Polybutylene Adipate Terephthalate Market to Reach USD 4.61 Billion by 2031 Fueled by Rising Demand for Sustainable Packaging and Consumer Goods

The SNS Insider report forecasts the Polybutylene Adipate Terephthalate market to reach a staggering USD 4.61 billion by 2031, growing at a robust CAGR of 12.95% from 2024-2031. The market was valued at USD 1.72 billion in 2023.

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Some of the Key Players Included are:

• BASF SE
• Zhejiang Biodegradable Advanced Material Co. Ltd
• Feddersen Group
• Novamont S.p.A.
• JinHui ZhaoLong High Technology Co., Ltd.
• Eastman Chemical Company
• SK Chemicals
• Willeap
• other

Growing Demand for Sustainable Solutions Propels PBAT Market

Consumer awareness regarding the detrimental effects of traditional plastics on the environment is fostering a significant shift towards sustainable alternatives like PBAT. Traditional plastics, derived from petroleum, take centuries to decompose, creating a major environmental burden. PBAT, on the other hand, biodegrades at a much faster rate, minimizing its environmental impact. Additionally, PBAT is a non-toxic material, unlike some traditional plastics which may pose health risks. This growing environmental and health consciousness among consumers is propelling the demand for PBAT-based products.

Furthermore, the bioplastics & biopolymers market is witnessing continuous innovation, with manufacturers actively implementing organic and inorganic strategies to cater to the rising demand for sustainable materials. Emerging markets like Asia, Africa, and South America are experiencing a surge in demand for sustainable materials, presenting a lucrative opportunity for PBAT manufacturers. For example, LG Chem in South Korea is constructing a 50,000-ton/year PBAT plant scheduled to be operational by 2024, signifying the growing market potential in these regions.

Market Challenges

• Despite its promising outlook, the PBAT market faces certain challenges. The higher production cost of PBAT compared to traditional plastics hinders its wider adoption in some segments. The relatively new and complex production process, coupled with the expensive raw materials used in PBAT production, contributes to this cost disparity.

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Segment Analysis:

The packaging industry dominated the PBAT market, accounting for a significant 52% share in terms of value.

PBAT polymers find diverse applications within packaging, including food packaging, non-food packaging, healthcare packaging, and shopping bags. Their biodegradability makes them ideal for wrapping organic food and premium products with specific requirements. Food and beverage manufacturers are increasingly turning to PBAT to address environmental concerns and comply with stringent government regulations, particularly in Europe and North America, that aim to reduce the carbon footprint of industries.

By Grade:

• Extrusion Grade
• Thermoforming Grade
• Others

By End-use Industry:

• Packaging
• Agriculture and Fishery
• Consumer Goods and Homecare
• Coatings

By Application:

• Composite Bags
• Bin Bags
• Mulch Films
• Cling Films
• Stabilizers

Impact of Global Disruptions

The ongoing Russia-Ukraine war has disrupted supply chains and caused fluctuations in raw material prices. This, in turn, can affect the production costs of PBAT. Additionally, the potential economic slowdown across various regions due to the war and other global factors might lead to reduced consumer spending, impacting the demand for PBAT-based products in certain segments.

Asia Pacific led the Polybutylene Adipate Terephthalate market

The Asia Pacific (APAC) region is a prominent producer and consumer of PBAT and is expected to witness the highest CAGR during the forecast period. The availability of low-cost raw materials and labor, along with growing environmental awareness, makes APAC an attractive investment destination for PBAT manufacturers. The region’s burgeoning population, rapid urbanization, and industrialization further contribute to the projected market growth in APAC.

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Recent Developments in the PBAT Market

• June 2022: Confoil (Australia) and BASF collaborated to create a certified compostable dual ovenable paper tray for food packaging. This tray utilizes BASF’s Ecovio PS 1606 biopolymer coating on lightweight paperboard.
• April 2020: Novamont S.P.A introduced a Mater-Bi grade for extrusion coating and lamination. This grade offers improved process stability, coating thickness, processing speed comparable to LDPE, and excellent adhesion to various substrates.

Key Takeaways for the Polybutylene Adipate Terephthalate Market Study

• The report highlights the rising demand for PBAT in the packaging industry, driven by growing consumer and regulatory pressure for eco-friendly solutions. This trend presents significant opportunities for PBAT manufacturers, particularly in the packaging segment.
• The study identifies Asia Pacific (APAC) as a key growth engine for the PBAT market. Low-cost production factors and increasing environmental awareness in these regions create a fertile ground for PBAT adoption.
• While production costs currently pose a challenge, the report anticipates advancements in PBAT production technology to drive down costs. This will further enhance PBAT’s competitiveness and accelerate market expansion.

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