Polytrimethylene Terephthalate Market Forecasts to 2028 – Global Analysis By Product Type (Bio Based PTT, Petroleum Based PTT), Application, End user and By Geography
According to Stratistics MRC, the Global Polytrimethylene Terephthalate Market is accounted for $963.16 billion in 2022 and is expected to reach $1478.17 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Polytrimethylene terephthalate (PTT) is majorly utilized in the textiles industry including stable fiber, film materials, and filament or textured yarns. It is majorly used in the industrial and residential carpet market along with engineering applications, such as automotive parts, mobile phone housings, and various other industrial and consumer products due to its good dimensional stability and finishing qualities.
According to Ministry of Textiles, annual report 2018-19, India’s textile industry contributes to 7% of industry output in value terms, 2% of India’s GDP and 15% of the country’s export earnings. According to the National Development and Reform Commission, Domestic sales of apparel and knitwear stood at around USD 172.4 billion for the first 11 months of 2019, which represents growth of about 3% Y-o-Y over the same time period in 2018.
Market Dynamics:
Driver:
Increasing demand from the carpet and textile sectors
Increasing demand from the carpet and textile sectors is predicted to drive the global polytrimethylene terephthalate (PTT) market during the forecast period. Polytrimethylene terephthalate (PTT) polymers are more frequently employed in a number of industrial applications because they have greater tensile and flexural capabilities than PBT polymers.
Restraint:
Increased manufacturing costs
Over the course of the projection period, increased manufacturing costs and a proprietary technology would restrain the market for polytrimethylene terephthalate (PTT).
Opportunity:
Growing Demand from the Apparel Industry
Widely employed in the production of clothing, polytrimethylene terephthalate is anticipated to see the quickest growth throughout the course of the projection period. When compared to polybutylene terephthalate (PBT) and polyethylene terephthalate (PET), polytrimethylene terephthalate (PTMT) has superior qualities, including high elastic recovery, softness, resistance to stretching, and wrinkle resistance. PTT possesses a number of exceptional qualities, including ease of dyeing, elastic recovery, heat retention, resistance to stretching, wrinkle resistance, high stiffness, and UV-light fastness.
Threat:
Non biodegradable
Plastics made of polytrimethylene terephthalate are not biodegradable, which may or may not be a positive thing depending on how they are used. This component necessitates a significant amount of potentially dangerous fossil fuels. Blockages in sewers are caused by non-biodegradable garbage. Cattle and other animals that consume the plastics are also killed by it. It makes a non-aesthetic person consider human nature.
Covid-19 Impact
It can be ascribed to the enormous disruptions that various precautionary lockdowns and other limitations that were imposed by governing agencies around the world caused in their respective production and supply-chain operations. The same holds true for the market for Polytrimethylene Terephthalate (PTT). Additionally, consumer demand has now decreased as people have been more intent on cutting down non-essential expenses from their individual budgets as the general economic condition of the majority of people has been adversely impacted by this outbreak.
The Bio based PTT segment is expected to be the largest during the forecast period
The Bio based PTT segment is estimated to have a lucrative growth, due to higher elastic recovery, softness, stretching & wrinkle resistance, and other characteristics of bio-based PTT make it appropriate for application in the production of various film materials and fibres, including carpet fabrics, automobile fabrics, clothing, and engineering plastics.
The textiles segment is expected to have the highest CAGR during the forecast period
The textiles segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its features, which include greater strength, improved elasticity, and higher abrasion resistance, and wrinkle resistance, textiles have been the market's main end-use segment for polytrimethylene terephthalate, accounting for the greatest CAGR. The market for sports apparel and accessories is expanding as a result of rising investments in sporting events around the world, which is projected to fuel demand for PTT fibres. Hence, PTT finds its appropriateness across the manufacturing of textiles and carpets and is predicted to observe higher increase during the forecast years.
Region with highest share:
Europe is projected to hold the largest market share during the forecast period owing to the region's expanding textile industry. Additionally, an increase in the number of producers of carpets, clothing, food, and other goods is anticipated to fuel the sector throughout the projection period. The plastics sector's continued technological development to become more ecologically friendly has driven industry expansion in Europe.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to primarily driven by the growing consumer demand for disposables and devices like catheters and surgical tools in the medical devices sector. The market expansion in the area is anticipated to be boosted by the product demand in a number of industries, including textiles, automobiles, building & construction, packaging, healthcare, and consumer goods. The nation produces a significant amount of plastic, and it has the equipment and production capacity needed to meet local demand. PTT is produced in large quantities in the nation and is utilised in a wide range of goods, including carpets, sheets, films, and fibres.
Key players in the market
Some of the key players profiled in the Polytrimethylene Terephthalate Market include DuPont, Teijin Frontier Co Ltd., RTP Company, Sheng Hong Group Holdings Limited, Huvis Corp., GLORY Ltd, TORAY Industries, Inc., Shell Global, Sinopec Limited, Yizheng Chemical Fibre Co., Ltd., Zimmer Biomet, Shanghai HuaYuan Electronic Co., Ltd., China National Petroleum Corporation, Asahi Kasei Corporation, Xianglu Chemical Fiber Company Limited.
Key Developments:
In Nov 2021, DuPont announces Strategic Actions to Enhance Portfolio for near and Long-term Value Creation. Combined actions will strengthen DuPont's positions in high-growth, high-margin markets with a focus on electronics, water, protection, industrial technologies and next generation automotive; accelerates top-line growth, strengthens operating EBITDA margins and significantly improves cross-cycle earnings stability.
In May 2021, Toray complete Collaboration Program for Personal Protective Clothing for Infection Control in Guinea. It has received words of gratitude from the National Health Security Agency of the Ministry of Health of the Republic of Guinea for contributing to Collaboration Program for Personal Protective Clothing (coverall) for infection control that helped the nation bolster its measures against infectious diseases.
In Feb 2021, DuPont Announces Acquisition of Rogers Corporation. The transaction delivers substantial value to Rogers’ shareholders, who will receive $277 in cash per share, representing a 33% premium over Rogers’ closing share price on November 1, 2021, and a 46% premium to the 1-month volume weighted average share price.
Product Types Covered:
• Bio Based PTT
• Petroleum Based PTT
Applications Covered:
• Engineering Plastics
• Film Materials
• Household Textiles
• Apparel
• Fabrics
End Users Covered:
• Packaging
• Consumer Goods
• Automotive
• Building & Construction
• Textiles
• Medical
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook