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.
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.
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.
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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