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Polybutylene Adipate Terephthalate (PBAT) Market Size Worth USD 4.90 Billion in 2032 | Emergen Research
Polybutylene Adipate Terephthalate (PBAT) Market
Market Drivers
The market growth is primarily driven by the growing acceptance of PBAT as an alternative to Low-Density Polyethylene (LDPE) for packaging applications. Favorable government policies promoting green procurement, coupled with rising consumer preference for packaged food, are further boosting market demand. Unlike conventional plastics that take over a century to degrade, PBAT breaks down by over 90% in just six months, making it an environmentally friendly choice for packaging materials.
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Market Developments
Key market developments include BASF SE's acquisition of Solvay's polyamide business, aimed at strengthening its position in key regions such as North and South America, and Asia. Additionally, SKC Ltd.'s investment in building the largest biodegradable plastic material production plant in Haiphong, Vietnam, underscores the growing significance of sustainable materials in the global market.
Market Restraints
However, the high cost of polymerization for biodegradable plastics remains a challenge, limiting market growth. The complexity of PBAT manufacturing processes, requiring specialized tools and methods, contributes to higher production costs compared to conventional plastics.
Segment Insights
In terms of applications, the cling films segment dominates the PBAT market, driven by the increasing use of cling films in food packaging to prolong shelf life and prevent contamination. The bin bags segment is also expected to register significant growth, fueled by the widespread use of trash bags across various industries for maintaining hygienic conditions and waste disposal.
End-Use Insights
Within the end-use segment, the packaging industry is anticipated to hold a substantial market share, supported by factors such as the growing global population, changing consumer preferences, and the rise of the food and beverage industry. Increasing awareness about sustainable packaging solutions and the demand for single-use plastics are further driving growth in this segment.
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Polybutylene Adipate Terephthalate (PBAT) Top Companies and Competitive Landscape
The global Polybutylene Adipate Terephthalate Market is consolidated, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective PBAT products in the market.
Some of the major companies included in the global Polybutylene Adipate Terephthalate (PBAT) Market report are:
• Jin Hui Zhao Long High Tech Co., Ltd.
• Cosmos Plastics & Chemicals
• Far Eastern New Century Corporation
• Chang Chun Group
• GO YEN CHEMICAL INDUSTRIAL CO., LTD.
• BASF SE
• Amco Polymers
• LOTTE FINE CHEMICAL
• Hangzhou Peijin Chemical Co., Ltd.
• SKC
• Kolon Industries, Inc.
• Eastman Chemical Company
• SK geo centric Co., Ltd.
Polybutylene Adipate Terephthalate (PBAT) Latest Industry News
• On 24 December, 2021, SK Geo Centric (SKGC), a subsidiary of SK Innovation, announced to commercialize and introduce PBAT, a biodegradable plastic material with eco-friendly properties, in collaboration with Kolon Industries. This strategic initiative involves not only the production and supply of Polybutylene Adipate Terephthalate (PBAT) raw materials by SK Geo Centric but also the utilization of its marketing expertise and network to broaden its clientele. As the exclusive producer of 1, 4-Butanediol in South Korea, a crucial component in PBAT as well as various fabrics, plastics, and electro-chemical substances, SK Geo Centric is positioned to play a significant role in advancing sustainable solutions and increasing adoption of eco-friendly materials.
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Polybutylene Adipate Terephthalate (PBAT) Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the Polybutylene Adipate Terephthalate market on the basis of materials, technology, end-use, clamping force, pressure, and region:
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Packing and Bags
o Cling Films
o Bin Bags
o Medical Clothing
• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Packaging Industry
o Consumer Goods
o Agriculture and Horticulture
o Textiles
o Fishery
o Coatings
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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