Will Sales of Reinforced Polybutylene Terephthalate (PBT) Gain Traction Due to Escalating Demand for e-Mobility – New Study by Fact.MR
As per the latest revised report published by Fact.MR – a market research and competitive intelligence provider, the global polybutylene terephthalate (PBT) market is anticipated to exceed a valuation of US$ 2.9 Bn globally in 2021, and expand at an impressive CAGR of more than 6% over the forecast period of 2021 to 2031. The market is in the growth phase of its lifecycle, registering annual growth of 4.2% from 2016 to 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increasing R&D spending and growing demand for biodegradable PBT polymers.
As a sustainable alternative to petroleum-based plastics, development of bio-based plastics is one of the aspects where a bulk of R&D investments are focused. In the PBT marketplace, research & developments activities are aimed at making PBT greener and efficient by increasing bio-based content along with incorporation of innovative formulations.
As PBT applications range from automotive and electronics to other plastic-based uses, associated environmental concerns and increasing demand for bio-based solutions have led PBT manufacturers to ramp up efforts to devise biodegradable and renewable forms of PBT. Chemical industry titans such as DSM, DuPont, and BASF have introduced bio-based PBT polymers that are equally efficient as their synthetic counterparts, for multiple applications.
Key Takeaways from Market Study
- The global PBT market is anticipated to expand at a CAGR of over 6% during 2021-31, and is expected to create an absolute $ opportunity worth US$ 2.5 Bn in the same timeframe.
- Demand for PBT is mainly driven by its increased usage in industries such as electrical and electronics, automotive, and consumer goods.
- East Asia along with Europe has driven the consumption of PBT during the historical period, and cumulatively accounted for over 75% market share in 2020.
- North America is one of the emerging market growing at a fast pace, and is expected to progress at a CAGR more than 5% through 2031.
- On the basis of processing method, the market is projected to be dominated by the injection molding method, which will account for around 70%% market share by 2031.
“Growing applications in automotive sector to sustain future PBT demand,” says a Fact.MR analyst.
What are the Key Opportunities for PBT Manufacturers?
Polybutylene terephthalate, with its excellent impact resistance, chemical stability, high temperature resistance, etc., can replace metals as engineering materials in industries such as automobile and industrial equipment.
Government of countries such as China and in several countries of European Union are supporting manufacturers of polybutylene terephthalate by looking into incentivizing the producers over the PBT produced and encouraging the investors to channel their investments in this high potential business.
Due to extensive production and consumption of PBT in East Asia especially China, has favored economies of density. This factor is anticipated to invite foreign players to invest in production of PBT in the country which would not only provide higher absolute $ opportunity but also would pave way for the manufacturers to enhance their market share across the globe over long-run forecast period
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