Polybutylene Adipate Terephthalate Market Size Worth USD 4.90 Billion in 2032 | Emergen Research

Vancouver, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global Polybutylene Adipate Terephthalate (PBAT) Market size was USD 1.46 billion in 2022 and is expected to register a rapid revenue CAGR of 12.9% during the forecast period.

A recent market research report sheds light on the burgeoning Polybutylene Adipate Terephthalate (PBAT) market, revealing its widespread applications and substantial revenue growth. PBAT, a naturally degrading plastic copolymer of adipate acid, is gaining momentum as an eco-friendly alternative in various industries, including industrial composting, hygiene products, packaging materials, and biomedical disciplines.

Key Market Drivers:

• Versatility and Durability: PBAT, known for its exceptional durability and flexibility, is emerging as a preferred alternative to Low-Density Polyethylene (LDPE) in packaging applications.
• Environmental Impact: The accelerated decomposition of PBAT—breaking down by over 90% in just six months—contrasts sharply with conventional plastics that take more than a century to degrade, aligning with growing environmental concerns.
• Government Initiatives: Favorable government policies promoting green procurement, coupled with rising customer preferences for biodegradable packaging, are key factors propelling market growth.
• Industry Expansion: Noteworthy industry developments include BASF SE's acquisition of Solvay's polyamide business, strengthening its global position, and SKC Ltd.'s investment in building the world's largest biodegradable plastic material production plant in Vietnam.

Application Insights:

• Cling Films Dominate: In 2022, the cling films segment emerged as the market leader, attributing its success to the rising use of cling films in food packaging for extended shelf life and reduced food waste.
• Bin Bags Segment Growth: The bin bags segment is expected to witness moderate revenue growth, driven by the widespread use of trash bags in various industries, including retail, institutional, and industrial, emphasizing their importance in maintaining hygienic conditions.

End-Use Scenario:

• Packaging Industry Dominance: The packaging industry is anticipated to command a significant revenue share, propelled by factors such as the increasing global population, changing consumer preferences, and a surge in demand for packaged food and other products.

Regional Landscape:

• Asia Pacific Leads: The Asia Pacific region secured the largest revenue share in 2022, fueled by government efforts to promote PBAT products, rising public awareness of sustainability, and the rapid expansion of consumer goods and agriculture sectors.
• Europe's Strong Position: Europe claimed the second-largest revenue share, driven by high disposable income, rapid expansion of the Food & Beverage (F&B) industry, and growing consumer demand for biodegradable goods.
• North America's Contribution: North America held the third-largest revenue share, marked by increasing demand for PBAT from manufacturing units and efforts to curtail single-use plastics, with the U.S. experiencing a slowdown in PBAT imports.

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Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The global Polybutylene Adipate Terephthalate (PBAT) Market is consolidated, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective PBAT products in the market. Some of the major companies included in the global Polybutylene Adipate Terephthalate (PBAT) Market report are:

• Jin Hui Zhao Long High Tech Co., Ltd.
• Cosmos Plastics & Chemicals
• Far Eastern New Century Corporation
• Chang Chun Group
• GO YEN CHEMICAL INDUSTRIAL CO., LTD.
• BASF SE
• Amco Polymers
• LOTTE FINE CHEMICAL
• Hangzhou Peijin Chemical Co., Ltd.
• SKC
• Kolon Industries, Inc.
• Eastman Chemical Company
• SK geo centric Co., Ltd.

Strategic Development

• On 24 December, 2021, SK Geo Centric (SKGC), a subsidiary of SK Innovation, announced to commercialize and introduce PBAT, a biodegradable plastic material with eco-friendly properties, in collaboration with Kolon Industries. This strategic initiative involves not only the production and supply of PBAT raw materials by SK Geo Centric but also the utilization of its marketing expertise and network to broaden its clientele. As the exclusive producer of 1, 4-Butanediol in South Korea, a crucial component in PBAT as well as various fabrics, plastics, and electro-chemical substances, SK Geo Centric is positioned to play a significant role in advancing sustainable solutions and increasing adoption of eco-friendly materials.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the Polybutylene Adipate Terephthalate (PBAT) market on the basis of materials, technology, end-use, clamping force, pressure, and region:

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Packing and Bags
  • Cling Films
  • Bin Bags
  • Medical Clothing

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Packaging Industry
  • Consumer Goods
  • Agriculture and Horticulture
  • Textiles
  • Fishery
  • Coatings

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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