Polyethylene Terephthalate (PET) Market worth $52.2 billion & Polybutylene Terephthalate (PBT) Market worth $5.3 billion by 2026 respectively - Exclusive Report by MarketsandMarkets™
CHICAGO, April 6, 2022 /PRNewswire/ -- According to the report "Polyethylene Terephthalate (PET) & Polybutylene Terephthalate (PBT) Resins Market by PET Type, PET Application (Bottles, Films, Food Packaging), PBT Application (Electrical and Electronics, Automotive, Consumer Appliance), Region - Global Forecast to 2026", published by MarketsandMarkets™, the global PET resin market size was USD 28.1 billion in 2020 and is projected to reach USD 52.2 billion by 2026. It is anticipated to register a CAGR of 6.1% between 2021 and 2026. PET is the only recyclable polyester and is used in different applications compared to the other thermosetting materials. The global PBT resin market size was USD 3.1 billion in 2020 and is projected to reach USD 5.3 billion by 2026. It is anticipated to register a CAGR of 5.1% between 2021 and 2026. The automotive manufacturers are using PBT materials in their car production to overcome the challenges, such as reducing fuel consumption, CO2 emissions, and lightweight regulations by the European Commission. PBT is lightweight compared to steel and aluminum used in automotive cars. Therefore, it drives the demand for PBT.
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The transparent & non-transparent PET segment is estimated to account for the largest share of the PET resin market, by resin, during the forecast period.
Based on PET type, the transparent & non-transparent PET segment accounts for the larger share of the overall PET resin market. APET is increasingly used for packaging carbonated soft drinks (CSD), juices, and water. In the food & beverage industry, the CPET application is used in containers and trays that can be used to reheat in the oven or microwave. Additionally, CPET is also used in bottles made for carbonated soft drinks, alcoholic beverages, and other edibles.
The bottles segment is estimated to account for the largest share of the PET resin market, by application, during the forecast period.
Based on PET Application, the bottles segment is expected to dominate the market. The advantages of conventional packaging plastics have increased engineering plastic products such as PET containers and bottles in the packaging sector. The increased consumption of PET has increased the demand from industries like food and beverage, consumer goods, and others for packing materials.
The electrical & electronics segment is estimated to account for the largest share of the PBT resin market, by application, during the forecast period.
Based on PBT Application, electrical & electronics is projected to register the highest CAGR during the forecast period. There is increasing demand for PBT in manufacturing high-voltage and sensitive electronic sensors in electric vehicles (EVs). This is positively impacting the PBT resin market growth.
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PET & PBT resins market in Asia Pacific is expected to register the highest CAGR during the forecast period.
The Asia Pacific PET & PBT resins market is projected to register the highest CAGR during the forecast period. The Asia Pacific region has a high number of players in industries such as automobile and electrical & electronics which are end users of PET & PBT resins. The Asia Pacific is the highest populated region and also has the highest number of emerging countries which account for the major market growth as emerging countries focus on industrialization.
Leading global companies are shifting their production facilities, establishing sales offices, and expanding their distribution channel to regions, such as China, India, and Southeast Asia, to ensure sustainable demand and increase their market share. The gradual shift of manufacturing facilities to countries having high demand and lower production cost is positively influencing the market growth.
Major players operating in the PET & PBT resins market include Indorama Ventures Limited (Bangkok), Mitsubishi Chemical Corporation (Japan), SABIC (Saudi Arabia), BASF (Germany), Alpek (Mexico).
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