Global PBT Market Overview
The PBT Market Size was estimated at 5.92 (USD Billion) in 2022. The PBT Industry is expected to grow from 6.36(USD Billion) in 2023 to 12.3 (USD Billion) by 2032. The PBT Market CAGR (growth rate) is expected to be around 7.59% during the forecast period (2024 - 2032).
Key PBT Market Trends Highlighted
For various applications, polybuthylene thermoplastic, terephthalate (PBT), has become one of the most desirable and acceptable materials because it possesses high strength and toughness, dimensional stability, and chemical resistance amongst others. The increasing utilization of PBT in automotive, electrical and electronics, and consumer appliances are factors that are expected to accelerate the growth of the PBT Market.
Notable factors steering the demand include the increasing utilization of PBT in automobile applications such as interior and under hood components which are exposed to harsh conditions. Similarly, rising trends towards PBT usage in other electrical and electronics appliances such as connectors, switches and housings are also aiding in the growth of the market. The consumer appliances industry is also pushing the use of PBT as it is used to make heat resistant and aesthetically acceptable products such as kitchen appliances and power tools.
Some of the recent developments in PBT market include introduction of biobased PBT grades along the arteof sustainable PBT towards the trend of eco-friendly production practices. In addition, new trends in PBT compounding technology include the development of the PBT composites that enhances the performance of PBT by including flame retardant, UV human interference resistant, and several other modifications in industries where they are necessary. These changes are expected so that in the future, innovation and more applications of PBT will be in the offing.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PBT Market Drivers
Increasing Demand for Electric Vehicles
The increasing demand for electric vehicles (EVs) is a major driver of the PBT Market. PBT is a key material used in the production of EV batteries, and the growing popularity of EVs is expected to drive demand for PBT in the coming years. In addition, government regulations promoting the adoption of EVs are also expected to contribute to the growth of the PBT market. The PBT Market Industry is expected to witness significant growth over the next ten years due to the increasing demand for electric vehicles.PBT is a key material used in the production of EV batteries, and the growing popularity of EVs is expected to drive demand for PBT in the coming years. In addition, government regulations promoting the adoption of EVs are also expected to contribute to the growth of the PBT market. The Asia-Pacific region is expected to be the largest market for PBT, driven by the increasing demand for EVs in China and India. The European and North American markets are also expected to witness significant growth over the next ten years.
Growing Use of PBT in Automotive Applications
Polybutylene terephthalate is further from the automotive applications used in the interior and exterior. PBT retains its place largely owing to its excellent properties: high strength, stiffness, resistance to chemicals and heat. Constantly increasing use of PBT in the automotive field suggests that the demand for this material can only increase in the next few years.
Rising Demand for PBT in Electronics
PBT is also increasingly used in electronics applications, such as in connectors and housings. The material’s excellent electrical properties include a high dielectric strength as well as low moisture absorption. Therefore, given the rising demand for PBT in electronics, the material is very likely to see an even higher demand in the future.
PBT Market Segment Insights:
PBT Market Type Insights
The PBT Market is segmented by Type into Modified PBT and Unmodified PBT. Modified PBT, due to its improved properties, dominated the market in 2023, gaining up to almost two-thirds of the market share. At the same time, with its low cost and abundant application possibilities, the Unmodified PBT is likely to demonstrate a considerable growth rate over the forecast period. The increased demand for the use of PBT in the automotive industry, particularly for interior and under-the-hood applications, will serve as the primary factor promoting the growth of the Modified PBT segment.In addition, the properties of PBT as a perfect insulating material contributed to its expansion in the electrical and electronics industry. At the same time, the application of PBT is likely to grow more in the consumer market, as its insulating properties make it a comparatively safer alternative for making toys, appliances, or furniture. In the end, the increased demand in all end-use industries that require a lightweight, yet durable material is likely to prompt the growth of the market over the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PBT Market Application Insights
The Application segment of the PBT Market exhibits a diversified landscape, with each segment holding a unique position and growth trajectory. In 2023, the Transportation segment dominated the market, accounting for a revenue share of approximately 32.4%. This segment is primarily driven by the increasing demand for lightweight, durable, and high-performance materials in the automotive and aerospace industries. The Electronics Electrical segment is anticipated to witness significant growth in the coming years, owing to the rising adoption of PBT in electrical components, connectors, and printed circuit boards.The Building Construction segment is also expected to contribute substantially to the overall market revenue, as PBT is widely used in roofing membranes, pipes, and window frames due to its excellent weather resistance and insulating properties. The Medical segment holds immense potential for growth, driven by the increasing demand for biocompatible materials in surgical instruments, implants, and medical devices. The Consumer Products segment is expected to witness steady growth, fueled by the use of PBT in appliances, toys, and other consumer goods.
