PET And PBT Resins Market Report 2024 - Polyethylene Terephthalate And Polybutylene Terephthalate Resins Market Growth, Segments, And Forecast

"The Business Research Company recently released a comprehensive report on the Global Polyethylene Terephthalate (PET) and Polybutylene Terephthalate (PBT) Resins Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The polyethylene terephthalate (pet) and polybutylene terephthalate (pbt) resins market size has grown rapidly in recent years. It will grow from $44.17 billion in 2023 to $48.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to growth in packaging and bottling industries, demand for lightweight and recyclable materials, expansion of automotive and electrical sectors, development of high-performance resins, regulatory standards for material safety.

The polyethylene terephthalate (pet) and polybutylene terephthalate (pbt) resins market size is expected to see rapid growth in the next few years. It will grow to $73.47 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to sustainable and eco-friendly resin formulations, growth in electric vehicle production, customized resin solutions for specific applications, demand for impact-resistant and flame-retardant resins, expansion in renewable energy applications.. Major trends in the forecast period include bio-based and biodegradable pet and pbt resins, regulatory compliance in resin safety, nanocomposite and reinforced resin materials, smart and self-healing resin technologies, circular economy practices in resin production..

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Market Drivers and Trends:
An increase in demand for polyethylene terephthalate (PET) in the packaging sector is expected to propel the growth of the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market going forward. The packaging industry is a business that designs and manufactures packaging products. Polyethylene terephthalate (PET) contains characteristics such as clear, long-lasting, chemically inert, and lightweight, which are suitable for making polyethylene packaging products. For instance, according to the National Renewable Energy Laboratory, a US-based national laboratory, in 2021, over 82 million metric tons of polyethylene terephthalate (PET) were manufactured globally each year to make single-use beverage bottles, packaging, garments, and carpets. Therefore, the increase in demand for PET in the packaging sector drives the growth of the polyethylene terephthalate (PET) and polybutylene terephthalate (PBT) resin market.

Product innovations are the key trend gaining popularity in the polyethylene terephthalate (PET) and polybutylene terephthalate (PBT) resin market. Major companies operating in the market are focused on introducing new innovative products with reduced carbon footprints to gain a competitive advantage. For instance, in May 2022, SABIC, a Saudi Arabia-based chemical manufacturing company, launched LNP ELCRIN WF0061BiQ PBT resin, produced from chemically upcycled ocean-bound PET bottles. This compound has the potential to reduce CO2 emissions by up to 14% and cumulative energy demand by up to 25% when compared to glass fiber. It is a potential material for consumer electronics applications such as computer fan housings, vehicle seats, electrical connectors, and enclosures.

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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
Saudi Basic Industries Corporation, BASF SE, Indorama Ventures Limited, Mitsubishi Chemical Corporation, Toray Industries Inc., Koninklijke DSM N.V., Jiangsu Sanfangxiang Group Co.Ltd., M&G Chemicals SA, DowDuPont Inc., Nan Ya Plastics Corporation, Reliance Industries Limited, Far Eastern New Century Corporation, RTP Company Inc., Kolon Plastics Inc., Celanese Corporation, Distrupol Ltd., Indorama Ventures Limited, Alpek, Lanxess Corporation, LyondellBasell Industries N.V., Eastman Chemical Company, Formosa Plastics Group, JBF Industries Ltd., Grupo Kimex S.A. de C.V., Polyplex Corporation Ltd., Chang Chun Group, Hengli Group Co. Ltd., Wuxi Xingsheng New Material Technology Co.Ltd., China National BlueStar (Group) Co Ltd., Covestro AG, Celanese Corporation, Royal DSM N.V., DowDuPont Inc.

Polyethylene Terephthalate (PET) and Polybutylene Terephthalate (PBT) Resins Market 2024 Key Insights:
• The polyethylene terephthalate (pet) and polybutylene terephthalate (pbt) resins market size is expected to see rapid growth in the next few years. It will grow to $73.47 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• The Surging Demand For Pet Resins Is Shaping The Pet & Pbt Resins Market
• Product Innovations Redefining The Pet And Pbt Resin Market
• Asia-Pacific was the largest region in the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market in 2023

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