Market Research Future (MRFR) recognizes the following
companies as the key players in the global Poly (Butylene
Adipate-Co-Terephthalate) (PBAT) market: Novamont S.p.A., Eastman Chemical
Company, Jinhui Zhaolong High Technology, BASF SE, SK Chemicals, Far Eastern
New Century Corporation, Lotte Fine Chemical Co., Ltd., WILLEAP, and Jiangsu
Torise biomaterials co., ltd.
Market Highlights
The global PBAT market is predicted to grow at 14.89% CAGR
to reach USD 636.96 million by the end of 2023. PBAT is gaining prominence in
the global market with the rising usage in various end use industries such as
packaging, agriculture & fishery, consumer goods, coatings, and others.
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Some of the key market factors that positively influence the
PBAT market growth are, rising demand from packaging industry, growing
production of PBAT based production, increasing awareness regarding the
benefits associated with PBAT, and rising urbanization. Improving living
standard along with increasing per capita disposable income in developed and
developing countries are predicted to drive the growth of the market over the
forecast period. Moreover, rising consumer preference towards eco-friendly
packaging has shifted plastic manufacturers focus towards biodegradable plastic
which in turn has raised the production of PBAT.
Increasing acceptance of consumers for sustainable packaging
and green products is predicted to drive the PBAT consumption during the
forecast period. However, the cost of research and development on PBAT is still
high as compared to the global investment on it which impacts the material and
product prices. In addition to this, present low oil prices are making it
difficult for PBAT to achieve competitive pricing levels as compared to
conventional non-degradable plastics which may restrain the poly butylene
adipate-co-terephthalate.
Regional Analysis
Regionally, Poly
(Butylene Adipate-Co-Terephthalate)
Market is segmented into five regions namely North America,
Europe, Asia Pacific, Latin America, and the Middle East & Africa. European
region hold the largest market share in 2016 and is estimated to grow with the
healthy CAGR of around 15.01 % over the forecast period. European market is
trailed by North America, which is further followed by Asia Pacific. The demand
for PBAT is expected to surge in developing countries of Latin America and Asia
Pacific on account of wide utilization of PBAT in end use industries. In the
Middle East and Africa countries such as Turkey and Israel are among the major
contributors in the regional market due to high adoption rare among the various
end users.
Segment Analysis:
The PBAT market is categorized on the basis of application,
end use and region. On the basis of application, the market is classified into
composite bags, bin bags, mulch films, cling films, stabilizers, and others.
Among them, composite bags application segment accounted for around 38% market
share in 2016 and is predicted to retain its dominance over the forecast period
due to their high adoption rate in packaging industry. Bin bag, accounted for
the second largest segment for PBAT market and is predicted to witness healthy
growth due to increasing health and environmental awareness as well as
favorable governmental policies in the use of biodegradable bags. On the basis
of end use, the market is segmented into packaging, agriculture & fishery,
consumer goods, coatings, and others. Packaging accounted for the largest
market share among end use owing to excellent fit of PBAT in the packaging
market. Agriculture & Fishery accounted for the second largest segment due
to increasing demand for good quality food along with limited arable land
across the globe.
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