Polybutylene Terephthalate Market Size to Grow by USD 659.75 million from 2023 to 2027, growing use in Medical Applications to boost market growth, Technavio
NEW YORK, March 28, 2024 /PRNewswire/ -- 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. Growing utilization of polybutylene terephthalate (PBT) in medical applications drives market expansion. Medical-grade PBT offers strength, stiffness, and chemical resistance, ideal for medical devices like drug delivery tools and injection pens. Manufacturers like Celanese provide high-quality PBT solutions, enhancing color-molded part quality for medical device OEMs.
Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report
Vendor Analysis
Vendor Landscape - The global polybutylene terephthalate market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer polybutylene terephthalate in the market are 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. and others.
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Vendor Offerings -
- 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.
- For details on the vendor and its offerings – Request a sample report
Segment Overview
Technavio has segmented the market based on type, Application (Electrical and electronics, Automotive, Household appliances, and Extrusion products), Type (Industrial grade and Commercial grade), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The electrical and electronic segment sees significant market share growth. Polybutylene terephthalate is extensively used in electrical and electronic devices like data communication tools, cameras, and LiDAR systems. Valued at USD 928.51 million in 2017, this segment continues to expand, with PBT serving as a sealant, insulator, and protector for microelectronic components. Offering excellent insulation and resistance to solvents, water, and high temperatures, PBT is favored for its abrasion resistance and electrical properties. Major suppliers like Toray provide PBT resin for electronic applications. With the electronics manufacturing industry emphasizing component miniaturization, PBT usage is expected to rise further, amplifying segment growth.
Geography Overview
By geography, the global polybutylene terephthalate market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global polybutylene terephthalate market.
- APAC is forecasted to contribute 56% to the global market growth, driven by flourishing industries like automotive, construction, electronics, and healthcare. In the automotive sector, high demand from countries like China and India propels PBT usage for automotive electronics. The electronics industry, particularly in China, South Korea, India, and Japan, spurs PBT demand, with India targeting a USD 300 billion electronics industry by 2025-2026. Additionally, the healthcare industry's growth, fueled by rising income levels and awareness, boosts demand for medical devices, further driving PBT usage.
For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027
Market Dynamics
The growing use of polybutylene terephthalate in medical applications is notably driving the market growth:
The increasing use of polybutylene terephthalate (PBT) in medical applications is a significant market driver. PBT offers attributes like strength, stiffness, and resistance to chemicals, making it ideal for medical devices. Various vendors, such as Celanese, provide medical-grade PBT solutions, fostering market growth in the medical industry.
- Increasing product launches is an emerging trend in the market.
- The threat of substitutes is a major challenge impeding market growth.
Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a
What are the key data covered in this Polybutylene Terephthalate Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Polybutylene Terephthalate Market between 2023 and 2027
- Precise estimation of the size of the Polybutylene Terephthalate Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Polybutylene Terephthalate Market industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Polybutylene Terephthalate Market vendors
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Analyst Review:
The Polybutylene Terephthalate (PBT) Market is witnessing significant growth driven by the adoption of engineered plastics across various industries, particularly in the manufacturing sector. PBT thermoplastic materials, belonging to the polyester family of polymers, are semi-crystalline engineering thermoplastics known for their exceptional properties.
Manufactured through a process involving special catalysts, polycondensing terephthalic acid, and 1,4–butanediol, PBT exhibits remarkable characteristics such as high strength, toughness, dimensional stability, and low water absorption. These qualities make it a preferred choice for a wide range of applications, including automotive components like windshield wiper covers, fuel system parts, connectors, and seat belts.
In addition to automotive extrusion, PBT finds extensive use in electrical and electronics applications due to its excellent electrical resistance, dielectric strength, and creep resistance. Moreover, its resistance to UV radiation and heat aging behavior make it suitable for high-temperature applications, including electrical encapsulation materials and electrical insulation polymers.
Despite facing competition from traditional materials like stainless steel, cast iron, ceramics, and bronze, PBT remains highly favored in the automotive industry for its lightweight nature, chemical stability, and strength-to-weight ratio. Moreover, the market is witnessing research and innovations focused on developing eco-friendly materials, including bio-based Polybutylene Terephthalate, to meet evolving consumer preferences and government restrictions on capital expenditure and electric vehicles.
In conclusion, the global Polybutylene Terephthalate (PBT) Market offers promising opportunities for growth, driven by its versatile properties and increasing demand across various industries such as automotive, electrical, and electronics. With ongoing advancements and segmentation analyses like blow molding, the market is poised for further expansion in the coming years.
Market Overview:
The Polybutylene Terephthalate (PBT) Market is experiencing significant growth due to the increasing adoption of engineered plastics, especially in the manufacturing sector. PBT thermoplastic materials, belonging to the polyester family of polymers, are gaining traction owing to their superior properties. These materials are synthesized using special catalysts and polycondensing terephthalic acid with 1,4–butanediol. PBT offers various advantages such as high electrical resistance, dielectric strength, creep resistance, and heat aging behavior. Additionally, its lightweight nature, dimensional stability, and low water absorption make it ideal for automotive extrusion applications, including windshield wiper covers, connectors, and seat belts. PBT also exhibits exceptional chemical stability and a high strength-to-weight ratio, outperforming traditional materials like stainless steel, cast iron, ceramics, and bronze. With the automotive industry increasingly adopting PBT for high-temperature applications, the market is witnessing substantial investments in research and innovations, including the development of bio-based Polybutylene Terephthalate. This trend is further fueled by the growing demand for eco-friendly materials and the rising prominence of electric vehicles, driving the need for advanced electrical encapsulation materials and electrical insulation polymers in the market.
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