Polybutylene Adipate Terephthalate (pbat) Market Size | Outlook Report 2023

According to Precision Business Insights (PBI) latest report the polybutylene adipate terephthalate (PBAT) market was valued at USD 1,430.2 million in 2022, growing at 13.5% CAGR from 2023 to 2029. The growing awareness regarding the importance of waste disposal, the benefits of adopting environment-friendly polymers, manufacturers currently focusing on the industries like agriculture for mulch films and consumer goods, surging focus of manufacturers across the globe towards sustainable packaging has resulted in the increase of polybutylene adipate terephthalate (PBAT) market. Moreover, its properties like flexibility, toughness, large melting temperature, and low elastic modulus adaptability make it a suitable alternative to conventional low-density plastics along with it being biodegradable and compostable. According to the OCED report, the world is currently producing twice as much plastic waste as two decades ago, with its bulk ending up in landfill and incinerators causing land and air pollution. Thus, PBAT has provided one of the safest alternatives with properties similar to conventional plastic without any harm to the environment. Thus, the rising government restrictions and policies towards green procurement and the increasing awareness about the benefit of PBAT will further boost the market over the forecast period.

View the detailed report description here https://www.precisionbusinessinsights.com/market-reports/polybutylene-adipate-terephthalate-market

The polybutylene adipate terephthalate (pbat) market is segmented based on application outlook, end-user outlook, grade and geography.

Based on the Application Outlook, the market is segmented into the following:
• Composite Bags
• Coatings and Adhesive
• Molded Products
• Fibers
• Bin Bags
• Mulch Films
• Cling Films
• Stabilizers
• Others

Based on the End-user Outlook, the market is segmented into the following:
• Packaging
• Agriculture & Fishery
• Consumer Goods and Homecare
• Biomedical
• Others

Based on the Grade, the market is segmented into the following:
• Thermoforming grade
• Extrusion Grade
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Based on the application, the mulch films segment is currently dominating the market and is expected to have the highest CARG in the forecast years. This has to be attributed to the surging agricultural sector globally, rising demand for food for the increased population, and high demand for top-quality mulch film that doesn't alter the soil fertility and microbiome. According to a survey, China is the largest consumer of PBAT mulch films, consuming 60% of the total films globally. PBAT mulch films improve soil health regarding bulk density, porosity and organic matter once it starts to degrade. Therefore, PBAT film is a promising and sustainable option and is expected to fuel the market in the forecast period.

North America Leads Polybutylene adipate terephthalate (PBAT) Market
Polybutylene adipate terephthalate (PBAT) market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America Polybutylene adipate terephthalate (PBAT) market accounted to have significant growth and share in the market and is expected to grow at a significant CAGR over the forecast years owing to the United States and Canada becoming the key contributors in the market where the market is driven by demand for biodegradable or sustainable materials and presence of largest industries such as agriculture, packaging and consumer goods. Europe is also expected to account for a significantly larger revenue share in the global market. Asia Pacific Polybutylene adipate terephthalate (PBAT) market may witness the highest growth in the forecast years due to the robust chemical industries in countries like China, Japan and India. Moreover, all these nations also have huge population and consumer demand and thus have a massive presence of some of the most dominating chemical manufacturers in the world increasing their market significantly.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players

The polybutylene adipate terephthalate (PBAT) market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In December 2021, SK Global Chemicals partnered with South Koreas Kolon Industries to launch and commercialize biodegradable plastic PBAT that decomposes well in soil.

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Key player profiles in the polybutylene adipate terephthalate (PBAT) market report are BASF SE, SK Chemicals, DuPont de Nemours Inc., LyondellBasell Industries N.V., SABIC, Covestro AG, Mitsubishi Chemical Holdings Corporation, LG Chem Ltd., Feddersen Group, Novamont S.p.A, JinHui ZhaoLong High Technology Co., Ltd, Indorama Ventures Public Company Limited, Alpek S.A.B. de C.V., Jiangsu Sanfangxiang Group Co., Ltd., Far Eastern New Century Corporation, DAK Americas, Mitsui Chemicals Inc., Reliance Industries Limited.

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