Poly (Butylene Adipate-Co-Terephthalate) Market Overview to 2023
As per MRFR’s analysis, the global PBAT market is estimated to reach USD 636.96 million by 2023 with a CAGR of 14.89% over the forecast period. Rising demand for packed food products along with growing consumer goods industry are likely to drive the market growth. Further, increasing awareness among consumer for use of biodegradable plastic are expected to augment the product demand. Growing plastic production in countries like China, India, Thailand, South Korea, Brazil and Mexico is set to propel market growth over the forecast period. The major initiatives taken by the government and non-government organizations across the globe towards reducing pollution is set to uplift its demand over the next seven years.
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Poly (Butylene Adipate-Co-Terephthalate) market is operating at growing stage which represents moderate stats in terms of market value and overall volume. Over the past few years, PBAT market has witnessed healthy demand from industries like packaging, agriculture & fishery, coatings, and others. Nevertheless, the degree of competition among the market players is still less on account of limited market players across the globe. Globally, market for PBAT is fragmented and it is moving towards growth expansion by specifically adopting partnership, expansion, joint-venture strategies, and product launch strategies. Novamont S.p.A., Eastman Chemical Company, BASF SE, SK Chemicals, Lotte Fine Chemical Co., Ltd are major shareholders in global PBAT market. They are adopting various strategies to penetrate in the global market.
Industry/ Innovation/ Related News:
March 2017 – PepsiCo, Inc. made an agreement with Danimer Scientific a biotechnology leader to develop Danimer Scientific biodegradable film resin to meet the packaging requirement for PepsiCo’s gobal business. With this agreement Danimer Scientific will scale up its biodegradable resin production.
September 2017- Bio-on company starterd construction of a new plant for the production of PHAs biopolymer, which will have utilized in cosmetic industry. With this expansion, company strengthen its position among global biodegradable manufacturers
November 2017 – Novamont S.p.A announced that the company will double the production of its Origo-Bi-brand biopolyester by early 2018. With this expansion the company will increase its production capacity for Origo-Bi from 50000 to 100000 tonnes per year.
November 2016– Total and Corbion a global leader establishes a joint venture to develop world class PLA polymerization plant with annual capacity of 75000 tons per year. This expansion strengthen companies position in polymer industry.
November 2014– Perstorp, a Sweden based specialty chemical company, increased its activities in bioplastic with Capa biodegradable plastic. Biopolymers along with Capa added will improve its mechanical properties and biodegradability. Company’s aim is to strengthen its position in biopolymer area across the globe.
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The global PBAT market is segmented as application and end use industry. Among application, the global market is further segregated as composite bags, bin bags, mulch films, cling films, stabilizers and others. The composite bags segment was accounted 38.0% share in 2016 and is anticipated to retain its dominance over the forecast period. This is attributed to growing demand of PBAT in food packaging along with government compliances towards green procurement. Mulch film segment is trailing behind bin bags. The segment is anticipated to grow at a CAGR of 14.94% during the forecast period due to adoption of mulching technology in agriculture for effective water use in crop cultivation. Based on end use, the global PBAT market is segmented as packaging, agriculture & fishery, consumer goods, coatings and others. Packaging remains the single largest field of application for PBAT market with market share of 62.0% of the total PBAT market in 2016. This is followed by Agriculture & Fishery. Europe has accounted for the largest market share and is slated to register the highest CAGR of 15.01% to reach USD 285.4 million by 2023. Rising demand for packed food products among working population and stringent regulatory framework with high technology adoption rate are anticipated to drive the regional market growth.
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