Global Polybutylene Adipate Terephthalate (PBAT) Market Size Is Predicted to Grow From 1.11 Billion in 2022 to $2.71 Billion by 2030 with a CAGR of 8.91%

Washington, DC, May 25, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Polybutylene Adipate Terephthalate (PBAT) Market By End-User (Agriculture & Fishery, Packaging, Consumer Goods, And Others), By Type (Modified/Blended PBAT And Pure PBAT), By Application (Mulch Films, Shopping Bags, Garbage/Bin Bags, Food Packages, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Polybutylene Adipate Terephthalate (PBA) Market size & share in terms of revenue was valued at USD 1.11 billion in 2022 and it is expected to surpass around USD 2.71 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 8.91% during the forecast period 2023 to 2030.”

What is Polybutylene Adipate Terephthalate (PBA)? How big is the Polybutylene Adipate Terephthalate (PBA) Industry?

Report Overview:

The global polybutylene adipate terephthalate (PBAT) market size was worth around USD 1.11 Billion in 2022 and is predicted to grow to around USD 2.71 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.91% between 2023 and 2030.

Polybutylene adipate terephthalate (PBAT) is a compostable and biodegradable polymer that has gained popularity in several end-user verticals. The market refers to the global industry that deals with the production and distribution of PBAT. This polyester is derived from renewable resources such as plant-based oils and fats. It is well known in the commercial market for its flexibility, high elongation, and biodegradability which makes it an ideal alternative to traditional petroleum-based plastics that are known to be harmful to the environment in the long run. PBAT is generally used alongside other biodegradable polymers such as polylactic acid (PLA), which work together to enhance its mechanical and thermal properties. The industry has been witness to a significant rate of growth over the years and is expected to continue the same trend in the coming years.

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Global Polybutylene Adipate Terephthalate (PBA) Market: Growth Factors

The global polybutylene adipate terephthalate (PBAT) market is projected to grow owing to the increasing activities undertaken by several government organizations to reduce or curb the use of traditional plastic which is inherently non-biodegradable and leads to severe irreparable damage to the environment. These activities also focus on promoting the use of other safer alternatives such as PBAT which is completely biodegradable and a lot of research is being conducted across the globe to produce PBAT polymer which is 100% compostable or biodegradable. Such events can lead to higher adoption and demand in the industry.

The packaging industry is regarded as one of the largest consumers of this polymer and it is currently under tremendous pressure to ensure sustainability by making use of environment-friendly packaging solutions leading to a higher inclination toward PBAT. In such conditions, it is used for the production of biodegradable films, bags, and wraps. Another significant share of revenue can be expected from the increasing consumption in the global agricultural sector where these films are helpful in preventing soil quality, which is the need of the hour due to rapid urbanization and industrialization.

The global polybutylene adipate terephthalate industry also deals with certain growth restrictions. One of the primary concerns is the limited performance index PBAT. Although it offers biodegradability, it may not be as effective in terms of performance as other petroleum-based polyesters. This is because PBAT has lower heat resistance, impact strength, and dimensional stability and hence it may not be used in industries like automotive where they need high-performance properties. There is looming uncertainty over the biodegradation rate of PBAT which further restricts market growth.

An increasing demand for sustainable packaging may propel market growth while the lack of standardization could pose a major challenge for the industry players.

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Report Scope

Polybutylene Adipate Terephthalate (PBA) Market: Segmentation Analysis

The global polybutylene adipate terephthalate (PBAT) market is segmented based on end-user, type, application, and region.

Based on end-user, the global market segments are agriculture & fishery, packaging, consumer goods, and others. The market registered the highest growth in the packaging segment in 2022. PBAT has wide applications in the production of packaging products such as biodegradable films, bags, and wraps. In recent times, the packaging industry has been actively seeking biodegradable alternatives to otherwise non-environment friendly plastic which is often used as the ultimate packaging material. Further, PBAT offers more advantages as compared to its non-biodegradable counterparts such as improved shelf life and enhanced barrier properties. Low-Density Polyethylene (LDPE), a commonly used polyester for the production of plastic wraps takes around 500 to 1000 years to decompose.

Based on type, the polybutylene adipate terephthalate industry segments are modified/blended PBAT and pure PBAT. The latter segment witnessed the highest CAGR in 2022 since it is more commonly used as compared to modified/blended PBAT. The pure version is produced using only the base polymer and does not require the addition of any kind of additives or other polymers. The main advantage of using pure PBAT is its single-component structure which has predictable properties. Modified or blended PBAT is generally produced by adding an additive or a polymer. The intention is to improve the mechanical or physical strength of the final good. PBAT takes around 6 weeks to decompose.

Based on application, the global market segments are mulch films, shopping bags, garbage/bin bags, food packages, and others.

