Polybutylene Terephthalate or PBT is a synthetic, semi-crystalline, and semi-aromatic engineered thermoplastic that is rigid, robust and has high heat and impact resistance. According to BlueQuark Research & Consulting, the Global Polybutylene Terephthalate market is expected to witness a significant growth rate during the forecasted period. Factors like the increasing need for lightweight and cost-effective metal alternatives in the automobile industry to increase fuel economy are expected to drive the global Polybutylene Terephthalate market. Further, using Polybutylene Terephthalate in the electronics industry as connectors, wire-covers, circuit breakers, and insulators due to its high electrical resistance properties is projected to drive the global market. Furthermore, due to its durability towards high temperature and electrical stresses, it is used in various handheld appliances and tools, thus the consumer goods market is expected to drive the market. Moreover, the usage of Polybutylene Terephthalate in the industry as air filter housings, power tool housings, and conveyor chain components is expected to drive the global market. However, factors like stringent government regulations, environmental and health concerns, and the easy availability of substitutes are expected to hinder the global PBT market growth.
Polybutylene Terephthalate is used to manufacture airbag covers, windshield wipers, mirror housings, handles, switches, circuit breakers, cable liners, oven door handles, motor brackets, closure panels, among others. PBT is also used in end-use industries like automotive, electronics, and consumer goods.
The Automotive industry is the prime consumer of Polybutylene Terephthalate and is projected to drive the global Polybutylene Terephthalate market. The growing demand for vehicles' fuel economy by reducing their weight and using lightweight and cost-effective metal alternatives is driving the automobile market. According to IBEF, the automobile production in India increased at 2.36% CAGR between FY16-20, with almost 26.36 million vehicles being manufactured in the country in FY20, with nearly 21.55 million vehicles being sold. Further, Electronic Vehicles (EVs) have resulted in the surfacing of the latest high-voltage applications that require electrical components that are more efficient, such as power sockets, switches, transformer insulation, sensor coverings, connectors, boards, and sockets, among others. Owing to the high-performance electrical properties of Polybutylene terephthalate, it is widely used in these components, which is driving its application in the EVs market, thus triggering the overall market growth. Therefore the use of Polybutylene Terephthalate in the automobile industry is expected to grow and drive the overall market in the future. Furthermore, since PBT is also used in making exterior components like mirror housings, windshield wiper covers, door, and seat assemblies, its applications are not limited and almost identical in electric and conventional automobiles. Therefore the use of Polybutylene Terephthalate in the automobile industry is expected to grow and drive the overall market in the future.
The Asia Pacific region is expected to be the global production leader of Polybutylene Terephthalate, with most of the consumption in China and India. Polybutylene Terephthalate accounts for a significant portion of the total automotive polymers utilized in any passenger vehicle. Moreover, China is the most extensive base for automobile production globally, satisfying its domestic need and catering to international needs. Further, Toyota Kirloskar Motor sold 15001 units in India in March 2021 and saw a 114% month-on-month growth. Adding to that, the China Association of Automobile Manufacturers reported that the vehicle sales would touch 27 million in 2021, a 6.7 percent year-on-year increase. Apart from the automobile industry, China, Japan, and South Korea are some of the largest electronics and other consumer goods manufacturers, which have Polybutylene Terephthalate as essential components. As published in China Daily , the retail sales of consumer goods in China hit USD 6 Trillion in 2020, with sales increasing 20% from the previous year, thus surging the demand for Polybutylene Terephthalate in the region. Since Polybutylene Terephthalate is also used in industries to manufacture power tool housings and conveyor chain components, its use is expected to grow in the region. Thus factors like these have made the Asia Pacific region an essential scope for the global PBT market.
Some of the market's key players are Toray Industries Inc. , DuPont de Nemours, Inc ., Celanese Corporation , LG Chem Ltd ., BASF SE , Covestro AG , Lanxess AG , among others.
In August 2021, an innovative 3D-printed sensor in plastic housings was manufactured using Polybutylene Terephthalate.
In April 2021, SABIC upcycled nearly 100 million PET bottles of 500ml volume each in 18 months using Polybutylene Terephthalate resin.
In July 2020, Daicel Corporation acquired the stake of partner Celanese Corporation in the engineering plastics joint venture for USD 1.575 Billion.
Global Polybutylene Terephthalate Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Polybutylene Terephthalate market by segmenting based on the formation process (Extrusion, thermoforming, 3-D Printing), End-User Industry (Automotive, Electronics, Consumer Goods, Industrial, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market share, market trend, market dynamics, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.