PET Resin Market Segments, Graph, Uses, Applications, Growth Prediction, Trends and Forecast to 2026
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. This advantage of being reusable helps the manufacturers to have a cost advantage. Recycling PET increases the consumption of PET bottles and supports the demand for PET resin. In contrast, volatility in raw material prices, such as crude oil, affects the price of ethylene glycol and terephthalic acid, influencing the price of PET resin. The increasing demand will burden the industry over the next few years.
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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. On the other hand, reducing halogen content in flame-retardant PBT is a key challenge because substituting a non-brominated, non-chlorinated FR chemistry usually degrades its mechanical performance. Due to strict environmental regulations, brominated flame retardants are not acceptable in Korea and China.
PET resins are mainly used in bottles, films, food packaging and others. The bottles segment is expected to dominate the PET resin market. The demand from industries such as food and beverage, consumer goods, and others for packing materials is growing due to the increasing consumption of PET resin. PBT resins are mainly used in electrical & electronics, automotive, consumer appliances and others. The electrical & electronics segment is the largest consumer of PBT. The demand for PBT in electronic components and assembly is expected to continue to create new opportunities for market growth.
Asia Pacific is expected to dominate the PET & PBT resins market during the forecast period, with their growing demand in different applications. PET & PBT resin consumption significantly increases in the packaging and electrical & electronics industry. PET is replacing the conventional packaging materials, such as glass, aluminum paper, and metal, due to its lightweight. In contrast, PBT features thermal, dimensional, and molding stability, especially in bottles, films, and food packaging segments. PBT is replacing metal in many areas with the same thermo-mechanical properties in automotive applications, eventually driving the PBT resin market. Growth in auto sales and electronics market in emerging economies is also expected to boost the PBT resin market.
The key players in the PET & PBT resins market are Indorama Ventures Limited (Bangkok), Mitsubishi Chemical Corporation (Japan), SABIC (Saudi Arabia), BASF (Germany), Alpek (Mexico), Nan Ya Plastics Corp. (Taiwan), DuPont (US), Reliance Industries Limited (India), Far Eastern New Century Corporation (Taiwan) and Mitsui Chemicals (Japan). They have adopted various developmental strategies such as acquisitions, new product launches, and expansions to increase share in the market.
SABIC is a diversified chemical company. The company manufactures building blocks for various chemicals, plastics, foams, and other materials used in industries, ranging from automotive and healthcare to construction and household goods. It operates through three business segments: petrochemicals & specialties, Hadeed (metals), and agri-nutrients. It offers PET & PBT resins through its petrochemicals & specialties business segment. SABIC has more than 33,000 employees worldwide. The company operates in around 50 countries with 68 manufacturing facilities and 21 technology and innovation centers. It has a wide presence in the Americas, Europe, the Middle East, and APAC. It has approximately 12,500 global patent filings and has significant research resources with innovation hubs in five key geographies—the US, Europe, the Middle East, Northeast Asia, and Southeast Asian.
In January 2022, SABIC introduced LNP Elcrin WF006XXPiQ and LNP Elcrin WF0061XPiQ, two novel polybutylene terephthalate (PBT) compounds. These are the first two grades of a new material range that includes pre-consumer recycled glass fibers retrieved from waste streams in industrial processes.
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BASF is a German multinational chemical corporation that is the worlds largest chemical producer. It has 11 business divisions grouped into six segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. It offers PBT resin under the chemicals segment. The company has business in around 90 countries. BASF organizes the regional divisions into four regions: Europe; North America; Asia Pacific; South America/Africa/Middle East. In Europe, Asia, Australia, the Americas, and Africa, the BASF Group has subsidiaries and joint ventures in over 80 countries. It runs six integrated production sites and 390 other manufacturing sites in Europe, Asia, Australia, the Americas, and Africa.
In April 2019, BASF launched the worldwide first thermoformable PBT for extrusion and thermoforming. The material is a great choice for extrusion of films and thermoforming of packaging or technical parts.
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