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Global Poly (Butylene Adipate-Co-Terephthalate) Market Size was valued at USD 1.7 Billion in 2022. The Poly (Butylene Adipate-Co-Terephthalate) market industry is projected to grow from USD 1.8 Billion in 2023 to USD 3.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period (2023 - 2032). Low density polyethylene (LDPE) is being adopted as a suitable substitute, green procurement laws are being supported by the government, the use of biodegradable plastic in packaging is increasing, and consumer demand for packaged goods is rising, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Because of broad campaigns to stop using conventional plastics that are not biodegradable and consumer knowledge of sustainable plastic alternatives, the market for biodegradable plastics like PBAT is growing. Traditional plastics take decades to decompose and spend a lot of time in landfills because they are primarily comprised of petroleum. Biodegradable plastics break down more quickly when they are discarded or returned to the environment. Additionally, due to the activity of bacteria, biodegradable polymers disintegrate significantly faster than ordinary plastics. The rising public awareness of these unfavorable effects (produced by traditional plastics) encourages the adoption of PBAT.
The potential health risks associated with conventional plastics are also a growing source of concern. Utilizing PBAT is safer and healthier for you because it is non-toxic. For instance, PVC can lead to hearing loss, vision impairment, ulcers, and genetic issues. Customers are becoming more conscious of the environmental impact of their purchases. As a result, there is a growing demand for goods that are sustainable and kind to the environment, especially those made with PBAT.
PBAT is ductile and resilient, and it may be made using conventional film extrusion techniques. This helps to produce films with mechanical properties similar to those of LDPE. However, PBAT is stiffer than its homopolymers. Thus, adding PBAT to polymer blends including brittle polymers like PLA (Polylactic Acid) or thermoplastic starch (TPS) can help boost their toughness without impacting their biodegradability.
Participants in the PBAT (polybutylene adipate terephthalate) business are conducting further research to develop PBAT and calcium carbonate-based composite materials that are flexible and moldable. The mixture of inexpensive calcium carbonate and PBAT is somewhat more affordable than other biodegradable polymers. However, manufacturers are increasing the volume of packaging films they make by combining PBAT with PBS (polybutylene succinate). Thus, driving the Poly (Butylene Adipate-Co-Terephthalate) market revenue.
The global Poly (Butylene Adipate-Co-Terephthalate) market segmentation, based on Application, includes composite bags, bin bags, mulch films, cling films, and stabilizers. The market for composite bags was the largest in 2022. This is illustrated by how quickly (between 3-6 months) these plastic bags degrade. Additionally, it has a reduced carbon footprint than polymers derived from petroleum, making it a more environmentally friendly solution. The developing packaged food and beverage sectors in regions like Asia-Pacific and Europe are also predicted to boost demand for biodegradable plastics like polybutylene adipate terephthalate throughout the time period under consideration.
The global Poly (Butylene Adipate-Co-Terephthalate) market segmentation, based on End Use, includes packaging, agriculture & fishery, consumer goods, and coatings. The packaging market had the largest share in 2022. Over the past few years, the packaging industry has been expanding substantially. The food and beverage business has had a big impact on the packaging industry. The rise of the packaged food industry is likely to boost demand for paperboard packaging during the forecasted period. PBAT is used in packaging for consumer goods. Market share for the application is anticipated to rise soon. In the upcoming years, it is expected that elegant, minimalist packaging design and the removal of unnecessary content will be key trends. Given that PBAT is commonly used in food packaging, one of the key reasons propelling the global PBAT market is the rise of the packaging industry. The demand for packaged foods is predicted to rise, driving the PBAT industry.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The Asia Pacific Poly (Butylene Adipate-Co-Terephthalate) market, dominated this market in 2022 (45.80%), a result of government attempts to promote PBAT products, expanding urbanization, a sizable consumer base, growing consumer knowledge of biodegradable products, and sustainability. Growing demand for mulch bags, composite bags, and cling films throughout the region, a growing preference for biodegradable packaging, and rising investments for the development of more advanced PBAT products are also anticipated to propel the growth of the Asia Pacific market. Moreover, In the Asia-Pacific region, the Indian Poly (Butylene Adipate-Co-Terephthalate) market had the quickest rate of growth while China's Poly (Butylene Adipate-Co-Terephthalate) market had the greatest market share.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The North America Poly (Butylene Adipate-Co-Terephthalate) Market is expected to register fastest growth from 2023 to 2032. The majority of consumption is caused by the area's inhabitants' strict PBAT- and compost-bag usage. Additionally actively utilizing PBAT-based packing materials for their goods are the end-use industries in the region. There is now a higher requirement for PBAT in both compostable and biodegradable packaging as a result of the public's increased awareness of biodegradable plastics. Further, In the North American area, the U.S. Poly (Butylene Adipate-Co-Terephthalate) market had the biggest market share, while the Canada Poly (Butylene Adipate-Co-Terephthalate) market had the quickest rate of expansion.
