For the Quarter Ending June 2025
North America
• Polybutylene Terephthalate (PBT) prices in North America increased marginally by 0.2% QoQ in Q2 2025, supported by tight inventory control and stabilized supply-demand fundamentals.
• Domestic producers maintained measured output, aligning production with the muted demand environment to prevent inventory overhang, while stable PTA feedstock prices provided a predictable cost base.
• Supply chains remained functional despite sporadic logistical constraints, as import flows from Asia and Europe ensured adequate material availability, cushioning against localized stock gaps.
• Downstream demand from automotive and electronics sectors stayed subdued, with buyers executing only immediate-need procurement strategies amid policy uncertainties and sluggish end-product sales.
• Despite tariff-related disruptions being temporarily paused, cautious business sentiment prevailed, limiting aggressive offtake across major PBT-consuming industries.
• Overall, the U.S. PBT market maintained a stable pricing environment throughout Q2, with inventory discipline and subdued demand acting as key balancing forces, resulting in a narrow trading range.
Why did the PBT Price Index change in July 2025 in North America?
• PBT prices in early July remained stable, with market participants maintaining a cautious approach due to lacklustre demand from the automotive and electronics sectors.
• However, a slight upward adjustment in prices occurred mid-July, driven by rising PTA feedstock costs, which increased production expenses for PBT manufacturers. This cost-push factor prompted domestic producers to revise their offers upward to safeguard margins.
• The price adjustment was also supported by producers’ disciplined inventory management, which prevented oversupply and allowed them to pass through modest cost increases despite soft demand conditions.
• While downstream consumption remained tepid, converters accepted the minor price hikes due to the inevitability of elevated input costs, leading to a marginal firming of PBT prices in the latter part of July.
Europe
• PBT prices in Europe declined by 5.9% QoQ in Q2 2025, pressured by persistent oversupply and lacklustre demand from key downstream sectors, particularly automotive and electronics.
• Domestic producers maintained steady operating rates, but continuous inflows of competitively priced Asian imports compounded inventory surpluses, forcing sellers into a highly competitive pricing environment.
• Supply chains faced intermittent logistical challenges, including port congestion and inland transport delays, which restricted export opportunities and further exacerbated domestic stock accumulation.
• Demand from the automotive sector remained tepid, with buyers adopting just-in-time procurement strategies amid economic uncertainty and sluggish vehicle production schedules.
• Despite minor feedstock cost fluctuations, weak offtake and intensified pricing competition prevented any meaningful price recovery, keeping market sentiment bearish throughout Q2.
• Overall, the German PBT market remained under sustained downward pressure, with the imbalance between ample supply and muted demand leading to continuous price erosion over the quarter.
Why did the PBT Price Index change in July 2025 in Europe?
• PBT prices in early July remained stable initially, as subdued demand from downstream sectors and elevated inventory levels kept market participants cautious, limiting trading activity.
• However, a noticeable price decline occurred in mid-July, driven by persistent oversupply and weak purchasing momentum across key consuming industries, particularly automotive and electronics, which failed to absorb existing stockpiles.
• The influx of competitively priced Asian-origin PBT further intensified pricing pressures, compelling domestic producers to lower offers in a bid to clear rising inventory, as export channels remained constrained by logistical bottlenecks and sluggish overseas demand.
• Although feedstock PTA prices remained stable, the overwhelming surplus in the domestic market and converters’ restrained procurement behaviour left suppliers with limited pricing leverage, leading to continued price corrections throughout July.
APAC
• PBT prices in APAC increased by 3.1% QoQ in Q2 2025, driven by persistent upstream cost pressures and constrained supply availability across key exporting regions, notably China and South Korea.
• Feedstock prices for PTA and BDO remained elevated throughout most of the Q2, tightening production margins and compelling exporters to raise their offers, which Malaysian importers had to reflect in domestic pricing.
• While import flows remained consistent, rising freight rates and currency depreciation added cost-side inflation, narrowing the scope for price negotiations and keeping landed costs firm.
• Downstream demand from automotive and electronics sectors showed sporadic restocking activity, primarily led by supply risk concerns rather than organic consumption growth.
