PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273285
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273285
According to Stratistics MRC, the Global Polybutylene Adipate Terephthalate Market is accounted for $1.3 billion in 2022 and is expected to reach $2.1 billion by 2028 growing at a CAGR of 8.3% during the forecast period. Polybutylene Adipate Terephthalate (PBAT) is a copolymer of adipate acid. PBAT is from a class of biodegradable plastic. It is an elastomeric polymer whose enhanced mechanical characteristics are well recognised. A wide range of applications, ranging from packaging, hygiene items, biomedical areas, and industrial composting, employ PBAT due to its great flexibility and durability.
According to an ETH Zurich study, they found that PBAT completely biodegrades in soil over the course of six weeks, making it a perfect substitute for PE.
PBAT is ductile and durable. It is produced using standard film extrusion methods. This makes it easier to produce films with low density polyethylene. Incorporating PBAT can increase the toughness of polymer blends that comprise brittle polymers like PLA (Polylactic Acid) or thermoplastic starch (TPS) without affecting their biodegradability. It is relatively stiff when compared to its homopolymers. These elements are accelerating its market demand.
The production of bio-based polymers is relatively costly in comparison to conventional plastics. Pure PBAT production necessitates the use of advanced machinery and tools. In addition to this, producing such chemicals often comes with a significant operating expense. This factor limits its large-scale production and hinders the market growth.
Mulch films are growing in prominence among farmers all over the world since their installation helps to create favourable microclimate conditions that hasten crop development. Mulch plastic films are expected to see robust demand in accordance with rising food demand because of their unrivalled efficacy in enhancing agricultural output.
There are many biodegradable materials that could turn out to be more advantageous than PBAT in certain circumstances. They include polylactic acid (PLA), polyhydroxyalkanoate (PHA), and starch-based polymers. PLA is the biodegradable material that is most frequently chosen over PBAT. More preference for the alternatives hampers the market demand.
During the corona virus pandemic, manufacturers invested in new materials due to the erratic demand. The COVID-19 epidemic has increased demand for plastic and single-use packaging. Shopping bags, packaging options and other polymer-based items have been produced at breakneck speeds by manufacturers in the PBAT (polybutylene adipate terephthalate) sector.
The packaging & bags segment is estimated to have a lucrative growth, due to constantly expanding population. The need for packaged goods, the widespread use of intelligent packaging, and growing consumer awareness of sustainable packaging are all examples of how consumer tastes are evolving and driving the segment's expansion.
The films & sheets segment is anticipated to witness the fastest CAGR growth during the forecast period. Depending on the required end-use application, PBAT films can be transparent, translucent, or opaque. In addition to having excellent printability and sealability, PBAT films are appropriate for use in flexible packaging applications. The market demand is being fuelled by its advantages, comprising high stretchability, flexibility, and good processability.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the high presence of key players and sizeable consumer base. This region is a desirable investment location for PBAT makers due to the availability of cheap manpower and raw materials. Rapid urbanisation and rising consumer expenditure on food and drinks as well as online shopping in the emerging economies such as India, Japan, Australia and China are propelling the market growth in this region.
Europe is projected to have the highest CAGR over the forecast period, owing to the raising environmental concerns. This region has stringent governmental regulations that are forcing industries to reduce their carbon footprint. During the forecast period, it is predicted that increased government policies to support the use of bioplastics and increased awareness of the usage of biodegradable plastics would drive demand for polybutylene adipate terephthalate in the area.
Some of the key players profiled in the Polybutylene Adipate Terephthalate Market include: BASF SE, Eastman Chemical Company, Novamont S.p.A., FillPlas Co. Ltd, SK Chemicals, Feddersen Group, Amco Polymers, GO YEN CHEMICAL INDUSTRIAL CO LTD, Lotte Fine Chemical Co., Ltd., JinHui ZhaoLong High Technology Co., Ltd, WILLEAP, Chang Chun Group, Far Eastern New Century Corporation and Jiangsu Torise biomaterials co., Ltd.
In May 2022, BASF has launched a material polybutylene terephthalate (PBT) Ultradur B4335G3 HR HSP which protects sensitive electronics which are critical in driving situations such as an emergency break. The new product grade represents a significant expansion of the Ultradur HR portfolio.
In October 2021, Amco Polymers (AMCO) has launched a redesigned Mobility Focused Business Strategy. This initiative includes the addition of experienced industry leadership and a new mobility-focused product portfolio designed to provide leading solutions to support the latest developments in the mobility industry.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.