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Global Polybutylene Adipate Terephthalate (PBAT) Market: By Grade: Film, Extrusion, Injection, Others; By End-User: Flexible Packaging (Plastics Bags), Agriculture (Mulch Film), Coating, Others; By Distribution Channels: Direct, Indirect; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Polybutylene Adipate Terephthalate (PBAT) Market Outlook
The global polybutylene adipate terephthalate market size has a value of more than 407.22 thousand tons in 2023. It is expected to expand at a CAGR of roughly 12.8% between 2024-2032. The market value will be around 1210.25 thousand tons by 2032.
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News and Developments in the Polybutylene Adipate Terephthalate (PBAT) Market
In August 2023, Reliance Industries Ltd (RIL) developed bio-degradable and compostable polybutylene adipate terephthalate (PBAT) for applications in the packing and agricultural sectors. RIL has developed grades of PBAT with varied viscosity that show enhanced weight carrying capacity. This development will be crucial to reduce the use of petrochemical-based bags and replacing them with sustainable materials.
Furthermore, the research and development team is working on different types of these net bags for varying weight capacities, which will allow the company to target other applications.
In September 2021, LG Chem Ltd, one of the largest chemical firms in South Korea, collaborated with a local chemical company TK Chemical, to expand their presence in the market of eco-friendly product market.
With this partnership, LG Chem will develop and produce polybutylene adipate-co-terephthalate (PBAT). They are made of fossil resources and have the characteristic of degrading in a few months after burying them under the soil.
In May 2020, BASF, one of the world leaders in the production of chemicals, and Red Avenue New Materials Group enter into a collaborative agreement to produce and supply compostable co-polyester (PBAT) in China. With this agreement, BASF will provide Red Avenue with the license to provide and sell certified compostable aliphatic-aromatic co-polyester (PBAT), according to the standards of BASF. And to meet the standards and demands, Red Avenue will be building a 60,000 metric tons plant in Shanghai, leveraging BASF’s technology.
The production process will begin in the plant in 2023 and start supplying biopolymers in the market.
Global Polybutylene Adipate Terephthalate Market Trends
PBAT, polybutylene adipate terephthalate, is a biodegradable polymer that is environmentally friendly as it does not leave any toxic residues behind, unlike harmful materials like plastic and other non-biodegradable materials.
PBAT is increasing in demand due to rising adoption as a substitute for polyethylene, due to their higher biodegradability.
The increasing environmental concerns have propelled the demand for PBAT resin as it does not leave toxic residues that may harm the environment.
The growing demand from consumers for biodegradable packaging and compostable bag products has been a key trend in the market.
Global Polybutylene Adipate Terephthalate Market Analysis
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Based on grade, the market can be segmented into film, extrusion, and injection, among others. Based on end-users, the market can be bifurcated into flexible packaging (plastics bags), agriculture (mulch film), and coating, among others. Based on distribution channels, the market divisions include direct and indirect.
The regional markets for the polybutylene adipate terephthalate market can be divided into North America, Asia Pacific, Middle East and Africa, Latin America, and Europe.
The extensive EMR report provides an in-depth evaluation of the market based on Porter's five forces model and a SWOT analysis
The polybutylene adipate terephthalate market report comprehensively analyses key players in the market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- BASF SE
- Shanxi Junhui Group
- Willeap
- Jiangsu Torise Biomaterials Pvt Ltd
- Novamont SPA
- Ningbo Changhong Polymer Technology Company Limited
- Lotte Fine Chemicals
- LX International
- Go Yen Chemical Industrial Co. Ltd
- Reliance Industries Ltd
- Others
Film, Extrusion, and Injection are the Among the Major Grades of PBAT
Based on grades, the polybutylene adipate terephthalate market can be divided into film, extrusion, and injection, among others. The PBAT biodegradable mulch films are increasing in demand as a great alternative to polyethylene, which is used in agriculture for weed control and improving crop productivity. The films are made by combining complementary materials like the flexible PBAT and brittle PLA.
The transparent and biodegradable properties of PBAT make it applicable for injection and extrusion processes. The injection process is for moulding, where polymer granules are compressed under high pressure and heated until it is in a molten state. The extrusion process is used for metal forming. In this process, a material is deformed under pressure and passed through a die to mould it in a cross-sectional shape.
PBAT Finds End-Uses in Flexible Packaging (Plastics Bags), Agriculture (Mulch Film), and Coating
Based on end-users, the polybutylene adipate terephthalate market is divided into flexible packaging (plastics bags), agriculture (mulch film), and coating, among others. The flexible packaging segment has been growing rapidly due to the lower carbon footprint of PBAT in comparison to petroleum-based packaging and bags. In addition, the proliferating fast food industry has significantly increased the demand for biodegradable plastic bags.
Agriculture mulch film is growing constantly with the increasing environmental concerns of people and government initiatives to reduce pollutants in soil. PBAT coating is used to waterproof surfaces of objects.