• Despite soft terminal demand, proactive inventory acquisition by converters and limited low-cost import alternatives supported a bullish pricing trend through most of Q2.
• Overall, the Asian PBT market witnessed steady price increases, underpinned by cost-push dynamics and supply-side constraints, though demand fundamentals remained cautious and volume-driven buying stayed muted.
Why did the PBT Price Index change in July 2025 in APAC?
• PBT prices in Malaysia began to decline from early July, as the regional supply landscape eased significantly with Chinese exporters ramping up shipments post-PTA plant turnarounds, flooding the Southeast Asian market with surplus volumes.
• The sustained fall in intra-Asia freight rates further reduced import costs, eroding the earlier cost-push pressures that had propped up PBT prices during Q2, and prompting traders to offer discounts to clear accumulated inventories.
• Downstream demand from key sectors such as automotive and electronics remained lacklustre, with buyers maintaining restrained procurement strategies amid high existing stock levels and weak order visibility, exacerbating the oversupplied market conditions.
• With no immediate demand-side triggers and import-driven oversupply persisting, suppliers were compelled to adjust prices downward throughout July to maintain cash flows and prevent inventory build-up, reinforcing a bearish market trajectory.
South America
• PBT prices in South America increased marginally by 0.3% QoQ in Q2 2025, supported by disciplined inventory management and steady supply flows, despite a persistently weak demand backdrop.
• Domestic production was aligned with muted offtake from key sectors, with suppliers opting for controlled output to avoid excess stock accumulation. Stable PTA feedstock costs ensured predictable production expenses throughout the quarter.
• Import flows from the U.S. and Europe remained consistent, providing adequate material availability while localized logistical inefficiencies—such as port congestion and customs delays—had minimal impact on overall supply continuity.
• Demand from downstream automotive and consumer goods industries stayed subdued, with buyers adhering to cautious, need-based procurement strategies amid economic uncertainty and sluggish order books.
• Overall, Brazil’s PBT market maintained a narrow trading range through Q2, with stable supply-demand fundamentals and inventory discipline preventing sharp price movements, despite a lack of demand-side triggers for growth.
Why did the PBT Price Index change in July 2025 in South America?
• PBT prices in early July remained stable in Brazil, with market participants holding a cautious stance as weak automotive and consumer goods demand failed to stimulate fresh procurement activities.
• However, a slight upward movement in prices was observed in mid-July, driven by rising PTA feedstock costs, which exerted upward pressure on production expenses for both domestic producers and importers.
• This cost-driven adjustment was further supported by proactive inventory control among local suppliers, who managed to maintain tight stock levels, thereby avoiding oversupply and enabling a moderate price increase despite subdued end-user demand.
• Although downstream offtake remained modest, converters accepted the minor price hikes as a pass-through of unavoidable input cost escalations, leading to a marginal firming of PBT prices in the latter part of July, as supply-side firmness offset weak consumption trends.
For the Quarter Ending March 2025
North America
In Q1 2025 Polybutylene Terephthalate (PBT) prices in North America recorded a marginal quarter-on-quarter decline compared to Q4 2025. At the start of the quarter, prices declined amid stable feedstock costs and subdued procurement, with balanced supply and a contracting manufacturing sector limiting momentum. Demand from the automotive sector was steady but insufficient to drive gains. Supply-side stability improved after the ILA and USMX resolved port strike threats through a six-year labour agreement, averting major logistical disruptions and easing concerns over domestic oversupply.
Mid-quarter, prices rebounded, driven by rising PTA costs and supply chain disruptions from adverse weather and labour shortages. While export orders softened, steady domestic demand—buoyed by proactive buying ahead of anticipated tariffs—helped sustain the market.
By quarter-end, PBT prices stabilized as supply chains normalized and raw material costs levelled off. Automotive sector consumption improved, yet weak export demand and continued economic uncertainties curtailed stronger momentum, keeping prices firm without further movement. THE U.S. witnessed the most significant change with a noticeable drop of 0.5% in Q1 2025 compared to Q4 2024, with the quarter-end price settling at USD 3250/MT FOB New York, reflecting cautious sentiment, and restrained buying interest.
