Polybutylene Adipate Terephthalate Market is projected to reach a value of $3.36 billion by 2030

According to the report published by Virtue Market Research, the Global Polybutylene Adipate Terephthalate Market was valued at $1.7 billion in 2022 and is projected to reach a market capitalization of $3.36 billion by 2030. Over the forecast period of 2023-2030, the market is anticipated to grow at a CAGR of 8.9% owing to rising awareness of the usage of PBAT and the need for biodegradable plastic.

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The Polybutylene Adipate Terephthalate (PBAT) market is being driven by the growing need for biodegradable plastics. A biodegradable polymer called PBAT is used in a variety of industries, including packaging, farming, and consumer goods. The PBAT business is being driven by the growing demand for biodegradable alternatives as a result of a greater understanding of the harmful effects that conventional plastics have on the environment. Bioplastics are claimed to be more ecologically friendly than conventional plastics since they are made from renewable resources like maize starch. Additionally used as a co-polymer in the production of bioplastics, PBAT is now more in demand on the market augmenting the global market size.

The growing use of PBAT in agriculture is another factor driving the market. To increase soil fertility and water retention capabilities, PBAT is applied as a soil conditioner. As a result, PBAT is being used more often in the agricultural industry. Due to its strength and flexibility, PBAT, a bio-based and biodegradable thermoplastic copolyester, is commonly used as a component in biodegradable plastic. Additionally, it is used in the production of a wide range of products, including film, fibres, and injection moulded goods. The need for biodegradable polymers is increasing along with the general public awareness of plastic pollution. This is anticipated to drive the market for PBAT because it is a bio-based and biodegradable thermoplastic copolyester. New applications for PBAT are projected to be created with the introduction of new technologies and the increased emphasis on research and development, thereby creating new opportunities for market growth. Additionally, government policies encouraging the use of biodegradable plastic might perhaps spur industrial expansion. However, the market for polybutylene adipate terephthalate (PBAT) has been significantly impacted by the COVID-19 pandemic. The pandemic has disrupted the supply chain and worldwide trade, which has resulted in a drop in demand for PBAT across a range of industries, including packaging, agriculture, and consumer products. The global demand for PBAT has been impacted by the lockdown measures implemented in several nations to stop the virus spread through decreased production and sales. The demand for PBAT has also been influenced by the reduction in consumer expenditure and the recession in the economy. On the other hand, the long-term expansion of the market is anticipated to be aided by the rising demand for environmentally friendly packaging and the expanding usage of PBAT in biodegradable packaging materials.

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Segmentation Analysis:
The Global Polybutylene Adipate Terephthalate Market segmentation includes:

By Application:
• Packaging and Bags
• Consumer Durables
• Agriculture and Horticulture
• Textiles
• Others

Pharmaceuticals, consumer items, and food products often employ PBAT in their packaging. It is a well-liked option for packaging applications due to its durability, adaptability, and biodegradability. To increase the nutritional value of the soil, the agriculture sector uses PBAT, a soil conditioner, and mulch film. Agriculture productivity is increased through improving soil fertility and water retention capacities. The agricultural industry consequently greatly depends on PBAT. Consumer products that utilise PBAT in their manufacturing include toys, home goods, and personal care items. Due to its biodegradable nature, the consumer products sector finds it fascinating. It is also used in the manufacture of textiles to produce biodegradable apparel and other textile goods.

By End-Use:
• Packaging
• Consumer Goods
• Agriculture & Fishery
• Others (Polymers)

The packaging sector is predicted to be the largest end-use sector for PBAT, followed by the agriculture sector, the consumer products sector, the automobile sector, and the construction sector. The packaging sector is a prominent end-use industry for the PBAT market due to the widespread usage of PBAT in packaging applications. Because PBAT is biodegradable and a desirable material for use in packaging, food, consumer products, and medical supplies In addition, PBAT is used in the production of a wide range of consumer goods, including toys, household goods, and personal care items. It appeals well to the consumer products industry since it is biodegradable.

Regional Analysis:
Due to the existence of significant producers and the rising need for biodegradable plastics in the region, North America is projected to be a sizable market for PBAT. In North America, the US and Canada are projected to be significant markets for PBAT. Due to the presence of top players spending hefty amounts on R&D and the region's increasing need for biodegradable plastics, Europe is likewise estimated to be a important market for PBAT. France, Germany, and the UK are projected to be significant European markets for PBAT. Although each region has its own demand and growth rate, North America and Europe are projected to be the main markets for the PBAT market because of the presence of large players there.

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Latest Industry Developments:
• In 2020, BASF SE finalised the acquisition of Solvay's polyamide business (PA 6.6). Due to the acquisition, the firm was able to increase its position in North and South America, as well as Asia. The BASF SE and Solvay agreement included eight industrial facilities in Germany, France, China, India, South Korea, Brazil, and Mexico.

• In August 2021, LG Chem Ltd. announced plans to invest over USD 2.2 billion by 2028 to expand its local manufacturing capacity for environmentally friendly materials. The corporation introduced plans to build ten new chemical plants in Seosan, southwest of Seoul, to manufacture biodegradable polymers and other renewable energy components. Polyolefin elastomer (POE) is a biodegradable plastic utilized in decomposable packaging, and PBAT is used for footwear, auto exteriors, solar films, and other applications.

• In November 2020, AXT, Inc., a major maker of compound semiconductor substrates, announced a strategic combination of raw material suppliers BoYu and JinMei.

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This release was published on openPR.