PBT Market End Use Industry Insights
The End Use Industry segment of the PBT Market is expected to witness significant growth in the coming years. The automotive industry is projected to account for the largest share of the market, driven by the increasing demand for lightweight and durable materials in vehicle manufacturing. The aerospace defense industry is also expected to contribute significantly to the market growth, as PBT is used in various aircraft components and military applications. The medical devices industry is another key end-use sector, with PBT being used in surgical instruments, implants, and other medical devices due to its biocompatibility and sterilizability.The electronics industry is also expected to drive market growth, as PBT is used in various electronic components and devices. The packaging and construction industries are also expected to contribute to the market growth, as PBT is used in packaging films and construction materials.
PBT Market Sales Channel Insights
The PBT Market segmentation by Sales Channel comprises Direct Sales, Distribution Channels, and Online Platforms. Direct Sales accounted for the largest revenue share in 2023 and are projected to continue their dominance throughout the forecast period. This can be attributed to the increased control over distribution channels, which enables manufacturers to offer customized solutions and establish stronger customer relationships. Distribution Channels, including distributors and resellers, play a crucial role in expanding market reach and cater to diverse customer needs.Online Platforms, gaining traction in recent years, offer convenience and ease of purchase, driving market growth. The rapid adoption of e-commerce and the increasing preference for online shopping are contributing to the growth of this segment.
PBT Market Sustainability Insights
The sustainability segment of the PBT Market is projected to witness significant growth in the coming years. Bio-based PBT, recycled PBT, and compostable PBT are key sub-segments driving this growth. Bio-based PBT is derived from renewable resources, reducing its environmental impact. Recycled PBT utilizes post-consumer and post-industrial waste, promoting circularity and reducing landfill waste. Compostable PBT is biodegradable, enabling end-of-life biodegradation. This growth is attributed to increasing environmental concerns and regulations, consumer demand for sustainable products, and government initiatives promoting circular economy practices.
PBT Market Regional Insights
The PBT Market is segmented into North America, Europe, APAC, South America, and MEA. In 2023, North America accounted for the largest market share, owing to the presence of major players and high demand for PBT in the region. Europe is the second-largest market, followed by APAC. The APAC region is expected to witness the highest growth rate during the forecast period, due to the increasing demand for PBT in end-use industries such as automotive and electrical electronics. South America and MEA are expected to contribute a smaller share of the PBT Market, but they are expected to grow at a steady pace during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PBT Market Key Players and Competitive Insights:
Major players in PBT Market industry are constantly striving to gain a competitive edge in the market. Leading PBT Market players are focusing on developing innovative products and technologies to meet the evolving demands of customers. The PBT Market development is driven by factors such as increasing demand for lightweight and durable materials in various industries, rising awareness about environmental sustainability, and advancements in polymer technology. The PBT Market Competitive Landscape is characterized by intense competition among existing players and the entry of new entrants. Key players are adopting various strategies such as mergers and acquisitions, joint ventures, and strategic partnerships to expand their market presence and gain a larger market share.One of the leading companies in the PBT Market is Polyplastics Co., Ltd. The company is known for its wide range of PBT products, including glass fiber-reinforced PBT, flame-retardant PBT, and impact-modified PBT. Polyplastics has a strong global presence with production facilities in Japan, China, Taiwan, and the United States. The company has a dedicated research and development team that is continuously working on developing new and innovative PBT products. Polyplastics is also committed to sustainability and has implemented several initiatives to reduce its environmental impact.Another major player in the PBT Market is Toray Industries, Inc. The company offers a comprehensive portfolio of PBT products, including injection-molding grades, extrusion grades, and specialty grades. Toray has a strong focus on research and development and has developed several proprietary technologies for the production of high-performance PBT. The company has a global presence with manufacturing facilities in Japan, China, South Korea, and the United States. Toray is committed to customer satisfaction and provides a wide range of technical support services to its customers.
