Market Trends of Thermoplastic Polyester Engineering Resin (TPER) Industry
This section covers the major market trends shaping the Thermoplastic Polyester Engineering Resin (TPER) Market according to our research experts:
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.
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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.
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