New York, Jan. 10, 2023 (GLOBE NEWSWIRE) -- As per a study conducted by Persistence Market Research, the global polytrimethylene terephthalate market is anticipated to secure US$ 948.44 Million in 2022, whereas, it was valued US$ 899 Million in 2021.
Owing to the increasing market of textile industries, the demand for PTT is expected to boost during the forecast period, thus, securing US$ 1620 Million while recording a CAGR of 5.5% during the forecast period from 2022-2032.
The Furthermore, the rising demand for apparel and automotive carpets is expected to increase the product demand resulting in the growth of the overall industry in the years to come. Many countries have set stringent regulations due to increased environmental concerns for promoting sustainable & innovative PTT demand. Companies are spending heavily on developing adhesives, which are non-ozone depleting and free from harmful compounds (VOCs), solvents, and toxins.
“Polytrimethylene terephthalate (PTT) is majorly utilized in the textiles industry including stable fiber, film materials, and filament or textured yarns.”
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Key Takeaways from the Market Study
- By product, bio-based PTT type segment is expected to dominate the overall industry and accounted for the maximum share of more than 78% of the global revenue in 2022.
- Textile is expected to emerged as the dominant end-use segment for polytrimethylene terephthalate market by accounting for more than 30% market share in 2022.
- The fibers segment is expected to dominate application segment in 2022 and account for more than 68% share of the overall revenue.
- Europe is expected to dominate the global industry in 2022 and account for the largest share of more than 45% owing to the growing textile industry in the region.
- North America is expected to account for 39% market share for polytrimethylene terephthalate market.
In June 2020, Teijin Frontier Co., Ltd., a fiber manufacturer, introduced Solotex Eco-Hybrid, a highly stretchable and dyeable product compared to petroleum-derived material. Eco-Hybrid marks a significant line in Teijin Frontier’s PTT fiber Solotex product portfolio. PTT is used across different end-use industries, such as textile, automotive, packaging, building & construction, consumer goods, and the medical industry. It is majorly used in fiber applications like carpet fabrics, automotive fabrics, apparel, and engineering plastics. Bio-based PTT is expected to grow at a significant CAGR over the forecast period owing to its properties, such as resistibility, compressibility, and eco-friendliness.
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Competitive Landscape
Key players in the global polytrimethylene terephthalate market are taking several initiatives to expand their reach in the global market. Players focus on industry collaborations, mergers & acquisitions, and partnerships. Some prominent players in the global polytrimethylene terephthalate market include DuPont, Huvis Corp, GLORY, RTP Company
- Huvis Corp, a key player in the polytrimethylene terephthalate market is focusing on offering the same in fiber format to cater to automotive and textile industry.
- GLORY, another key player in the polytrimethylene terephthalate market is focusing on using technology to advance manufacturing processes of the chemical. In addition, the company is also planning to expand its geographical presence.
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About the Chemical & Manufacturing Division at Persistence Market Research
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