APAC
In Q1 2025 Polybutylene Terephthalate (PBT) prices in APAC region recorded a quarter-on-quarter incline of 1.4% to Q4 2024. At the start of the quarter, prices declined slightly due to subdued demand and cautious inventory management by end-users. The automotive and electronics sectors showed average offtake, while export activity weakened amid global economic headwinds. With limited pre-holiday restocking ahead of the Chinese New Year and restrained industrial activity, the market lacked upward momentum. Mid-quarter, PBT prices rebounded modestly, supported by higher feedstock costs—especially PTA—and improved market activity following the Spring Festival. Manufacturers resumed operations with a focus on inventory replenishment. Demand from the automotive sector stayed moderate as automakers prioritized stock rebuilding, contributing to short-term firmness in market sentiment. By quarter-end, prices declined again due to oversupply pressures and weak downstream demand, though raw material costs softened. Despite this late-quarter dip, the earlier recovery driven by post-holiday demand and higher input costs lifted the overall quarterly average, resulting in a net Q1 price incline. Thailand saw the steepest rise, with quarter-end prices at USD 310/MT CFR Bangkok.
Europe
In Q1 2025 Polybutylene Terephthalate (PBT) prices in European region recorded a quarter-on-quarter decline of 0.7% compared to Q4 2024. At the start of the quarter, prices held steady as supply remained balanced due to stable production schedules during seasonal holidays. However, demand was weak, particularly in the automotive sector, where reduced incentives and high costs suppressed new vehicle registrations. Buyers adopted a cautious stance following year-end destocking, limiting fresh procurement, and keeping market activity subdued. Mid-quarter, prices recorded a marginal increase as rising PTA feedstock costs lifted production expenses. Manufacturing sentiment improved slightly amid easing contraction in new orders and output. Though demand remained below average, a modest uptick in inventory restocking supported temporary price recovery. By quarter-end, the market retreated again. Falling raw material costs and competitive imports from Asia weakened pricing. End-user demand in automotive and electrical sectors remained soft, with no signs of near-term revival. Germany witnessed the most significant change with a noticeable drop compared to Q4 2024, with the quarter-end price settling at USD 4490/MT FOB Hamburg, reflecting lacklustre demand and limited buying interest.
South America
In Q1 2025 Polybutylene Terephthalate (PBT) prices in the South American region recorded a quarter-on-quarter decline compared to Q4 2024. Early in the quarter, PBT prices in Brazil remained stable, supported by balanced supply-demand dynamics. Despite inflationary pressures and rising costs in the manufacturing sector, the market remained steady, with adequate inventories meeting demand. Weaker international demand did not significantly affect the local market. As the quarter progressed, PBT prices rose slightly due to tightening supply, driven by feedstock price pressures, logistical delays, and Brazil’s weak currency inflating import costs. Disruptions from labour shortages and extreme weather conditions in the U.S. exacerbated the supply situation. Despite mixed automotive sector performance, with a decline in month-over-month sales, the tight supply kept prices on an upward trajectory. By the end of the quarter, prices stabilized, driven by steady supply and balanced demand. Imports from global suppliers and declining raw material costs in Europe helped maintain stability. Brazil saw the most significant change with a noticeable 0.4% decline compared to Q4 2024, with the quarter-end price settling at USD 2645/MT CFR Santos, reflecting lacklustre demand and limited buying interest.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American PBT market experienced a modest decline of 2% compared to Q3. The quarter was characterized by weak demand, coupled with year-end seasonal factors and persistent logistical challenges. Early in the quarter, prices showed stable to marginal downward fluctuations, attributed to low production costs due to stable feedstock BDO prices and falling PTA prices and weak downstream demand.
However, this stability did not persist throughout the quarter. Towards the end of the quarter, PBT prices weakened, reflecting subdued market activity amidst the year-end seasonal slowdown and persistent destocking efforts. Downstream sectors, particularly automotive, remained under pressure, with procurement focused on immediate operational needs and limited new orders. Weak export expectations due to continued lack of momentum in foreign business amplified the market downturn. Although logistical challenges persisted at West Coast ports and transpacific freight rates remained elevated, these factors primarily pointed to potential future price increases rather than contributing to the current decline.
The quarter-ending price for PBT in the US stood at USD 3245/MT, illustrating the overall downward trend throughout Q4 2024, despite potential future price increases due to lingering logistical issues.
