Polytrimethylene Terephthalate (PTT) Market Size, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI316
Global polytrimethylene terephthalate (PTT) market is anticipated to gain significant momentum over 2021-2027, on account of increasing demand from the carpets and textile industries. PTT polymers show high tensile and flexural strength as compared to the PBT polymers, thus resulting in their increased prominence across several industrial markets.
PTT, which belongs to the aromatic polyester class, is a thermoplastic that can be spun into yarns and fibers. This potentially recyclable product has an enhanced color fastness against ozone, UV light, and NOx as well as low water absorption properties. Accelerating deployment of PTT in carpets, automotive fabrics, home furnishings, garments, and other industries owing to their capability to combine the chemical resistance characteristics of polyester with the resilience and elastic recovery of nylon is a major trend characterizing the industry.
Multiple research studies have been conducted to widen the polytrimethylene terephthalate applications. For example, the melt spinning process of PTT was modified by including HIB (horizontal isothermal bath) in the extrusion line, which resulted in high fiber birefringence, crystallinity, and tensile strength. These results are anticipated to broaden the product application scope in technical woven and non-woven fiber products.
In terms of segmentation by type, the bio-based PTT segment is anticipated to hold a considerable share in PTT market by 2027, which can be credited to the growing adoption of bioplastics to limit dependence on fossil fuels and lower environmental impacts. The segmental expansion can further be driven by the rising adoption of bio-based plastics like PTT in industrial applications such as agriculture and horticulture, food packaging, hygiene, and composting bags.
The Asia Pacific is poised to depict appreciable growth rate through 2027, due to the burgeoning carpet industry in developing countries like India. India, for instance, is one of the largest producers and exporters of handmade carpets across the globe. Over 90% of the carpets manufactured in the country are being exported. Furthermore, the rapid expansion of the home furnishing and automobile sectors due to the increasing high-income population will stimulate the polytrimethylene terephthalate market outlook in APAC.
Global PTT market growth will be expedited by the presence of prominent players such as XiangLu, Yizheng Chemical Fiber Company, Zimmer, Asahi Kasei, Teijin, China National Petroleum Corporation (CNPC), Sinopec, DuPont, RTP Company, and Toray, among others.
Strategic M&A and new product launches are among the key efforts being undertaken by the industry players to stay ahead in the competitive market. For instance, PTT Global Chemical Public Company Ltd. teamed up with the Suranaree University of Technology in March 2021, to examine a closed-loop waste management system of plastics from source to destination, in an effort to transform contaminated wastes into feedstocks or fuels via chemical recycling.
Meanwhile, in July 2020, Teijin Frontier Co., Ltd. introduced a new Solotex Eco-Hybrid high-stretch S/S (side-by-side) conjugated fiber, which is a plant-derived polymer and a chemically recycled polyester polymer, featuring varying heat-shrinkage characteristics. This Solotex Eco-Hybrid represents a new product line of the company’s PTT fiber Solotex family.
COVID-19 Crisis & its Impact on Polytrimethylene Terephthalate (PTT) Market Trends
The temporary closure of businesses, construction slowdown, continued social distancing, and other initiatives taken to reduce the spread of the novel coronavirus have impacted every aspect of life. Apart from the severe economic downturn and health crisis, the declining automotive industry amid the pandemic has negatively impacted the thermoplastic sector.
Governments across the globe are placing a strong emphasis on the production of personal protective equipment like face shields to curb the spread of the virus. Manufacturers are currently showing a high preference for thermoplastic polymers in manufacturing this PPE, due to their high resistance to impact, heat, and chemicals. These factors, alongside the gradual relaxation of lockdown measures, will help thermoplastic businesses regain their momentum and may in turn, escalate the polytrimethylene terephthalate production over the coming years.
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