Polybutylene Terephthalate (PBT) Market - Growth, Trends, and Forecasts (2023 - 2028)

The global market for polybutylene terephthalate (PBT) is expected to register a CAGR of more than 5% during the forecast period 2022-2027.

The impact of the COVID-19 pandemic was largely negative on the market. However, the market is now estimated to have reached pre-pandemic levels.

* The growing demand for lightweight automobiles and PBT in electrical applications are the major factors driving the market studied.

* However, competition from other engineering plastics is expected to hinder the market's growth.

* The automotive industry dominated the market, and its share is expected to grow further during the forecast period across the world.

* The growing research to develop bio-based PBT is likely to act as an opportunity in the future.

Polybutylene Terephthalate (PBT) Market Trends

Increasing Demand from the Automotive Industry

* PBT, owing to its superior material characteristics, such as heat resistance, strength-to-weight ratio, and chemical stability, is increasingly being used to replace traditional materials, including bronze, stainless steel, cast iron, and ceramics in the automotive industry.

* Lightweight plastics are in high demand in the transportation industry due to their competitive pricing, high performance, style, reliability, strength, and safety.

* Plastic components weigh almost 50% lesser than similar components made from other materials, thus providing a 25-35% improvement in fuel efficiency, which is a key factor in the automotive and transportation industries.

* PBT can be used in interior and exterior applications, especially in electric systems in the automotive industry. The most common applications include windshield wiper covers, mirror housings, cowl vents, handles, fans, fuel system components, connectors, sensor housings, fuse boxes, actuator cases, power relays, switches, motor components, and ignition system components.

* The automotive industry has observed about 10% growth in the first nine months of 2021 when compared to the same period in 2020.

* Thus, with the growing automotive industry, the consumption of PBT is projected to increase over the forecast period.

Asia-Pacific to Dominate the Market

* Asia-Pacific dominates the global market share. In recent years, China has become a global industrial and manufacturing hub.

* The market in China is expected to witness faster growth compared to other countries, owing to the significant increase in the per capita income of the Chinese middle-class population and the resultant increase in the sales of consumer goods in the region.

* The manufacturing industry in China is expected to grow on an average of more than 5% during the coming years, which is the major driving force for the engineering plastics market. This is, in turn, driving the PBT market in China.

* The Indian economy is also witnessing steady growth and development in the manufacturing sector, especially in the electrical and electronics and automotive industries. In addition, growth in the country's consumer goods and appliances industry is also expected to boost the development of the PBT market.

* All these aforementioned factors are expected to drive the demand for PBT in the region during the forecast period.

Polybutylene Terephthalate (PBT) Market Competitor Analysis

The PBT market is partially consolidated and is dominated by very few players. Some of these major players include DuPont, A Schulman Inc., BASF SE, Evonik Industries AG, and SABIC, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support