Chicago, May 25, 2023 (GLOBE NEWSWIRE) -- The report "Polybutylene Adipate Terephthalate Market” Market is projected to grow from USD 1.5 billion in 2022 to USD 2.8 billion by 2027 , at a CAGR of 13.1% during the forecast period, as per the recent study by MarketsandMarkets.. 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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228 - Market Data Tables
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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), and Chang Chun Group (China).
Drivers, Restraints, Opportunities and Challenges in Polybutylene Adipate Terephthalate Market:
- Driver: Shift in consumer preference towards bio-based plastics
- Restraint: Higher price of PBAT than that of its alternatives
- Opportunity: High potential in emerging economies
- Challenge: Easy availability of competitive products
Key Findings of the Study:
- In terms of value, the packaging segment is projected to account for the largest share of the PBAT market, by end-use industry, during the forecast period.
- Films, Sheets & Bin Liners is projected to account for the fastest growth of the PBAT market, by application, during the forecast period.
- APAC is expected to be the fastest-growing market during the forecast period.
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BASF SE is a leading manufacturer and distributor of chemicals, plastics, and performance materials. The company is committed to sustainability and strongly focuses on developing and producing sustainable products, including biopolymers. It operates under six business segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The company offers PBAT-based biodegradable products through the performance material business segment. It caters to a wide range of industrial applications, including automotive manufacturing, packaging, sports & leisure, medical technology, construction, solar thermal energy, and photovoltaics. The company holds one of the top three market positions in around 80% of the business areas in which it is active. The company operates in more than 80 countries across the Americas, Europe, Asia Pacific, Africa, and the Middle East. It has 13 operating divisions with 84 strategic business units. BASF SE operates globally through its subsidiaries, with more than 338 production sites worldwide.
Kingfa is a leading manufacturer and supplier of many biodegradable and advanced materials. The company is primarily engaged in the research & development, production, sales & servicing of chemical products, and innovative materials. The company offers a wide range of PBAT-based biodegradable products under the Kingfa medical business segment. The company caters to a wide range of industrial applications, including packaging, mulching film, disposable tableware, transportation, and others. Kingfa has a global presence in 130 countries across the world, including North America, Europe, and Asia Pacific. The company also owns 48 subsidiaries.
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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.
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