Europe Poly (Butylene Adipate-Co-Terephthalate) market accounts for the significant market share, because consumers have more discretionary income, the food and beverage industry is expanding quickly, there is a growing consumer demand for biodegradable products, there is a developing market for high-quality packaged foods and food items, there is a growing trend toward compostable packaging, and there are strict regulatory regulations. Future growth of the polybutylene adipate terephthalate market in Europe is anticipated to be fueled by additional factors like rising consumer demand for biodegradable products to lessen environmental impact and rising public and private sector efforts to promote biodegradable plastic to cut down on plastic production. Further, In the European region, the German Poly (Butylene Adipate-Co-Terephthalate) market had the biggest market share, and the U.K. Poly (Butylene Adipate-Co-Terephthalate) market had the quickest rate of growth.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Poly (Butylene Adipate-Co-Terephthalate) market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Poly (Butylene Adipate-Co-Terephthalate) sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Poly (Butylene Adipate-Co-Terephthalate) industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Poly (Butylene Adipate-Co-Terephthalate) sector. Major players in the Poly (Butylene Adipate-Co-Terephthalate) market, including Far Eastern New Century Corporation, Lotte Fine Chemical Co. Ltd., Jiangsu Tories biomaterials co. Ltd., BASF SE, SK Chemicals, Jinhui Zhaolong High Technology, Novamont SpA., WILLEAP, and Eastman Chemical Company, are attempting to increase market demand by investing in research and development operations.
A division of LG Corp. called LG Chem Ltd. manufactures chemicals. The company manufactures and markets petrochemicals, IT and electrical components, and energy solutions. Among the products it provides are polyvinyl chloride (PVC), ethylene, propylene, butadiene, benzene, polarizers, glass substrates, semiconductor materials, and RO membranes. In addition, it offers vaccinations, battery components, growth hormone, and anti-diabetic drugs. Additionally, it manufactures and sells display and battery components for LCD photoresist, OLED components, and other display types. In September 2021, LG Chem Ltd. said that the company is getting ready to create biodegradable polymers. This announcement followed collaboration with a smaller local chemical company to increase its footprint in the eco-friendly product industry. The collaboration agreement specifies that LG Chem will manufacture polybutylene adipate-co-terephthalate (PBAT).
Novamont S.P.A. is a manufacturer of bioplastic raw materials and a supplier of goods in Italy. By activating nearby bio-refineries and providing an environmentally acceptable application, the company combines chemistry and agriculture to give consumers the ability to utilise resources efficiently throughout their life cycles with favorable social, economic, and environmental benefits. In April 2020, Novamont S.P.A. unveiled a new grade of Mater-Bi for extrusion coating and lamination on paper board and other substrates that is biodegradable in industrial parts.
· Far Eastern New Century Corporation
· Lotte Fine Chemical Co. Ltd.
· Jiangsu Tories biomaterials co. Ltd.
· BASF SE
· SK Chemicals
· Jinhui Zhaolong High Technology.
· Novamont SpA.
· WILLEAP
· Eastman Chemical Company
August 2021: In order to increase its domestic production of eco-friendly products, LG Chem Ltd., South Korea's largest chemical manufacturer, unveiled intentions to invest over USD 2.2 billion by 2028.
June 2022: Australian food packaging manufacturer Confoil and BASF collaborated to develop a certified biodegradable dual ovenable paper tray for packaging. These trays are made of thin paperboard and coated with BASF's Ecovio PS 1606 biopolymer.
· Composite Bags
· Bin Bags
· Mulch Films
· Cling Films
· Stabilizers
· Packaging
· Agriculture & Fishery
· Consumer Goods
· Coatings
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 1.7 Billion |
|
Market Size 2023 |
USD 1.8 Billion |
|
Market Size 2032 |
USD 3.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
8.80% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Application, End Use, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Far Eastern New Century Corporation, Lotte Fine Chemical Co. Ltd., Jiangsu Tories biomaterials co. Ltd., BASF SE, SK Chemicals, Jinhui Zhaolong High Technology, Novamont SpA., WILLEAP, and Eastman Chemical Company |
|
Key Market Opportunities |
High potential in emerging economies |
|
Key Market Dynamics |
Adoption as a suitable substitute to low density Polyethylene (LDPE), favorable government policies toward green procurement, rise in use of biodegradable plastic in packaging, and increase in consumer preference for packaged food |
The global Poly (Butylene Adipate-Co-Terephthalate) market size was valued at USD 1.7 Billion in 2022.
The global market is projected to grow at a CAGR of 8.80% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Far Eastern New Century Corporation, Lotte Fine Chemical Co. Ltd., Jiangsu Tories biomaterials co. Ltd., BASF SE, SK Chemicals, Jinhui Zhaolong High Technology, Novamont SpA., WILLEAP, and Eastman Chemical Company
The Composite Bags Application dominated the market in 2022
The Packaging End Use had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65326
Published on :
Sep 2023
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