Polybutylene Adipate Terephthalate Market Size is valued at USD 1.54 Bn in 2022 nd is predicted to reach USD 4.29 Bn by the year 2031 at a 12.25% CAGR during the forecast period for 2023-2031.
Adipic acid, 1,4-butanediol, and DMT monomers randomly copolymerize to form Polybutylene Adipate Terephthalate (PBAT), poly (butylene adipate-co-terephthalate), a biodegradable, semi-aromatic thermoplastic copolyester. Because of its characteristics, including biodegradability, high heat resistance, and mechanical strength, PBAT is greatly favored over other plastic goods. These characteristics of PBAT make it the perfect material for producers to use when creating biodegradable goods to address the growing environmental issues brought on by traditional plastics. Low-density polyethylene is touted as a biodegradable alternative to polybutylene adipate terephthalate.
Additionally, the rise in CRS initiatives to reduce reliance on fossil fuels, the increased emphasis on finding environmentally friendly alternatives, and the quick changes in the consumer products, packaging, and the beverage and food sectors contribute to the global market's revenue growth. During the forecast period, growth in the market is anticipated to be boosted by additional factors, including rising disposable income, high preference for packaged food, beverages, and online shopping, rising demand for composite bags, bin bags, mulch films, and cling films, and rising investments in R&D activities.
Competitive Landscape
Some Major Key Players In The Polybutylene Adipate Terephthalate Market:
- BASF SE (Germany),
- Novamont S.p.A (Italy),
- Willeap (South Korea),
- Kingfa (China),
- Hangjhou 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)
- Dongguan Xinhai Environmental-Friendly Material Co., Ltd
- Green Science Alliance
- Hengli Petrochemical
- Junyuan Petroleum Group
- Feddersen & Co.
- Lotte Chemicals
- Nanjing Baitong New Material Co. Ltd
- Orinko Advanced Plastics Co. Ltd
- Qingdao Zhoushi Plastic Packaging Co. Ltd
- Red Avenue New Materials Group Co. Ltd
- SGA Polychem Pvt Ltd
- Tasnee New Material (Weifang) Co. Ltd
- Torise Biomaterials Co. Ltd
- Xinjiang Blue Ridge Tunhe Sci. & Tech. Co. Ltd
- Others
Market Segmentation:
The polybutylene adipate terephthalate market is segmented based on grade, applications and end user. Based on grade, the polybutylene adipate terephthalate market is segmented into extrusion grade, thermoforming grade and other grades. The application segment consists of films sheets & bin liners, coating & adhesive, molded products, fibers and other applications. By end user, the market is segmented as packaging, consumer goods, agriculture, bio-medical, and other end users.
Based On End-User, The Packaging Segment Is A Major Contributor In The Polybutylene Adipate Terephthalate Market.
The packaging category will record a major share of the global Polybutylene Adipate Terephthalate market in 2021. because of the world's rapidly growing population, shifting consumer tastes, increasing demands for packaged foods and other products, and the explosive growth of the food and beverage industry and e-commerce. Other elements anticipated to contribute to the segment's revenue growth during the projected period include growing consumer awareness of sustainable packaging, high usage of intelligent packaging for fruits and vegetables, and rising demand for single-use plastics and packaging solutions in the wake of the COVID-19 pandemic.
The Extrusion Grade Segment Witnessed Growth At A Rapid Rate.
The extrusion grade segment is projected to grow rapidly in the global polybutylene adipate terephthalate market. A particular variety of polyethylene called extrusion grade is utilized in producing pipes, tubes, and films. It has several qualities crucial for pipe and tube fittings, including color, strength, and stiffness. The standard or everyday grades can be distinguished from the extrusion grade by looking at their physical traits, such as color and molecular weight. The rising demand from the automotive, industrial, and electronics industries is responsible for the market's expansion. Because of the greater need for complicated, lightweight, high-quality products, injection molding grade dominates the market.
The Asia Pacific Polybutylene Adipate Terephthalate Market Holds A Significant Regional Revenue Share.
The Asia Pacific polybutylene adipate terephthalate market is expected to Record the maximum market share in revenue shortly. As consumer spending grows dramatically and administrations worldwide promote bioproducts over petrochemical ones, there are expanding markets for PBAT. Packaging and bags made of polybutylene terephthalate are employed, and the fast food industry's expansion and consumer expenditure on purchasing things online have fueled market expansion. In addition, Asia Pacific is estimated to develop rapidly in the global Polybutylene Adipate Terephthalate market. A result of government attempts to promote PBAT products, expanding urbanization, a sizable consumer base, growing consumer knowledge of biodegradable products, and sustainability.
In addition, the region's expanding needs for mulch bags, composite bags, and cling films, as well as a growing preference for packaging that breaks down and rising investments in creating more advanced PBAT products, are anticipated to propel market growth in European region.
Recent Developments:
- In May 2022, Lotte Chemical announced its intention to allocate a substantial investment of 11 trillion won ($8.6 billion) towards developing hydrogen energy, secondary battery material, and bioplastic industries by the conclusion of 2030. A proportion of this investment will be directed towards ventures within the United States. During the press conference on Thursday, the company announced its plans to allocate 11 trillion won towards several business sectors. Specifically, 4 trillion won will be directed towards the battery materials industry, 6 trillion won will be invested in the hydrogen energy business, and 1 trillion won will be allocated to the bioplastic business..
- In June 2020, A cooperation agreement was formed between BASF and China's Red Avenue New Materials Group, wherein the latter was granted a licence to manufacture and distribute certified compostable aliphatic-aromatic co-polyester, polybutylene adipate terephthalate (PBAT), adhering to BASF's established quality criteria.
Polybutylene Adipate Terephthalate Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 1.54 Bn |
|
Revenue Forecast In 2031 |
USD 4.29 Bn |
|
Growth Rate CAGR |
CAGR of 12.25 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (Ton) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Grade, By Application, By End-Use Industry |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
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), and Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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