The global polytrimethylene terephthalate market size is predicted to reach USD 1.41 billion by 2030, according to a report by Grand View Research, Inc., growing at a CAGR of 5.4% from 2022 to 2030. The increasing market of textile industries is anticipated to boost the demand for PTT during the forecast period. Furthermore, the rising demand for apparel and automotive carpets is expected to increase the product demand resulting in the growth of the overall industry in the years to come. Many countries have set stringent regulations due to increased environmental concerns for promoting sustainable & innovative PTT demand. Companies are spending heavily on developing adhesives, which are non-ozone depleting and free from harmful compounds (VOCs), solvents, and toxins.
Polytrimethylene Terephthalate Market Report Highlights
- Bio-based products witnessed high demand in recent years due to growing usage from major end-use industries, such as automotive, textile, and medical
- Fibers is the most common application for PTT owing to its high demand for the manufacturing of carpets, apparels, and engineering plastics globally. It is used to manufacture different automotive interior parts, such as carpets, fabrics, seat belts, and others
- The industry is growing owing to the rising product demand from the textile industry. Technological advancements, innovations in plastics, and evolved decontamination devices are boosting the demand further
- Major manufacturers have opted for acquisition and merger strategies for expansion of their compounding plants, rather than establishing new plants, to strengthen their position in the global landscape
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In June 2020, Teijin Frontier Co., Ltd., a fiber manufacturer, introduced Solotex Eco-Hybrid, a highly stretchable and dyeable product compared to petroleum-derived material. Eco-Hybrid marks a significant line in Teijin Frontier’s PTT fiber Solotex product portfolio. PTT is used across different end-use industries, such as textile, automotive, packaging, building & construction, consumer goods, and the medical industry. It is majorly used in fiber applications like carpet fabrics, automotive fabrics, apparel, and engineering plastics. Bio-based PTT is expected to grow at a significant CAGR over the forecast period owing to its properties, such as resistibility, compressibility, and eco-friendliness.
By Application Analysis
The fibers segment is estimated to expand further at the fastest CAGR. The growth can be credited to the high demand from various applications, such as carpet fabrics, automotive fabric, apparel, and engineering plastics. Fiber application caters properties, such as tenacity, flexibility, elasticity, uniformity, and others. The growth of film materials segment can be attributed to the increasing demand from industries including consumer goods, medical, and others, along with end-uses, such as microwave, semiconductor devices, light emitting diodes, wireless communications, rectifiers, transistors, telecommunications, and others due to their excellent physical, mechanical, thermal, electrical, and optical properties.
By Product Type Analysis
The bio-based PTT type segment is anticipated to expand further at the fastest growth rate retaining its dominant position in the global industry throughout the forecast period. Bio-based PTT exhibits higher elastic recovery, softness, and stretching & wrinkle resistance, making it suitable for use in the manufacturing of different film materials and fibers, such as carpet fabrics, automotive fabrics, apparel, and engineering plastics. The growing awareness about the use of eco-friendly plastic-based products and strict environmental regulations. Rise in demand from various applications, such as medical, industrial area, commercial, and municipal fields as a result of its properties, such as profound stability and mechanical, thermal, & chemical resistance as well as dimensional stability.
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By End-use Analysis
Textile emerged as the dominant end-use segment owing to its properties including higher strength, enhanced elasticity, higher abrasion, and wrinkle resistance. PTT finds its suitability across the manufacturing of fibers and carpets and is anticipated to witness further growth. The automotive industry is expected to grow at a steady pace, owing to the rising disposable income and increasing demand of the middle-class population. The growth of the automotive industry is anticipated to boost the growth of the PTT market owing to their uses in different automobile components and accessories such as automobile carpets, seating fabrics, side, roof, floor, and door panels, safety belts, tires, airbags, air filters, fuel filters, insulation materials, and various others.
Market Latest Trends and Developments
Governmental support in various countries focused on environmental concerns as well as the growing textiles, automotive, and packaging industries will intensify the industry competition. For instance, in June 2022, Huafon Group, a Chinese manufacturer, has been named as the distributor of DuPont’s PTT business. The deal includes Sorona, which is a bio-based PTT fiber for different applications, such as carpets and fabrics.
List of major companies in the Polytrimethylene Terephthalate Market
- DuPont
- Huvis Corp.
- GLORY
- RTP Company
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Segmented the global polytrimethylene terephthalate market on the basis of type, application, end-use, and region.
Table of Contents
Fig. 1 Information procurement
Fig. 2 Primary research pattern
Fig. 3 Primary Research Process
Fig. 4 Market research approaches - Bottom-Up Approach
Fig. 5 Market research approaches - Top-Down Approach
Fig. 6 Market research approaches - Combined Approach
Fig. 7 Polytrimethylene Terephthalate market snapshot
Fig. 8 Polytrimethylene Terephthalate Market Segmentation
Fig. 9 Bioresorbable market snapshot, 2021 (USD Million)
Fig. 10 Polytrimethylene Terephthalate market -Value chain analysis
Fig. 11 Polytrimethylene Terephthalate market dynamics
Fig. 12 National Healthcare Expenditure of the U.S., 2017 to 2020 (USD Million)
Fig. 13 Global population age 65 and above (Million)
Fig. 14 Porters Five Forces Analysis: Polytrimethylene Terephthalate Market
Fig. 15 PESTEL Analysis: Polytrimethylene Terephthalate Market
Fig. 16 Polytrimethylene Terephthalate market: Type movement analysis, 2021 & 2030
Fig. 17 Polytrimethylene Terephthalate market: Application movement analysis, 2021 & 2030
Fig. 18 Polytrimethylene Terephthalate market: Regional movement analysis, 2021 & 2030
Fig. 19 Competitive strategy adopted by leading players
The Global Polytrimethylene Terephthalate (Ptt) Fiber Market 2020-2026, which consists of a satisfying and precise framework, such as SWOT inspections, reflects a complete evaluation of the remarkable specialists.
The analysis gives a market summary that talks about market circumstance and the significant segments.
This Research Report also offers market share analysis, division, income forecasts.
The market analysts authoring this report have given in-depth data on driving development drivers, restraints, challenges, trends, and opportunities to offer a complete analysis of the global Polytrimethylene Terephthalate (Ptt) Fiber market.
The market has quick improvement in the current and past years and is going to progress with continuing development in the upcoming years.The study offers significant measurements available status of makers and offers helpful advice and direction for businesses and individuals interested in the industry.
The Polytrimethylene Terephthalate (Ptt) Fiber market report centers around the monetary advancements and buyer spending patterns crosswise over various regions for the forecast 2020 to 2026.
The Fact.MR report tracks the PBT market for the period 2018-2027.
According to the report, the PBT market is projected to grow at 5.6% CAGR through 2027.
As per Fact.MR valuation, the steadily rising PBT consumption across the globe is expected to witness an increase of over 50 kilo tons, growing at the rate of 4.8% in 2018 over 2017.
The business report highlights the drivers, restraints, opportunities and trends affecting polybutylene terephthalate (PBT) market growth.
Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.The polybutylene terephthalate market report highlights the following players:Shinkong Synthetic FibersCelanese CorporationDSM Engineering PlasticsChang Chun PlasticsThe polybutylene terephthalate market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.Electrical and Electronics Industry Holds Sway with Two Fifth Volume Share in 2018Fact.MR study shows that demand for PBT in the electrical & electronics industry will hold nearly 40% of the global consumption in 2018.
The electronics industry landscape is growing at a rapid pace against the backdrop of increasing reliance on electrical components across industrial verticals.
