|Status : Published||Published On : Sep, 2023||Report Code : VRCH2094||Industry : Chemicals & Materials||Available Format :||Page : 200|
Global thermoplastic polyester engineering resins market was worth USD 4,090.0 million in 2022 and is expected to reach USD 5,950.0 million by 2030 with a CAGR of 5.5% during the forecast period, i.e., 2023-2030. In volume terms, the global volume for the thermoplastic polyester engineering resins was XX kilotons (KT) in 2022 and is expected to reach XX KT by 2030 with a CAGR of XX% during the forecast period, i.e., 2023-2030. The global thermoplastic polyester engineering resins market is witnessing growth owing to the high mechanical qualities, chemical resistance, and adaptability of thermoplastic polyester engineering resins. These resins have a wide range of uses in the automotive, electronics, and consumer goods industries owing to their strength, light weight, and processing ease.
Source: The VynZ Research
Source: The VynZ Research
Global Thermoplastic Polyester Engineering Resins Market Overview:
Polybutylene terephthalate (PBT), polyethylene terephthalate (PET), and polycyclohexylene dimethylene terephthalate (PCT) are examples of thermoplastic polyester engineering resins, often known as terephthalate engineering resins. All of these goods are thermoplastic linear condensation polymers based on terephthalic acid (TPA) or dimethyl terephthalate (DMT) but with various glycols.
Global Thermoplastic Polyester Engineering Resins Market Forecast and Trend
Growing demand from the automotive industry
The automotive industry's pursuit of lightweighting for improved fuel efficiency and decreased pollution is fueling the demand for thermoplastic polyester engineering resins such as PBT and PET. With their outstanding strength-to-weight ratio, these resins provide an appealing alternative to the traditional metal parts with stronger yet lighter plastic alternatives. Additionally, the excellent design flexibility of these materials makes it easier to produce complex vehicle parts such as connectors, housings, and interior trim. The high demand for thermoplastic polyester engineering resins is further fueled by their superior processing flow characteristics, and their ability to match colors enables customized aesthetics that raise the overall design appeal of automotive applications.
Additionally, thermoplastic polyester engineering resins exhibit exceptional performance qualities such as heat resistance, dimensional stability, and chemical and solvent resistance, offering longevity when subjected to high temperatures, different fluid exposure, and mechanical stress. These materials have become essential for vital auto parts because of this, where dependability and lifespan are crucial.
The growing need to adhere to sustainability and environmental regulations is one of the biggest challenges for the growth of the thermoplastic polyester engineering resins market. This includes lowering the environmental impact of manufacturing procedures, locating greener raw material substitutes, and addressing end-of-life disposal issues. Thermoplastic polyester engineering resin manufacturers are trying to confront the challenging issue of reconciling performance with eco-conscious practices while maintaining market competitiveness as the world's attention on sustainability grows.
Global Thermoplastic Polyester Engineering Resins Market: By Product Type
Based on the product type, the global thermoplastic polyester engineering resins market is segmented into Polybutylene terephthalate (PBT), polyethylene terephthalate (PET), and polycyclohexylene dimethylene terephthalate (PCT). PBT dominated the market with the largest share in the global thermoplastic polyester engineering resins market in 2022 owing to its easy processibility and shorter processing time compared to PET and PCT.
Moreover, the demand for PBT from automotive has increased significantly in recent years owing to the growing use of electrical and electronic equipment such as passenger airbags, safety belt tensioners, and housings for electric motors for window and seat adjustment.
Global Thermoplastic Polyester Engineering Resins Market: By End-Use Industry
Based on the end-use industry, the global thermoplastic polyester engineering resins market is segmented into automotive, electronics, food and beverages, industrial equipment, and others. The automotive industry held the largest share of the market in 2022 owing to the increased use of electrical and electronic devices in automotive applications. Along with safety components such as passenger airbags and safety belt tensioners, these resins are also used for housings for electric motors controlling actions such as window and seat adjustments.
Additionally, improvements in PBT formulations with improved hydrolytic stability are increasingly being used in difficult-to-manufacture under-the-hood parts such as plugs, connectors, and housing components, to meet the strict standards of the automotive industry. The efficiency and cost-effectiveness of manufacturing large, molded parts using thermoplastic polyester engineering have also been improved by advancements in mold design, a better knowledge of flow dynamics within molds, increased automation through robotics, and refined computer simulation techniques.
Source: The VynZ Research
Global Thermoplastic Polyester Engineering Resins Market: Regional insights
The global thermoplastic polyester engineering resins market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa region. The Asia-Pacific region held the largest market share in the global thermoplastic polyester engineering resins market in 2022 and is expected to grow with the highest CAGR owing to the presence of the key players in the region, high demand from China, and growing EV demand in the large. Presence of largest EV market in China and the presence of manufacturing plants of several leading companies from various end-use industries such as automotive, electronics, and industrial equipment further contribute towards the dominant market share of the APAC region in the global thermoplastic polyester engineering resins market.
The global thermoplastic polyester engineering resins market is fragmented in nature with several players in the market. Companies operating in the global thermoplastic polyester engineering resins market compete against each other based on products, solutions, and services provided to customers for various applications. Key players in the market are BASF SE, Amco Polymers, JRD Polymer, Kolon Plastics, Lomont Molding LLC, SABIC, Celanese Corporation, Polyplastics Group, Lanxess AG, Solvay S.A., Mitsubishi Engineering-Plastics Corporation, SK Chemicals, Teijin Limited, Toyobo USA, Inc., and several other prominent players.