Top 3 Trends Impacting the Global Polybutylene Terephthalate Market Through 2020: Technavio
Technavio’s latest report on the global
polybutylene terephthalate (PBT) market provides an
analysis on the most important trends expected to impact the market
outlook from 2016-2020. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
Swapnil Tejveer Sharma, a lead analyst from Technavio, specializing in
research on plastics,
polymers, and elastomers sector, says, “The demand for PBT is
likely to grow by 6.16% per annum during the forecast period. One of the
major reasons for this is the increasing demand from the automotive
sector. In view of the growing demand for comfort and electronics in
automobiles and other home appliances, PBT will continue to be one of
the fastest growing engineering polymers.”
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The top three emerging trends driving the global PBT market according to
Technavio chemicals
and materials research analysts are:
-
Emergence of EVs
-
Miniaturization of electrical components
-
Increased demand for bio-based PBT
Emergence of EVs
Electric
Vehicles (EVs) help in curbing pollution and reducing the import
of crude oil. Thus, the demand for EVs is growing across the globe. In
China, more than 380,000 EVs were sold in 2015. China was followed by
Western Europe with sales of 184,500 EVs and the US with sales of
115,260 EVs during the same period. The EV market in China is treading
on a growth path due to the cash subsidies provided by the government,
ranging between RMB 24,000 per unit to RMB 600,000 per unit.
The emergence of EVs has led to the emergence of new high-voltage
applications that require more efficient electrical components such as
connectors, sockets, boards, sensor coverings, transformer insulation,
switches and power sockets. As PBT has exceptional electrical
properties, extensive mechanical properties, and high dimensional
stability under heat, it is extensively used in these components. Thus,
the adoption of EVs will drive the growth of the PBT market.
Miniaturization of electrical components
A massive drive toward miniaturization of electronic components and
systems can be observed globally. The demand for small cables and
electrical circuits is increasing in electrical and electronic
components. Another key area where miniaturization is taking the
forefront is reed sensors and planar transformers.
With the continuance of the trend toward miniaturization of devices,
manufacturers are developing more creative engineering designs and
technology to fulfil the needs of miniaturized devices. The current R&D
facilities are working to develop switches that measure less than 4
millimetres. The near-microscopic components of miniaturized devices
that are made of polymers like PBT occupy only 25% of the area of printed
circuit boards and less than 20% of the volume, while those made
of other materials occupy nearly 40% of the area. The advantages that
these miniature components provide, enable them to carry a cost premium,
which will benefit PBT manufacturers as PBT is extensively used in the
electrical and electronics industry.
Increased demand for bio-based PBT
“The growing environmental concern about the use of synthetic plastic,
which is mostly derived from petroleum feedstock, is encouraging market
players to develop eco-friendly plastics for consumers,” says Swapnil.
Globally, PBT is an important plastic which is widely used in auto
components. An increase in the demand for bio-based products has shifted
the focus of PBT manufacturers from synthetic to bio-based PBT. For
instance, companies such as DSM and Lanxess have been investing heavily
in Genomatica’s BDO technology to produce bio-based PBT products through
biomass.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
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value chain, including vendors, service providers, distributors,
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