PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1667626
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1667626
The combined global PET & PBT resin market size was USD 47.99 billion in 2024, and it is anticipated to be worth USD 64.01 billion by 2029.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | By Type, By Application, and By Region |
Regions covered | Asia Pacific, Europe, North America, Middle East & Africa, and South America |
The PET & PBT resin market is projected to register a CAGR of 6.0% and 5.3% respectively between 2024 and 2029, in terms of value. The PET & PBT resin market size is projected to reach USD 57.64 and 6.37 billion respectively by 2029 at a CAGR of 6.0% and 5.3% from USD 43.06 and 4.93 billion respectively in 2024. The Transparent & Non-Transparent PET, by type segment is estimated to account for the largest share in terms of value of the PET resin market in 2023. rPET, by type likely to be the fastest growing type of PET resin market in terms of value.
Recycled polyethylene terephthalate (rPET) is an eco-friendly material formed from the recycling of post-consumer PET products such as bottles and containers. rPET helps in minimizing plastic waste, lowering the carbon footprint, and providing for the structure of a circular economy. The properties of rPET are similar to those of virgin PET, allowing for its use in packaging, textiles, and automotive parts. The increasing concern for sustainability has lent support to rPET with industries and consumers now advocating the use of recycled materials to reduce dependence on virgin materials.
PBT (Polybutylene Terephthalate) is a high-viewed, engineering thermoplastic that offers excellent load-bearing properties, chemical resistance, and dimensional stability. PBT is used in multiple applications, including automobile, electrical, and electronics, due to the material's durability in high temperature. It is also an electrical insulator-in the application of connectors, switches, and housings which require protection properties. As a growing need for lightweight and durable materials arises, PBT is increasingly coming into its own in processing parts for automotive and consumer electronics.
"Electrical and electronics, by application is fastest growing application segment of PBT resin market"
One of the fastest-growing application areas for PBT resin is in the electrical and electronics segment due to its characteristics of electrical insulation and high-temperature resistance, as well as dimensional stability. Applications where PBT is being used increasingly include connectors, switches, and circuit boards and housings for consumer and automotive electronics and communication devices. The demand for smaller, highly reliable, and durable electronic components is therefore propelling the growth of PBT in this sector owing to its versatility and performance in applications that are constantly under effort. The drive toward energy-efficient technologies is also serving as a catalyst for the adoption of PBT in electronics.
"Asia Pacific, by region is forecasted to be the fastest growing segment of PET & PBT resin market during the forecast period."
Asia Pacific will be the fastest-growing region for PET & PBT resin markets during the forecast period due to rapid industrialization, expanding manufacturing capabilities, and increasing demand in packaging, automotive, and electronics applications. Demand for consumer goods, especially beverages and electronics, is boosted in this region by its large population and growing middle-class population, thus increasing the consumption of PET & PBT resins. Furthermore, government initiatives, infrastructure, and cost-effective production in countries such as India and China are driving growth for the regional market.
The key companies profiled in this report are Indorama Ventures Public Company Limited (Thailand), Alpek, S.A.B. de C.V. (Mexico), SABIC (Saudi Arabia), BASF SE (Germany), Lotte Chemical Corporation (South Korea), Mitsubishi Chemical Group Corporation (Japan), and Jiangsu Sanfangxiang Group Co., Ltd. (China).
The PET & PBT resin market has been segmented based on Type (Transparent & Non-Transparent PET,
Recycled PET), PET Application (Bottles, Films, Food Packaging, Other Applications) PBT Application (Electrical & Electronics, Automotive, Consumer Appliances, Other Applications), and by Region (Asia Pacific, North America, Europe, South America, Middle East & Africa).