The global Polybutylene Adipate Terephthalate (PBA) market is segmented as follows:

By End-User

• Agriculture & Fishery
• Packaging
• Consumer Goods
• Others

By Type

• Modified/Blended PBAT
• Pure PBAT

By Application

• Mulch Films
• Shopping Bags
• Garbage/Bin Bags
• Food Packages
• Others

Browse the full “Polybutylene Adipate Terephthalate (PBAT) Market By End-User (Agriculture & Fishery, Packaging, Consumer Goods, and Others), By Type (Modified/Blended PBAT and Pure PBAT), By Application (Mulch Films, Shopping Bags, Garbage/Bin Bags, Food Packages, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”-Report at https://www.zionmarketresearch.com/report/polybutylene-adipate-terephthalate-market

Competitive Landscape

Some of the main competitors dominating the global Polybutylene Adipate Terephthalate (PBA) market include - 

• BASF SE
• Dow Inc.
• ExxonMobil Corporation
• DuPont de Nemours Inc.
• LyondellBasell Industries N.V.
• SABIC
• Covestro AG
• Arkema SA
• Mitsubishi Chemical Holdings Corporation
• LG Chem Ltd.
• Solvay S.A.
• Formosa Plastics Corporation
• Braskem S.A.
• Sumitomo Chemical Co. Ltd.
• Evonik Industries AG
• Toray Industries Inc.
• Asahi Kasei Corporation
• Sinopec Group
• Mitsui Chemicals Inc.
• Reliance Industries Limited
• Lotte Chemical Corporation
• Celanese Corporation
• Eastman Chemical Company
• Westlake Chemical Corporation
• Indorama Ventures Public Company Limited.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Polybutylene Adipate Terephthalate (PBA) market is likely to expand at a CAGR of around 8.91% during the forecast period (2023-2030).
• In terms of revenue, the Polybutylene Adipate Terephthalate (PBA) market size was valued at around US$ 1.11 billion in 2022 and is projected to reach US$ 2.71 billion by 2030.
• The polybutylene adipate terephthalate market is projected to grow at a significant rate due to the growing environmental awareness.
• Based on end-user segmentation, packaging was predicted to show maximum market share in the year 2022.
• Based on application segmentation, mulch films were the leading application in 2022.
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Polybutylene Adipate Terephthalate (PBA) industry?
• What are the main driving factors propelling the Polybutylene Adipate Terephthalate (PBA) Market forward?
• What are the leading companies in the Polybutylene Adipate Terephthalate (PBA) Industry?
• What segments does the Polybutylene Adipate Terephthalate (PBA) Market cover?
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• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By End-User, By Type, By Application, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The global polybutylene adipate terephthalate (PBAT) market may witness the highest growth in Asia-Pacific due to the presence of robust chemical industries in countries of China, India, and South Korea. All of these nations have a massive presence of some of the most dominating chemicals manufacturers that are consistently working toward improving production capacity to ensure holding on to the lead they have already gained. North America is a significant market for PBAT where the demand is driven by demand for biodegradable or sustainable materials in some of the largest industries such as agriculture, packaging, and consumer goods.

The United States and Canada are expected to become the key contributors to the regional market. In Europe, countries like Germany, France, and the Netherlands could act as growth propellers with increasing strictness over the use of single-use plastic in the packaging sector.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In August 2022, Reliance Industries Ltd (RIL), India’s well-known multinational conglomerate, announced that it has developed a range of PBAT and the company intends to use it as a replacement for fossil fuel-based raw materials
• In December 2021, SK Geo Centric and Kolon Industries collaborated to jointly commercialize PBAT. The latter is a South Korean chemicals company

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Polybutylene Adipate Terephthalate (PBAT) Market: Opportunities

Increasing demand for sustainable packaging to propel market growth
As consumers are becoming more aware of the repercussions of their consumption patterns on the environment, the demand for sustainable packaging solutions has increased in recent times. This is not only applicable to individual buyers but also to larger firms that are focusing on reducing their carbon footprint to gain higher confidence from their consumers. In addition to this, changing government stance on the pollution created by the packaging sector is likely to push more companies to invest in packaging material made of PBAT.

FREQUENTLY ASKED QUESTIONS

• What is polybutylene adipate terephthalate (PBAT)?
• Which key factors will influence polybutylene adipate terephthalate (PBAT) market growth over 2023-2030?
• What will be the value of the polybutylene adipate terephthalate (PBAT) market during 2023-2030?
• What will be the CAGR value of the polybutylene adipate terephthalate (PBAT) market during 2023-2030?
• Which region will contribute notably towards the polybutylene adipate terephthalate (PBAT) market value?
• Which are the major players leveraging the polybutylene adipate terephthalate (PBAT) market growth?

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