Polybutylene Terephthalate Market

The Polybutylene Terephthalate market size is forecast to reach USD 4757.29 million by 2029, after growing at a CAGR of 6% during the forecast period 2024-2029. The global market for polybutylene terephthalate is anticipated to be driven by factors such as the growing requirement in the automotive sector for lightweight and affordable metal substitutes to improve fuel efficiency. Moreover, the global market is expected to be driven by the electronics industry's use of polybutylene terephthalate as insulators, wire coverings, circuit breakers, and connectors because of its high electrical resistance qualities. Additionally, because of its resistance to high temperatures and electrical strains, it is utilized in many portable tools and appliances; as a result, the consumer goods industry is anticipated to dominate the market. 

The report “Polybutylene Terephthalate Market – Forecast (2024-2029)”, by IndustryARC, covers an in-depth analysis of the following segments of the Polybutylene Terephthalate market.

By Type: Reinforced Polybutylene Terephthalate, Unreinforced Polybutylene Terephthalate.

By Processing Method: Injection Molding, Extrusion, Blow Molding, and others.

By Application: Automotive, Electrical & Electronic, Consumer Goods, Medical, Packaging, and others.

By Geography:  North America, South America, Europe, APAC, and RoW.

• On 7th February 2024, The ZR Series of NOVADURANTM polybutylene terephthalate (PBT) resin is a foaming grade with an ultra-low specific gravity that was developed by the Mitsubishi Chemical Group (MCG Group), and sample work was started in January 2024.  A new grade called the ZR Series was created by fusing exclusive production methods with a formulation devised by the MCG Group. It is distinct in that, although being an extremely stiff fiber-reinforced industrial plastic, it exhibits foaming qualities.

• In 2022,  A new range of high-performance chemically recycled polybutylene terephthalate (PBT) resin products has been added by Toray Industries, Inc. The business polymerizes the material after depolymerizing leftover PBT from production procedures. The new products include hydrolysis-resistant and reduced warpage grades reinforced with glass fiber. Toray will begin to supply samples.

• In 2022, a polybutylene terephthalate (PBT) material called Ultradur B4335G3 HR HSP was developed by BASF to safeguard delicate electronics in driving scenarios like emergency breaks. 

Reinforced Polybutylene Terephthalate dominated the Polybutylene Terephthalate market in 2023. PBT's mechanical characteristics, such as strength, stiffness, and impact resistance, are enhanced when it is reinforced with materials like glass fibers or minerals. Because of these improvements, Reinforced PBT is appropriate for high-stress applications where mechanical performance is crucial, like structural parts, electrical connectors, and automotive components. As reinforced PBT can be molded into precise geometries and complex shapes, producers can develop parts with specific functionality that are custom-designed with greater design flexibility. Because of its adaptability, several components can be combined into one part, which lowers the cost, complexity, and assembly time.

For instance, on 16th May 2022, SABIC launched a new upcycled LNPTM ELCRINTM IQ resin constructed from plastic waste bound in the ocean to assist in pollution productivity and support circularity, The glass fiber-reinforced PBT material known as LNP ELCRIN WF0061BiQ grade boasts a non-brominated and non-chlorinated flame retardancy that satisfies the UL94 V0 standard at 0.8mm and F1 rating. Additionally, it has outstanding heat resistance, rigidity, and toughness.

Injection Molding dominated the Polybutylene Terephthalate market in 2023. High precision is possible when producing elaborate and complex part geometries using injection molding. PBT is a superb material for intricate patterns and thin-walled parts because of its excellent flow properties and dimensional stability during molding. This gives designers more creative freedom when developing new products. Large quantities of parts can be produced with little material waste using the extremely effective manufacturing technique of injection molding. PBT's quick cycle durations and cooling rates help manufacturers meet deadlines and swiftly adapt to market demands by reducing manufacturing lead times.

Electrical & Electronic dominated the Polybutylene Terephthalate market in 2023. The electronics industry is expected to propel the global market for polybutylene terephthalate due to its high electrical resistance features, which are used as connectors, wire covers, circuit breakers, and insulators. Furthermore, the consumer goods industry is anticipated to drive the market since it is utilized in a variety of portable gadgets and equipment and is durable against high temperatures and electrical strains. Moreover, the utilization of Polybutylene Terephthalate in sectors such as air filter enclosures, power tool structures, and conveyor chain components is likely to drive the global market. 

For instance, according to Invest India, the electronics industry in India has been expanding rapidly and exponentially in several different subsectors, such as telecommunication, automotive, industrial, and mobile electronics. As a result, the demand for electronic components in the nation has significantly increased. Electronic component output is currently valued at $11 billion and is predicted to increase to $18 billion by FY26.