APAC
The Polybutylene Terephthalate (PBT) market in the APAC region experienced a 5% decline in Q4 2024 compared to Q3, driven by weak demand and excess inventory. Early in the quarter, PBT prices remained stable, supported by steady feedstock costs and moderate demand from downstream industries. However, as the quarter progressed, the automotive and electrical appliance sectors showed limited demand, putting downward pressure on prices. Reduced feedstock costs, such as lower prices for Butanediol and PTA, helped maintain cost-effective PBT production, but these benefits were offset by subdued purchasing activity and a high inventory overhang. Freight rates increased slightly as the Christmas season approached, but this did not result in sustained price growth. Throughout the quarter, PBT prices exhibited minimal fluctuation, with only slight decreases as the year-end slowdown and cautious purchasing by manufacturers limited market momentum. By December 27, 2024, the price of PBT CFR Shanghai in China stood at USD 1181/MT, reflecting a stable yet weak market sentiment. As demand from key sectors remained muted, market participants continue to face challenges due to global economic pressures and overhang inventory.
Europe
In Q4 2024, the Polybutylene Terephthalate (PBT) market in Europe saw a 2% decline in prices compared to Q3, driven by weakened demand and ongoing destocking efforts. Early in the quarter, PBT prices in European market experienced marginal downward fluctuations, supported by low production costs and limited demand from the automotive and manufacturing sectors. Feedstock prices for BDO remained stable, while PTA prices softened due to an oversupply as several PTA plants resumed operations after maintenance. As the quarter progressed, the automotive sector's persistent downturn and overall market contraction further pressured PBT prices. The year-end seasonal slowdown amplified cautious purchasing behaviour, as manufacturers focused on managing existing inventories rather than placing new orders. The automotive sector continued to experience weak demand, which, coupled with limited export activity, contributed to a restrained market environment. By the quarter’s end, PBT prices in Germany stood at USD 4658/MT. Throughout Q4, the combination of sluggish downstream demand, reduced procurement activities, and the seasonal dip in market activity caused suppliers to focus on clearing stockpiled inventories.
South America
The South American Polybutylene Terephthalate (PBT) market experienced a 2% decline in Q4 2024 compared to Q3, driven by persistent weak demand across key sectors and external price pressures. Throughout the quarter, muted activity in the automotive and electrical appliance industries restrained procurement levels. The automotive sector, heavily reliant on PBT for durable component production, grappled with reduced vehicle manufacturing, while the electrical appliance industry maintained cautious inventory practices amid modest production schedules. Oversupply, compounded by the influx of lower-priced imports, added to the bearish sentiment in the domestic market. Internationally, U.S. exporters reduced PBT prices due to declining crude oil costs and subdued global demand, further pressuring Brazilian prices. Local suppliers responded by softening rates to remain competitive, which contributed to the quarter’s overall decline. By the end of Q4, seasonal year-end slowdowns and destocking further tempered market activity, preventing any meaningful recovery. The quarter-ending price for PBT CFR Santos in Brazil stood at USD 3295/MT. With automotive sector challenges and international price volatility, market participants face headwinds in managing inventory levels and planning for early 2025.
For the Quarter Ending September 2024
North America
In Q3 2024, the Polybutylene Terephthalate (PBT) market in North America experienced a notable decline in prices, influenced by several key factors. Weak support from feedstock costs, particularly for Butanediol, played a significant role in this downward trend. As feedstock prices fell, an oversupply emerged, exerting additional downward pressure on PBT prices. Furthermore, moderate demand from downstream sectors such as automotive and electrical appliances manufacturing contributed to a stable yet declining pricing environment. This quarter recorded a 3.5% decrease compared to the same period last year, reflecting a persistent downward trajectory in the market.
Despite this decline, there was a slight increase of 0.3% compared to the previous quarter in 2024, indicating a degree of pricing stability amid broader fluctuations. This consistency suggests that while market conditions are challenging, they are not in free fall, allowing for some resilience.
By the end of the quarter, the price for Polybutylene Terephthalate IM Grade FOB New York stood at USD 3320/MT, underscoring the prevailing negative sentiment within the pricing environment.
