The market for thermoplastic polyester engineering resin is expected to grow at a CAGR of more than 4% globally during the forecast period. Thermoplastic polyester engineering resins are materials that soften when heated and harden again when cooled. These resins are usually ductile and harder than thermoset resins and are used without fillers and reinforcements for a wide range of non-structural applications. The growing demand from the electrical and electronics industry has been driving the market growth.
- However, the outbreak of coronavirus across the globe is likely to hinder the growth of the studied market.
- The growing application of thermoplastic polyester engineering resin in consumer goods is likely to provide opportunities for the studied market, during the forecast period.
- The automotive industry is the major application segment for the market studied.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period
Key Market Trends
Automotive Sector to Dominate the Market
- Thermoplastic polyester engineering resin is a high-performance material that has been growing increasingly in the automotive industry in recent times.
- Thermoplastic polyester engineering resin is seeing an increase in use in the automotive industry on account of low cost, high chemical tolerance, versatility in shape, and appearance.
- Thermoplastic polyester engineering resin is not only cheaper than metals but also helps to make cars more efficient by minimizing weight, providing endurance, resistance to corrosion, strength, versatility in construction, and high performance at low cost.
- Growing demand for lightweight materials in the automotive industry is primarily responsible for the growth of the thermoplastic polyester engineering resin market, in order to provide increased efficiency and flexibility in design.
- Furthermore, electric vehicle production can continue to gain traction in the coming years, especially in Europe, China , and the United States, where many government initiatives are encouraging a step away from fossil fuels due to various environmental concerns.
- Owing to all these factors, the market for thermoplastic polyester engineering resin is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia Pacific region is expected to be the largest and fastest-growing market for the thermoplastic polyester engineering resin market owing to increasing demand from the electrical and electronics industry.
- China is the biggest manufacturer and consumer of engineering plastics in the Asia-Pacific region. For the last few years, the abundant supply of raw materials and low production costs have been supporting the production growth of the thermoplastic polyester engineering resin market in the country for the past few years.
- Thermoplastic polyester engineering resin is widely used to complement durability in glass particles and fibers. The growing use of glass particles in the infrastructure industry is anticipated to provide a boost to the region’s market growth.
- A wide range of applications of thermoplastic polyester engineering resin in industrial equipment, food & beverage industry, and electric appliances such as fluorescent bulbs is expected to further augment market growth.
- Automotive production in countries, such as China, India, Indonesia, Vietnam, and others witnessed a decline in 2019, and, further, the trend is likely to remain the same in 2020. However, from 2021, the industry is anticipated to resume recovery in production
- Thus, the above mentioned scenario is boosting the demand for thermoplastic polyester engineering resin market in the Asia-Pacific region.
The global thermoplastic polyester engineering resin market is fragmented in nature. Some of the major companies are TORAY INDUSTRIES, INC., RTP Company, BASF SE, DuPont, and Radici Partecipazioni SpA amongst others.
- The market estimate (ME) sheet in Excel format
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1.2 Scope of the Study
4.1.1 Growing Demand from Electrical and Electronics Industry
4.1.2 Other Drivers
4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5.1.1 Polybutylene Terephthalate
5.1.2 Polyethylene Terephthalate
5.1.3 Polycyclohexylene Dimethylene Terephthalate
5.2.2 Electrical Appliances
5.2.3 Food & Beverage
5.2.4 Industrial Equipment
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Amco Polymers
6.4.2 BASF SE
6.4.4 JRD POLYMER
6.4.5 Kolon Plastics
6.4.6 Lomont Molding LLC
6.4.7 Mitsubishi Chemical Corporation
6.4.8 Radici Partecipazioni SpA
6.4.9 RTP Company
6.4.11 SK Chemicals
6.4.12 TEIJIN LIMITED
6.4.13 TORAY INDUSTRIES, INC.
6.4.14 TOYOBO U.S.A., INC.
7.2 Other Opportunities
A selection of companies mentioned in this report includes:
- Amco Polymers
- BASF SE
- JRD POLYMER
- Kolon Plastics
- Lomont Molding LLC
- Mitsubishi Chemical Corporation
- Radici Partecipazioni SpA
- RTP Company
- SK Chemicals
- TEIJIN LIMITED
- TORAY INDUSTRIES, INC.
- TOYOBO U.S.A., INC.