The Global Poly (butylene adipate-co-terephthalate) (PBAT) Market is expected to exhibit a solid 14.89% CAGR over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global poly (butylene adipate-co-terephthalate) market is expected to reach USD 636.96 million by 2027.
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Poly (butylene adipate-co-terephthalate) is widely used to produce composite bags, bin bags, cling films, and other films. It is a biodegradable plastic derived from adipic acid, dimethyl terephthalate, and 1,4 butanediol. The growing awareness regarding the problems of plastic waste has led to a growing demand for biodegradable plastics. This is likely to be a major driver for the global poly (butylene adipate-co-terephthalate) market over the forecast period. Biodegradable plastics degrade into constituent components over time, rather than remaining in the environment like other, nonbiodegradable plastics. This has driven the demand for poly (butylene adipate-co-terephthalate) over recent years. Growing government support for the use of biodegradable plastics across the world, especially in developed countries, is likely to remain a major driver for the global poly (butylene adipate-co-terephthalate) market over the forecast period. The increasingly supportive government policies towards biodegradable plastics have led to widespread growth in the demand for poly (butylene adipate-co-terephthalate) from the packaging industry. Growing consumer support for biodegradable plastics is also likely to be a major driver for the global poly (butylene adipate-co-terephthalate) market over the forecast period.
The increasing usage of biodegradable plastic films in the packaged food and beverage industry is also likely to be a major driver for the global poly (butylene adipate-co-terephthalate) market. The growing demand for packaged food is thus likely to be a major driver for the global poly (butylene adipate-co-terephthalate) market. Due to their convenience to busy urban consumers, packaged food and beverage products have risen in demand over the last few years, leading to a growing demand for the packaging films used in food and beverage applications. This is likely to be a major driver for the global poly (butylene adipate-co-terephthalate) market.
On the other hand, the high research and development costs behind poly (butylene adipate-co-terephthalate) are likely to be a key restraint against the global market for the same, as the high R&D costs result in high costs for poly (butylene adipate-co-terephthalate) products, leading to less adoption by consumers.
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Competitive Leaderboard:
Leading players in the global poly (butylene adipate-co-terephthalate) market include Jiangsu Torise Biomaterials Co. Ltd., WILLEAP, Lotte Fine Chemical Co. Ltd., Far Eastern New Century Corporation, SK Chemicals, BASF SE, Jinhui Zhaolong High Technology, Eastman Chemical Company, and Novamont SpA. Major players in the global poly (butylene adipate-co-terephthalate) market are likely to focus on product innovations that help reduce the costs of poly (butylene adipate-co-terephthalate), making it more accessible to consumers.
Segmentation:
The global poly (butylene adipate-co-terephthalate) market is segmented on the basis of application, end use, and region.
By application, the global poly (butylene adipate-co-terephthalate) market is segmented into composite bags, bin bags, mulch films, cling films, stabilizers, and others. The composite bags segment holds a dominant 38% share in the market as of 2016 and is likely to dominate the market over the forecast period. The growing use of composite bags in food and beverage packaging is the major driver for the segment.
By end use, the global poly (butylene adipate-co-terephthalate) market is segmented into packaging, agriculture and fisheries, consumer goods, coatings, and others. The packaging segment accounts for the largest share in the global poly (butylene adipate-co-terephthalate) market due to the growing demand for packaged food and beverages.
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Regional Analysis:
Europe is the leading regional market for poly (butylene adipate-co-terephthalate), due to the strong support shown by governments for the use of biodegradable plastics in the region. The growing demand for biodegradable plastic films from the packaging, agriculture and fishery, and consumer goods industries is likely to be a major driver for the poly (butylene adipate-co-terephthalate) market in Europe.
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