Key Companies in the PBT Market Include:
- SABIC
- Evonik Industries AG
- BASF SE
- Mitsubishi Chemical Corporation
- Ube Industries Ltd.
- Covestro AG
- Celanese Corporation
- Kureha Corporation
- Solvay
- Lanxess AG
- Toray Industries, Inc.
- Polyplastics Co., Ltd.
- DuPont de Nemours, Inc.
- LG Chem
PBT Market Industry Developments
The Global Polybutylene Terephthalate (PBT) Market is projected to reach USD 12.3 billion by 2032, exhibiting a CAGR of 7.59% during the forecast period. Rising demand for PBT in the automotive industry, particularly for interior components and under-the-hood applications, is a key growth driver. The increasing adoption of PBT in electrical and electronics due to its excellent electrical insulation properties is further propelling market expansion. Moreover, growing applications in consumer products, packaging, and medical devices are expected to contribute to PBT demand. Recent developments include Covestro's launch of a new PBT grade for automotive applications, offering improved heat resistance and dimensional stability. Additionally, SABIC's investment in expanding its PBT production capacity in Saudi Arabia aims to meet the growing demand in the Middle East and Africa.
PBT Market Segmentation Insights
- PBT Market Type Outlook
- Modified PBT
- Unmodified PBT
- PBT Market Application Outlook
- Transportation
- Electronics Electrical
- Building Construction
- Medical
- Consumer Products
- PBT Market End Use Industry Outlook
- Automotive
- Aerospace Defense
- Medical Devices
- Electronics
- Packaging
- Construction
- PBT Market Sales Channel Outlook
- Direct Sales
- Distribution Channels
- Online Platforms
- PBT Market Sustainability Outlook
- Bio-based PBT
- Recycled PBT
- Compostable PBT
- PBT Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
5.92(USD Billion) |
| Market Size 2023 |
6.36(USD Billion) |
| Market Size 2032 |
12.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.59% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
SABIC, Evonik Industries AG, BASF SE, Mitsubishi Chemical Corporation, Ube Industries, Ltd., Covestro AG, Celanese Corporation, Kureha Corporation, Solvay ,Lanxess AG ,Toray Industries, Inc. ,Polyplastics Co., Ltd. ,DuPont de Nemours, Inc. ,LG Chem |
| Segments Covered |
Type, Application, End Use Industry, Sales Channel, Sustainability, Regional |
| Key Market Opportunities |
Automotive Lightweighting Electrical Amp Electronics Consumer Goods Healthcare Industrial Applications |
| Key Market Dynamics |
Rising automotive demand Increasing use in electrical and electronics Growing construction industry Surge in demand for medical devices Environmental regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The PBT Market size was valued at USD 6.36 billion in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 7.59% from 2024 to 2032, reaching USD 12.3 billion by 2032.
The key regions in the PBT Market are North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market, accounting for over 35% of the global revenue in 2023. Asia Pacific is the fastest-growing region, with a CAGR of 8.2% from 2024 to 2032.
The major applications of PBT include automotive, electrical and electronics, consumer goods, and industrial. The automotive segment is the largest, accounting for over 40% of the global revenue in 2023.
The key competitors in the PBT Market include BASF, SABIC, LyondellBasell, and Toray Industries. These companies account for a significant share of the PBT Market.
The challenges in the PBT Market include the volatility of raw material prices, the intense competition from alternative materials, and the stringent environmental regulations.
The opportunities in the PBT Market include the growing demand from emerging economies, the increasing adoption of PBT in lightweight applications, and the development of new and innovative PBT grades.
The key trends in the PBT Market include the increasing demand for sustainable materials, the development of bio-based PBT grades, and the adoption of PBT in 3D printing applications.
The PBT Market is expected to grow at a CAGR of 7.59% from 2024 to 2032, reaching USD 12.3 billion by 2032.
The factors driving the growth of the PBT Market include the increasing demand for lightweight and durable materials, the growing adoption of PBT in automotive and electrical and electronics applications, and the development of new and innovative PBT grades.
The restraints in the PBT Market include the volatility of raw material prices, the intense competition from alternative materials, and the stringent environmental regulations.
