehicles, contributing to a sustainable future in vehicle production and beyond, including applications in wipers and vehicles.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.29% |
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Market growth 2024-2028 |
USD 736.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.93 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
China, US, Germany, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Celanese Corp., Chang Chun Group, China Petrochemical Corp., Daicel Corp., DuPont de Nemours Inc., Kingfa SCI. and TECH. Co. Ltd., Kolon Industries Inc., Lanxess AG, LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Corp., Mitsui and Co. Ltd., Radici Partecipazioni Spa, RTP Co., S.S.B. POLYMERS and S.S.B. ENTERPRISES, Samyang Corp., Saudi Basic Industries Corp., Sinochem Group Co. Ltd., and Toray Industries Inc. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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