Global Polybutylene Terephthalate (PBT) Market - Segmented by End-user Industry, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global polybutylene terephthalate (PBT) market was valued at USD 2,339.84 million, by revenue, in 2017, and is expected to witness a CAGR of 3.59% during the forecast period, 2018 to 2023. In 2017, in terms of volume, Asia-Pacific dominated the global market, and is also expected to witness the highest CAGR during the forecast period.
Rising Demand for Lightweight Automobiles
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 25%-35% improvement in fuel efficiency, which is a key factor in the automotive and transportation industries. In automotive and other transportation facilities, PBT allows for energy absorption, weight reduction, shock absorption for bumpers, restriction of explosion risks in fuel tanks, seat belts, airbags, door & seat assemblies, subsystems, bumpers, under-bonnet components, exterior trim, and various other applications. These factors, in turn, are driving the demand for PBT.
Electrical & Electronics Segment to Expand at the Fastest Rate
Different grades of PBT find applications in the electrical & electronics industry for signal and power uses, such as connectors, sensor housings, chip sockets, terminal boards, coil bobbins, transformer insulations, switches, circuit breakers, power sockets for modular building panels, motor end caps, rush holders and, stator insulation, cable liners, and fiber optic buffer tubes. Consumer goods that require durability and are more often used under high temperature and electronic stress employ PBT (for e.g. in small handheld appliances and tools). Some of the most common applications in consumer goods include iron handles and bases, oven door handles, housings, motor brackets, and closure panels. Industrial, medical communication, and defense are some of the key sectors that demand high-end quality products. The sectors are expected to offer new opportunities for various companies over the forecast period.
Asia-Pacific to be the Largest Revenue Generating Region
Robust demand from automotive and electrical & electronics industries in Asia-Pacific, primarily from China and India, is estimated to make Asia-Pacific a global leader in the PBT market. The market in China is expected to witness faster growth, compared to other countries, owing to significant increase in the per-capita income of the Chinese middle-class population and the resultant increase in the sale of consumer goods in the region. The manufacturing industry in China is expected to grow on an average more than 7-8% every year, thereby, being the major driving force for the engineering plastics market, in turn, driving the PBT market in China. The industrial production, automotive, construction, and manufacturing sectors have witnessed increased growth, with commercial and government investments, as well as FDI involvement driving the market demand in India.
Key Developments in the Market
October 2017: BASF launched new PBT resin Ultradur, which can be employed in PVC windows
Major Players: Chang Chun Chemicals, BASF, Blue Star, SABIC, SINOPEC, and Du Bay Polymers, among others
Reasons to Purchase the Report
Current and future of PBT market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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