Polyethylene Terephthalate (PET) worth $52.2 billion & Polybutylene Terephthalate (PBT) Market worth $5.3 billion by 2026 respectively

According to recent market research the "Polyethylene Terephthalate (PET) & Polybutylene Terephthalate (PBT) Resins Market by PET Type, PET Application (Bottles, Films, Food Packaging), PBT Application (Electrical and Electronics, Automotive, Consumer Appliance), Region - Global 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. 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.

Browse 148 market data Tables and 71 Figures spread through 227 Pages and in-depth TOC on "Polyethylene Terephthalate (PET) & Polybutylene Terephthalate (PBT) Resins Market - Global Forecast to 2026"
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Based on PET type, the transparent & non-transparent PET segment accounts for the larger share of the overall PET resin market. APET is increasingly used for packaging carbonated soft drinks (CSD), juices, and water. In the food & beverage industry, the CPET application is used in containers and trays that can be used to reheat in the oven or microwave. Additionally, CPET is also used in bottles made for carbonated soft drinks, alcoholic beverages, and other edibles.

Based on PET Application, the bottles segment is expected to dominate the market. The advantages of conventional packaging plastics have increased engineering plastic products such as PET containers and bottles in the packaging sector. The increased consumption of PET has increased the demand from industries like food and beverage, consumer goods, and others for packing materials.

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The Asia Pacific PET & PBT resins market is projected to register the highest CAGR during the forecast period. The Asia Pacific region has a high number of players in industries such as automobile and electrical & electronics which are end users of PET & PBT resins. The Asia Pacific is the highest populated region and has the highest number of emerging countries which account for the major market growth as emerging countries focus on industrialization.

Leading global companies are shifting their production facilities, establishing sales offices, and expanding their distribution channel to regions, such as China, India, and Southeast Asia, to ensure sustainable demand and increase their market share. The gradual shift of manufacturing facilities to countries having high demand and lower production cost is positively influencing the market growth.
Major players operating in the PET & PBT resins market include Indorama Ventures Limited (Bangkok), Mitsubishi Chemical Corporation (Japan), SABIC (Saudi Arabia), BASF (Germany), Alpek (Mexico).

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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.

BASF is a German multinational chemical corporation that is the world's 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.

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