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The polybutylene terephthalate market is forecast to increase by USD 659.75 million, and is estimated to grow at a CAGR of 5% between 2022 and 2027. The growth of the market depends on several factors, including increasing demand for polybutylene terephthalate in the automotive industry, increasing demand for polybutylene terephthalate in the electronics industry, and growing use of polybutylene terephthalate in medical applications.
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The growing use of polybutylene terephthalate in medical applications is notably driving the market growth, although factors such as the threat of substitutes may impede the market growth. Our researchers analyzed the data with 2022 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.
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.
Significant Trend
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.
Vendors 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.
Major Challenge
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.
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.
Key Customer Landscape
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global 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.
Kingfa SCI. and TECH. Co. Ltd. - The company focuses on manufacturing and marketing modified plastic products such as fire-resistant resin, reinforced resin, plastic alloy, and other related products. The key offerings of the company include polybutylene terephthalate.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, robust, 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 2017 and continued to grow until 2021. 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.
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.
Furthermore, the healthcare industry in the region is thriving due to factors such as rising income levels, a growing population, the increasing prevalence of chronic diseases, and increasing awareness about health issues. Medical device manufacturers in APAC are focusing on expanding their reach and identifying strategies to introduce high-quality products and services. APAC is anticipated to be the next pharmaceutical manufacturing powerhouse globally due to the presence of pharmaceutical manufacturers in India, Singapore, and Malaysia. Thus, the demand for polybutylene terephthalate in the manufacture of drug delivery devices and other medical devices will drive its use in the medical device/healthcare industry. Thus, these factors are expected to foster the growth of the PBT market in APAC during the forecast period.
The Polybutylene Terephthalate Market experiences increased adoption of engineered plastics in the manufacturing sector. PBT thermoplastic materials, part of the polyester family, exhibit strong characteristics such as high stiffness, heat resistance, and dimensional stability. They find applications in automotive extrusion, electrical & electronics, and fluid handling systems, replacing traditional materials like stainless steel, cast iron, ceramics, and bronze. The market overview highlights PBT's role as one of the top five engineering plastics, known for its toughness, lightweight nature, and versatility. Global Polybutylene Terephthalate (PBT) Market includes segments like blow molding and is driven by ongoing research, innovations, and the demand for eco-friendly materials, including bio-based Polybutylene Terephthalate.
The market research report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
Polybutylene Terephthalate Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2023-2027 |
USD 659.75 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.77 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 56% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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 Plastics Inc., Lanxess AG, LG Chem, LyondellBasell Industries NV, 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., Toray Industries Inc., and Sinochem Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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