PBT Neat Resin Market Size, Share, Growth, and Industry Analysis, By Type (Injection Grade PBT and Extrusion Grade PBT), By Application (Electrical & Electronics, Automobile Industry, Mechanical Equipment and Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

REPORT OVERVIEW

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The global PBT neat resin market size was USD 3890.7 million in 2020. As per our research, the market is expected to reach USD 4799.3 million by 2027, exhibiting a CAGR of 2.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Polybutylene terephthalate (PBT) neat resin refers to a pure form of PBT thermoplastic resin that does not contain any additives or fillers. Neat resins are the base materials from which various PBT compounds and blends are formulated for specific applications. PBT is a high-performance engineering thermoplastic known for its excellent mechanical properties, electrical insulation, chemical resistance, and dimensional stability. It is commonly used in a wide range of industries, including automotive, electronics, consumer goods, and more.

PBT neat resin can be processed using various methods, such as injection molding, extrusion, and blow molding, to produce a variety of products and components. PBT is used to manufacture various automotive parts like connectors, switches, sensors, and housing components due to its excellent electrical properties and resistance to heat and chemicals. PBT is employed in the electronics industry for the production of connectors, sockets, insulating components, and housings due to its electrical insulation properties and dimensional stability.

COVID-19 IMPACT: Disrupted Supply Chains resulted in Recession of the Market

COVID-19 had a life changing impact globally. The PBT neat resin market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.

The COVID-19 pandemic disrupted global supply chains, affecting the production and distribution of raw materials, including PBT resin. Shutdowns of manufacturing facilities and transportation disruptions in various regions led to delays in the supply of PBT resin to manufacturers. Manufacturing facilities had to implement safety measures and social distancing protocols to protect their workers from the virus. This led to reduced production capacities and, in some cases, temporary shutdowns, which affected the availability of PBT resin.

The demand for products made from PBT resin can be closely tied to various industries, such as automotive, electronics, and consumer goods. These industries experienced significant fluctuations in demand during the pandemic. For example, the automotive industry saw a sharp decline in demand for new vehicles, impacting the demand for PBT resin used in automotive components.

LATEST TRENDS

"Emphasis on Sustainability to Broaden Market Growth"

There was a growing emphasis on sustainability in the plastics industry, with increasing demand for eco-friendly and recyclable materials. Companies were exploring ways to reduce their environmental footprint by using sustainable sourcing, recycling, and developing biodegradable plastics. Traditional recycling methods had limitations, and advanced recycling technologies were gaining attention. Chemical recycling, for example, involved breaking down plastics into their chemical components to create new plastics, which could be a more efficient way to recycle certain materials, including PBT.

Compliance with evolving environmental regulations and standards remained a priority for manufacturers, influencing material choices and production processes. These latest developments are anticipated to boost the PBT neat resin market share.

SEGMENTATION

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By Type

Based on type, the market is divided into Injection Grade PBT and Extrusion Grade PBT.

By Application

Based on application, market is segmented into Electrical & Electronics, Automobile Industry, Mechanical Equipment and Others.

DRIVING FACTORS

"Automotive and Electronics & Electrical Industry to Boost Market Share"

The automotive sector is a significant driver for the PBT Neat Resin market. PBT is used in various automotive components, such as connectors, housings, and electrical parts, due to its excellent electrical properties, chemical resistance, and mechanical strength. The continued growth in the automotive industry, including the shift towards electric vehicles (EVs), has driven the demand for PBT. PBT Neat Resin is widely used in the electronics and electrical industries for connectors, sockets, insulating components, and enclosures. With the increasing demand for electronic devices and advancements in technology, the need for high-performance materials like PBT remains strong.

"Usage in Consumer Goods to Boost Market Size"

PBT is used in a range of consumer goods, such as kitchen appliances and power tools, due to its durability, high-temperature resistance, and electrical insulation properties. Changes in consumer demand for such products can influence the PBT market. PBT offers good mechanical properties, including strength, stiffness, and impact resistance. These properties make it a preferred choice for components that need to withstand mechanical stress. These factors are anticipated to drive the PBT neat resin market share.

RESTRAINING FACTORS

"Competition from Alternatives to Hamper Market Share"

PBT Neat Resin competes with other engineering thermoplastics and polymers like PET (Polyethylene terephthalate), nylon, and PEEK (Polyether ether ketone). Depending on the specific application, these alternatives may offer advantages or cost savings, leading to market competition. Advances in the development of alternative materials, including bioplastics and bio-based polymers, could pose a challenge to the market share of traditional PBT Neat Resin. The factors are anticipated to hinder the PBT neat resin market growth.

REGIONAL INSIGHTS

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"Asia Pacific Holds the Major Share of the Global Market"

China has been a major player in the PBT Neat Resin market. China's robust manufacturing industry, including electronics, automotive, and consumer goods, has driven significant demand for PBT Neat Resin. The country's large consumer base and export-oriented industries contribute to its market share. These countries have well-established manufacturing industries that produce a wide range of products, including those that utilize PBT Neat Resin. The region's manufacturing capabilities and capacity have contributed to its dominance in the market. The Asia Pacific region is home to some of the world's largest automotive markets and manufacturers. PBT is extensively used in the automotive industry for various components, such as connectors, sensors, and housings. The rapid growth of the automotive sector in Asia Pacific has driven significant demand for PBT Neat Resin.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Changchun [China]
• BASF  [Germany]
• Sabic  [Saudi Arabia]
• DuBay Polymer (Lanxess, DuPont) [Germany]
• Ticona (Celanese)  [U.S.]
• DuPont [U.S.]
• Kanghui  [Singapore]
• Mitsubishi  [Japan]
• HNEC  [Japan]
• WinTech (Polyplastics, Teijin)  [U.S.]
• Toray [Japan]
• BlueStar  [China]
• Yizheng (Sinopec)  [China]
• Blueridge  [U.S.]
• Shinkong  [Taiwan]
• DSM  [Netherlands]
• Sipchem [Saudi Arabia]
• Nan Ya  [Taiwan]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.