Market Overview to 2023
Poly Market 2018 to 2023 focus on business Intelligence for revenue-generating processes, market research future illustrated some of the typical ways that is used to improve key revenue generation processes. Fundamentally, Poly market analysis, new technology, scope, stake, progress, trends and opportunities are about using detailed and specific business information about client. However, the cost of research and development on PBAT is still high as compared to global investment on it which impacts the product and material price due to which it hampers the growth of the market. With the aforementioned reasons market is estimated to reach USD 636.96 million by 2023 with a CAGR of 14.89% over the forecast period.
Poly (Butylene Adipate-Co-Terephthalate) (PBAT) is a class of biodegradable and compostable plastic, derived from adipic acid, dimethyl terephthalate, and 1, 4 butanediol. It is transparent and can be used in standard processes such as extrusion and injection molding. It offers excellent compatibility with polyactide. It is used to manufacture composite bags, bin bags, cling films, stabilizers, mulch films, and others and find a wide application scope in numerous end use industries such as consumer goods, coatings, agriculture & fishery, packaging, and others.
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Some of the key players operating in the global Poly (Butylene Adipate-Co-Terephthalate) (PBAT) market are 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.
As per MRFR’s analysis, some of the market factors and trends identified in the global PBAT market include continuous growth of consumer goods sector, increasing demand from packaging industry, and government policies toward green procurement. Furthermore, increasing adoption rate of biodegradable plastics among the consumers in packaging along with stringent environmental regulations regarding the use of non-biodegradable plastic is predicted to drive the demand for PBAT over the estimated period. Moreover, increasing per capita disposable income along with rising consumption of packaged food in developed and developing countries has increased the demand for packaging items which in turn is expected to propel the growth of the market over the forecast period.
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The PBAT market is fragmented on the basis of application, end use, and region. On the basis of application, the market is categorized into composite bags, bin bags, mulch films, cling films, stabilizers, and others. Among these, composite bags application segment accounted for around 38% market share in 2016. The segment is estimated to retain its dominance in the near future on account of wide utilization in food packaging. 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 due to rising number of working professionals along with increasing consumption of ready to eat packaged food, which has raised the PBAT consumption in packaging sector. On the basis of region, the market is