Chicago, May 03, 2023 (GLOBE NEWSWIRE) -- The global Polybutylene Adipate Terephthalate (PBAT) Market size of the PBAT market is projected to reach USD 2.8 billion by 2027, at a CAGR of 13.1% from USD 1.5 billion in 2022., as per the recent study by MarketsandMarkets™. The increasing demand from the packaging and consumer goods industry coupled with the new developing technologies, will contribute to the rapid growth in the demand for PBAT.
The PBAT market is mainly driven by the increase in consumer awareness and growing demand in end-use industries like packaging, consumer goods, agriculture and bio-medical, among other industries. Moreover, it is also driven by rapidly developing market in the Asia Pacific region.
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List of Key Players in Polybutylene Adipate Terephthalate Market:
- BASF SE (Germany)
- Novamont S.P.A (Italy)
- Willeap (South Korea)
- Kingfa (China)
- Hangzhou Peijin Chemical Co. Ltd (China)
- Zhejiang Biodegradable Advanced Material Co. Ltd (China)
- Anhui Jumei Biotechnology (China)
- Go Yen Chemical Industrial Co. Ltd (Taiwan)
- Jinhui Zhaolong Advanced Technology Co. Ltd (China)
- Mitsui Plastics, Inc (US)
- Chang Chun Group (China)
Drivers, Restraints, Opportunities and Challenges in Polybutylene Adipate Terephthalate Market:
- Drivers: Shift in consumer preference towards bio-based plastics
- Opportunity: High potential in emerging economies
- Restraints: Higher price of PBAT than that of its alternatives
- Challenges: Easy availability of competitive products
Key Findings of the Study:
- Agriculture industry is projected to grow at fastest CAGR, in terms of value, during the forecast period.
- Extrusion grade is projected to be the largest growing grade in the PBAT market, in terms of value.
- Asia Pacific is expected to be the fastest growing market for PBAT during the forecast period, in terms of value.
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Based on Grade, the PBAT market has been segmented into extrusion grade, thermoforming grade and other grades. Thermoforming grade holds the second-largest market share in terms of value during the forecast period. Thermoforming is a manufacturing process that shapes thermoplastic materials into various forms and shapes. In the case of PBAT, thermoforming is a common method of processing the material into packaging products, such as trays, containers, and clamshells. The manufacturing process involves a flat sheet of plastic heated to a pliable forming temperature, formed to a specific shape using a mold, and then trimmed to create a usable product. Thermoforming grade PBAT has good thermoforming properties, including low shrinkage and excellent clarity, making it suitable for various packaging applications.
Based on application, the PBAT market has been segmented into films, sheets & bin liners, coatings & adhesives, molded products, fibers and other applications. The coating process involves applying a layer of PBAT onto the surface of the substrate material. This can be achieved through various techniques, such as spraying, dipping, or roll coating. In the coating application process, the substrate material is first cleaned and prepared to ensure good adhesion of the PBAT. The PBAT resin is then dissolved in a solvent and applied to the substrate material using the chosen coating technique. The coated substrate is then dried to remove the solvent and ensure the PBAT layer is fully formed. PBAT coatings can provide various benefits, such as improved barrier properties, increased durability, and enhanced aesthetics. They are commonly used in the food packaging industry to improve the shelf life of products and prevent contamination. PBAT coatings can also be used in the textile industry to create water-resistant fabrics.
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Based on end-use industries, the PBAT market has been segmented into packaging, consumer goods, agriculture, bio-medical and other end-use industries. Agriculture is the fastest growing end-use industry of PBAT market in terms of value. The biodegradable plastic tape degrades in the soil after the seeds germinate. PBAT-based mulch films are then used to reduce evaporation, conserve moisture, increase soil temperature, and control weeds. They fasten the growth of crops and vegetables, resulting in a higher yield. They can be plowed into the fields after use. This reduces labor and disposal costs.
Asia Pacific is the largest and fastest-growing market for PBAT. This growth is mainly attributed to the rapidly growing consumer awareness and favorable government policies, which drives the demand for PBAT in booming economies in India, and China. The region's large population coupled with a growing middle class and increasing disposable income boosts the demand for high-quality consumer goods. Low labor costs and easy raw material availability attract manufacturers to cater to the local emerging markets better. The increasing application of PBAT in end-use industries, such as packaging, consumer goods, agriculture and bio-medical in Asia Pacific, is expected to support the PBAT market growth during the forecast period.
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