Thermoplastic Polyester Engineering Resins Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Thermoplastic Polyester Engineering Resins Market Size

Thermoplastic Polyester Engineering Resins Market Analysis

Automotive Category Dominates the Industry

Based on application, the automotive category accounted for the largest revenue share, of 40%, in 2022, and it is expected to maintain its dominance throughout the forecast period as well. Over the last few years, the automotive industry has gained momentum, and major automobile manufacturers are using thermoplastic polyester to make vehicle parts, which helps them to minimize the overall weight of the vehicles.

In addition, thermoplastic polyester engineering resins are high-performance materials, flexible in shape, and have high chemical tolerance, which help automakers to cut the cost of production and reduce wastage. These resins are not only more cost-effective than metals but also enable automakers to make their vehicles more efficient by delivering endurance, corrosion resistance, high-temperature resistance, shatterproof, strength, good current tolerance power, maximum output at a cheaper cost, and flexibility in construction.

Thus, the rising need for lightweight materials for vehicles is increasing the demand for such resins in the automotive industry to upgrade their performance and provide flexibility in the design of the vehicles. In addition, the traction of electric vehicles is rapidly growing across the world, but the weight of a vehicle is a major factor affecting its efficiency, due to which the automobile industry is using these resins to reduce the overall weight. All of these factors are responsible for the market growth in this category.

Demand for Polyethylene Terephthalate Resigns To Grow Significantly

Based on product type, the market is categorized into polybutylene terephthalate, polyethylene terephthalate, and polycyclohexylene dimethylene terephthalate. Among these, the polyethylene terephthalate category is projected to grow at a significant growth rate over the next few years. PET, made up of ethylene glycol (EG) and terephthalic acid (TPA), is the most used thermoplastic polymer across the globe. Its demand is increasing due to its mechanical and electrical features, and it is widely used in switches, motor housings, sensors, and other electrical systems.

In addition, polyethylene terephthalate is used in the synthetic fiber, electronics, food & beverage, automotive, textile, and food packaging industries. In the textile industry, semi-crystalline plastic and naturally colorless properties are hiking its demand for making clothes. Further, when it is mixed with cotton, it reduces the shrinking and wrinkling and builds the fabric more resistant to drops of water.

Moreover, the demand for PET is also growing, due to the increasing need from the healthcare and 3D printing and additive manufacturing sectors. It offers high performance and other benefits, such as high rigidity, high-melting point, and low moisture. Further, it is FDA-approved for food contact products. It is also used to manufacture food containers, beverage bottles, and other packaging materials.

Additionally, the polybutylene terephthalate category is also projected to grow at a steady growth rate over the next few years. The growth can be due to the increasing need for PBT in the automobile and electrical industries. PBT has distinctive features, such as being lightweight, heat resistant, and semi-crystalline, due to which traditional materials such as cast iron, bronze, and ceramics in the automotive industry are getting replaced.

In addition, in the automobile industry, lightweight plastics are high in demand due to their competitive pricing, high performance, safety, and strength. The rapidly growing demand for green cars is escalating the demand for lightweight automotive parts made from PBT because it is almost 45% lighter than the same components made from other materials, and this helps vehicles to save 20–30% of their fuel by reducing the overall weight.

Polybutylene terephthalate can be adopted in the automotive sector for interior and exterior purposes, mainly for electric systems of the vehicles such as mirror housings, windshield wiper covers, fuel system components, connectors, fuse boxes, power relays, motor components, switches, ignition system components, and cowl vents.

Regional Analysis

Asia­-Pacific Leads the Market

Globally, the APAC market accounted for the largest revenue share, of 55%, in 2022, and it is expected to be the largest during the forecast period as well. This is mainly ascribed to the rising need for electronics and automobiles in the region. The demand for automobiles is rapidly increasing in regional countries such as India, China, Australia, and Indonesia. Thus, the number of local, commercial, and passenger vehicle manufacturing facilities is rapidly rising in these countries to meet domestic and international demands.

China is the largest consumer and manufacturer of engineering resins in the APAC region. The low cost of production and largest supplier of raw materials have supported the country to be the largest producer of thermoplastic polyester engineering resins. In addition, an increase in the per capita income of the middle-class population of the country is driving the need for consumer goods, and the manufacturing industry of China is rapidly growing, due to which the demand for engineering plastics is rising day by day.

Furthermore, India is a rapidly-growing economy, due to which its manufacturing industry is highly growing, mainly its electronics, electrical, automotive, and consumer electronics sectors. Thus, this factor drives the demand for plastics, which, in turn, boosts the TPER market growth.

Moreover, these resins are broadly adopted to increase the durability of fibers and glass plastics. For instance, the adoption of glass plastics in the manufacturing industry is increasing, which is expected to boost the thermoplastic polyester engineering resins market in the region.

Market Breakdown

This fully customizable report gives a detailed analysis of the thermoplastic polyester engineering resins industry from 2019 to 2030, based on all the relevant segments and geographies.

Based on Product Type

• Polybutylene Terephthalate
• Polyethylene Terephthalate
• Polycyclohexylene Dimethylene Terephthalate

Based on Application

• Automotive
• Electrical Appliances
• Food & Beverage
• Industrial Equipment

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Top Thermoplastic Polyester Engineering Resin Manufacturers