APAC
In Q3 2024, the Polybutylene Terephthalate (PBT) market in the APAC region experienced a significant downturn in prices, marked by a notable 9.5% decrease compared to the same quarter last year and a 2.5% decline from the previous quarter in 2024. Japan was particularly affected, showcasing the most pronounced price fluctuations that mirrored the broader regional trend of decreasing prices. Several factors contributed to this negative trajectory. Weak demand from key downstream industries, especially automotive and electronics, hindered market momentum. This decline in offtake resulted in excess supply, further exacerbating price pressures. Additionally, stable to low feedstock costs, particularly for Butanediol (BDO) and Purified Terephthalic Acid (PTA), failed to provide any upward support for PBT pricing. The data revealed a 1% price difference between the first and second halves of the quarter, underscoring a consistent downward trend. By the end of the quarter, the recorded price for Polybutylene Terephthalate IM Grade FOB Tokyo stood at USD 2966/MT, encapsulating the prevailing negative sentiment and the challenges faced by the market.
Europe
In Q3 2024, the Polybutylene Terephthalate (PBT) market in Europe experienced a downward trend in prices, with Germany being notably impacted by the decreasing prices. Several significant factors contributed to this decline. Firstly, subdued demand from key industries such as automotive and electrical appliances played a crucial role in driving prices lower. The weak offtake from these sectors led to a surplus in supply, putting downward pressure on PBT prices. Additionally, stable feedstock costs, particularly Butanediol and PTA, failed to provide any support for price increases, further contributing to the overall decrease in market prices. Germany, in particular, witnessed the maximum price changes during this period. This quarter, PET prices in the German market declined by 1% compared to the previous quarter. However, the quarter saw a balanced prices trend compared to the same quarter of the previous year. Ultimately, the quarter-ending price for Polybutylene Terephthalate IM Grade FOB Hamburg in Germany was recorded at USD 4728/MT, reflecting the prevailing decreasing sentiment in the market.
South America
Throughout Q3 2024, the South America Region witnessed a declining trend in Polybutylene Terephthalate (PBT) prices. This quarter proved challenging for PBT pricing due to several significant factors. One key influence was the consistent decrease in feedstock costs, which led to a downward pressure on PBT prices. Additionally, the region experienced limited demand from key sectors like automotive and electrical appliances, contributing to the overall price decrease. Seasonality also played a role, with the market showing a typical slowdown in procurement activities during this period. Notably, the correlation in price changes between the first and second half of the quarter reflected a negative trend, further emphasizing the decreasing price environment. Moving specifically to Brazil, the market saw the most substantial price changes in the region during Q3 2024. With a -3.5% decrease from the same quarter last year, and a -0.2% change from the previous quarter in 2024, Brazil experienced a notable decline in PBT prices. Ultimately, the quarter-ending price for Polybutylene Terephthalate CFR Santos in Brazil stood at USD 3370/MT, reflecting the prevailing negative sentiment in the pricing environment.
FAQs
1. What was the global PBT price trend in Q2 2025?
Globally, PBT prices exhibited a mixed trend in Q2 2025, with APAC and Europe witnessing price increases driven by upstream cost pressures and supply constraints, while South America and North America experienced relatively stable to marginally bullish pricing due to cautious demand and subdued procurement activity.
2. Who are the top PBT producers globally?
Key global PBT manufacturers include BASF, DuPont, Celanese Corporation, Toray Industries, and SABIC Innovative Plastics, with production hubs across North America, Europe, and Asia-Pacific.
3. What factors influenced PBT demand across key regions in Q2 2025?
PBT demand was primarily shaped by the automotive and electronics sectors. While APAC saw sporadic restocking due to supply risk concerns, Europe and South America faced demand headwinds from weak automotive production and cautious procurement. North America maintained stable but subdued consumption, with converters limiting purchases to immediate needs amid macroeconomic uncertainty.
4. What is the outlook for PBT prices in Q3 2025?
PBT prices are expected to remain under downward pressure across most regions in early Q3 2025 as easing supply constraints and persistent demand weakness—particularly in automotive and consumer electronics—lead to softer market conditions. However, any sharp feedstock cost fluctuations or logistics disruptions could introduce temporary price volatility.
