According to the most revised report issued by Fact.MR, a market research and competitive intelligence provider, the global Reinforced Polybutylene Terephthalate market is expected to surpass a valuation of US$ 2.9 billion in 2021, and grow at a CAGR of more than 6% from 2021 to 2031.
From 2016 to 2020, the market is in the growth phase of its lifecycle, with annual growth of 4.2 percent. Fact.MR believes the market has a lot of potential, thanks to factors like rising R&D spending and rising demand for Reinforced Polybutylene Terephthalate. Bio-based plastics are one of the features where the majority of R&D spending are concentrated as a sustainable alternative to petroleum-based plastics.
Reinforced Polybutylene Terephthalate Market: Key Takeaways
- During the period 2021-31, the global PBT market is estimated to grow at a CAGR of more than 6%, generating an absolute dollar potential of US$ 2.5 billion.
- The rising use of PBT in industries such as electrical and electronics, automotive, and consumer goods is driving demand for the material.
- During the historical period, East Asia and Europe drove PBT consumption, accounting for more than 75 percent of the market share in 2020.
- North America is one of the rising markets that is rapidly growing, with a CAGR of more than 5% predicted until 2031.
- The injection moulding method is expected to dominate the market in terms of processing method, with a market share of over 70% by 2031.
According to a Fact.MR analyst, “growing applications in the automotive sector will sustain future PBT demand.”
What are the Key Opportunities for PBT Manufacturers?
With its outstanding impact resistance, chemical stability, high temperature resistance, and other properties, polybutylene terephthalate can be used to replace metals as engineering materials in industries such as automobiles and industrial equipment.
Governments in nations such as China and some European Union countries are helping polybutylene terephthalate producers by looking into motivating producers based on the amount of PBT produced and encouraging investors to channel their money into this high-potential company.
The widespread production and use of PBT in East Asia, particularly China, has favoured density economies. This feature is expected to attract foreign businesses to participate in PBT production in the country, providing not only a bigger absolute dollar potential but also allowing manufacturers to expand their market share.
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=2406