APAC dominated the Polybutylene Terephthalate market in 2023. The increase in product preferences in the automotive, transportation, electrical & electronics, and extrusion industries in nations like China and India may have an impact on the regional market's growth over the anticipated period. It appears that the subcontinent's large manufacturers will have a significant impact on the region's market profitability, which will support regional market trends. China, Japan, South Korea, Taiwan, and other major electronics manufacturing hubs are located in the Asia-Pacific region. PBT is extensively utilized in electronic devices and components because of its superior dimensional stability, processability, and electrical insulating qualities. The need for PBT in applications including circuit breakers, switches, sockets, and connectors is fueled by the expanding electronics sector in Asia-Pacific.

For instance, according to the China Association of Automobile Manufacturers, sales of vehicles reached 27 million in 2021—a rise of 6.7% annually. China, Japan, and South Korea are among the biggest producers of electronics and other consumer items, which include polybutylene terephthalate as a necessary component, excluding the vehicle industry.

due to its exceptional chemical durability and resistance to high temperatures, polybutylene terephthalate (PBT) is widely used in industrial and automotive equipment. PBT is also used in the production of ceramic-based automotive handles, windshield wiper covers, seat belts, and other equipment.

For instance, according to IBEF India, the market for passenger cars in India was estimated to be worth $32.70 billion in 2021, and between 2022 and 2027, it is projected to grow at a compound annual growth rate (CAGR) of more than 9%, reaching a value of $54.84 billion. The global EV industry is expected to rise five times to $1,318 billion by 2028 from an estimated $250 billion in 2021. Additionally, by 2025, it is predicted that India's electric vehicle (EV) market will grow to a value of Rs. 50,000 crore, or $7.09 billion. According to a CEEW Centre for Energy Finance report, India might offer $206 billion in opportunities for electric car sales by 2030. This will require an expenditure of $180 billion in infrastructure for charging and vehicle manufacture.

For instance, according to the European Automobile Manufacturers Association, Globally, 85.4 million motor cars were produced in 2022—a 5.7% increase over 2021. The robust Automotive industry fueling the market for PBT.

PBT is continuously in demand across a range of end sectors, which has given producers room to grow their profit margins. The elements mentioned above are what propel the expansion of the polybutylene terephthalate market; therefore, growth in this material is expected to come from the expanding end-use sector. 

PBT sets the global market trends with its remarkable electrical insulating qualities and chemical and heat resistance. The size of the worldwide market has increased rapidly due to a spike in demand for the products in the Electrical & Electronic industry. PBT is a perfect material for electrical and electronic applications because of its superior electrical insulating qualities. Its high-volume resistivity, superior dielectric strength, and low moisture absorption are critical qualities for insulating materials and electronic components.

For instance, according to the German Electrical and Electronic Manufacturers' Association 2021, Ten percent of Germany's industrial output, three percent of the GDP, and twenty-three percent of the nation's R&D expenditures are attributed to the electronics industry.  the electronics sector in Germany generated a turnover of EUR 182 ($193.86) billion, with R&D expenditures at EUR 19.7 ($20.98) billion and innovation expenditures at EUR 27.5 ($29) billion.

For instance, according to the IBEF India, Electronics System Design and Manufacturing (ESDM), the fastest-growing industry in the world, is changing people's lives, companies, and economies all around the world. India's digital economy is expected to grow to $1 trillion by FY2026. India's electronics sector is currently estimated to be worth $155 billion, of which 65% is produced domestically. PBT is a versatile and dependable material for a wide range of electronic applications, and its unique mix of electrical, mechanical, thermal, and chemical qualities is what is driving the growing need for it in the Electronics and Electricals business.

PBT competes with other engineering thermoplastics, including polycarbonate (PC), polyamide (PA), and polyethylene terephthalate (PET). PBT market penetration is challenged by the advantages of each material, which may be chosen based on certain application requirements. PBT producers need to concentrate on differentiating their products based on critical features such as electrical properties, thermal stability, dimensional correctness, processability, and cost-effectiveness to be competitive in the face of alternative materials. This could entail making research and development investments to create novel PBT formulations, improve material qualities, streamline production methods, and customize solutions to satisfy the changing demands of the electronics and electrical sectors.

Technology launches, acquisitions, and R&D activities are key strategies players adopt in the Polybutylene Terephthalate market. in 2022, The major players in the Polybutylene Terephthalate market are BASF, SABIC, LG Chem Ltd., Celanese Corporation, Daicel Corporation, Evonik Industries AG, Hengli Petrochemical Co, Ltd., Lanxess AG, Chang Chun Group, Changzhou Mai Ti Rui New Materials Technology Co., Ltd., and Others.

In 2023, A novel, electrically conducting type of DURANEX® polybutylene terephthalate (PBT) for millimeter-waves radar applications in the automotive sector has been introduced, according to a release from the Polyplastics Group. As an extra benefit of electrical conductivity, DURANEX® PBT 201EB offers insulation against electromagnetic waves. Consequently, the material lowers costs and requires less assembly effort.

In 2022, Sabic launched a polybutylene terephthalate (PBT) engineering plastic that utilizes Sea-based polyethylene terephthalate bottles made of PET as a feed stream for chemical upcycling into resin.