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.
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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.
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.
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.
Regional Analysis:
Regionally, PBAT 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.
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