Thermoplastic Polyester Engineering Resins Market To Generate $5,896.6 Million Revenue by 2030
- Published: August 2023
The global thermoplastic polyester engineering resins market size is expected to advance at a CAGR of 5.4% during 2023–2030, to reach USD 5,896.6 million by 2030. The growth can be primarily attributed to the surging usage of such resins for a large range of industrial applications because these can be used without filters and are harder and more ductile than thermoset resins. Also, these resins are easy to recycle due to which they are easily available in large quantities across the world.
Moreover, these high-quality polymers, known as engineering plastics, are used to upgrade the thermal and mechanical properties of plastic to fulfill the stringent demand. These resins offer structural stability, dimensional stability, and chemical and wear resistance. These are soft at the time of heat and similarly hard when cooled. Thus, their demand is promptly increasing from various industries such as electronics, food and beverages, automotive, and manufacturing.
Increasing Need for Fuel-Efficient Vehicles Drives the Demand
The growing environmental concerns and the increasing fuel prices are shifting the automobile industry toward fuel-efficient vehicles. The changing customers’ preferences for more affordable and lightweight cars force companies to adopt lightweight materials for the production of vehicle parts. This is escalating the demand for TPER, which is the best alternative to metals, cheaper, and can be molded in any shape. Moreover, the rapid increase in the development of green cars is creating opportunities for producers of engineering resins, as these help OEMs to give dynamic looks and reduce the weight of vehicles.
Food & Beverage Category To Rise at a Steady Growth Rate
Based on application, the food & beverage category is projected to witness a steady growth rate over the next few years. This can be because this industry majorly uses these plastics due to their chemical resistance, high strength, low moisture absorption, and heat resistance, which are necessary to preserve food products for a long time.
North American Market To Grow at a Significant Rate
The North American market is expected to witness a significant growth rate during the forecast period. This can be mainly attributed to the presence of key industry players, the surging demand for recycled plastics, and the rising focus on fuel-efficient cars, due to which manufacturers are widely using TPER to make their vehicles lightweight. Also, the region has the presence of several manufacturers of engines, components, equipment, and other materials, and it is known for aircraft production. For instance, in the U.S., the demand for recycled plastics in the packaging sector is expected to rise rapidly almost 2.8 billion by 2025.
Some of the major players operating in the thermoplastic polyester engineering resins market are TORAY INDUSTRIES INC., RTP Company, BASF SE, DuPont, Radici Partecipazioni SpA, Mitsubishi Chemical Corporation, JRD POLYMER, TOYOBO U.S.A. INC., Lomont Molding LLC, and Amco Polymers.