The Distribution Channels for the Polybutylene Adipate Terephthalate Market include Direct and Indirect Channels
Based on distribution channel, the market segments include direct and indirect distribution. The direct distribution channel gives the manufacturer all the control for distribution of the product, allowing customers to buy directly from the manufacturer.
Direct channels need significant amount of capital for proper setup of warehouses, vehicles, delivery staff, and logistics to manage the system. However, in the long this channel of distribution will be less costly than an indirect channel.
An indirect channel brings in third parties, and intermediaries, like wholesalers and retailers to carry out the distribution function. This mode of distribution can allow the manufacturer to avoid certain startup investments. However, later down the line, indirect distribution may cost more if the intermediary adds new charges. In such cases, it may lead to the increase in cost of the product for the customer.
Regional Overview
Europe and Asia Pacific are two fastest growing market regions for PBAT as spending power increases significantly and the governments of various countries promoting bioproducts in place petrochemical products. Polybutylene terephthalate is being used for packaging and bags and the growing fast-food industry and online shopping spendings have propelled the market growth.
North America holds a significant major share of the polybutylene adipate terephthalate market due to the presence of some key players engaged in manufacturing and distribution of products.
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Competitive Landscape
BASF SE is a multinational chemical company and a leading producer of chemicals, based in Germany. The company is engaged in the production, marketing, and sales of chemicals, plastics, performance production, and crop protection products.
They offer chemical solutions for multiple industries like agriculture, construction, automotive, electronics, paints and coatings, among many others.
Shanxi Junhui Group is one of China’s largest biodegradable plastic manufacturers. They are continuously involved in research and development for PBAT. They have launched two brands for PBAT products, namely Ecoworld PBAT and Ecowill PBAT.
Willeap is a South Korean company that specialises in a wide range of biodegradable products. They provide solutions to customers’ requirements. Their biodegradable resins are made of a PBAT/PLA-based blend. Their products include intermediate goods for blown films, injecting moulds, plastic films, and finished products like shopping bags, packaging products, and golf tees, among others.
Jiangsu Torise Biomaterials Pvt Ltd is a chemical-based manufacturing company operating in China. They manufacture and supply compostable and biodegradable products, which are made of plant-derived resin that can be consumed by microorganisms in the soil. Their expertise lies in pelletizing, packaging, bag making, and film blowing and print.
Novamont SPA is an Italian company engaged in the production of bioplastics and the development of the bioproduct market. They utilise renewable resources for the production of bioplastics and other bioproducts to reduce carbon emissions and protect the environment.
Ningbo Changhong Polymer Technology Company Limited is a chemical-based manufacturing company, based in China. The company is engaged in creating products such as styrene thermoplastic elastomers, polyester ends, and many others. They supply their products for various applications such as shoe materials, plastic modification, asphalt modification, adhesives, and health care, among many other applications.
Lotte Fine Chemicals is a chemical-based product manufacturing company, that creates renewable and eco-friendly products. The company produces ammonia, caustic soda, dimethylformamide, and epichlorohydrin, which are supplied to pharmaceutical and paint manufacturing companies.
LX International is a commodity trading company in South Korea. They deal with the development and trading of coal, oil, palm oil, and gas, among others, while also conducting trades related to IT components/equipment, petrochemicals, and steel products.
Go Yen Chemical Industrial Co. Ltd is one of the largest chemical suppliers in Asia. They are based in Taiwan and continue to provide their products to over 60 countries.
They offer a wide variety of PBAT-based products such as bags, containers, and additives, super glue, titanium dioxide, petroleum resin products, and industrial oil and additives.
Reliance Industries Ltd is one of the biggest multinational conglomerates in India and the world, spanning their business in diverse areas including petrochemicals, energy, telecommunications, natural gas, retail, mass media, and textiles.
It is one of the top ten companies in the world engaged in the production of petrochemical products. Reliance produces a wide variety of polymers, polyesters, fibre intermediates, aromatics, elastomers, and other advanced materials.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Grade |
|
| Breakup by End-User |
|
| Breakup by Distribution Channels |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Price Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Polybutylene Adipate Terephthalate (PBAT) Market Analysis
8.1 Key Industry Highlights
8.2 Global Polybutylene Adipate Terephthalate (PBAT) Historical Market (2018-2023)
8.3 Global Polybutylene Adipate Terephthalate (PBAT) Market Forecast (2024-2032)
8.4 Global Polybutylene Adipate Terephthalate (PBAT) Market by Grade
8.4.1 Film
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Extrusion
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Injection
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Polybutylene Adipate Terephthalate (PBAT) Market by End-User
8.5.1 Flexible Packaging (Plastics Bags)
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Agriculture (Mulch Film)
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Coating
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Polybutylene Adipate Terephthalate (PBAT) Market by Distribution Channels
8.6.1 Direct
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Indirect
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.7 Global Polybutylene Adipate Terephthalate (PBAT) Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
9 North America Polybutylene Adipate Terephthalate (PBAT) Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Polybutylene Adipate Terephthalate (PBAT) Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Spain
10.5.1 Market Share
10.5.2 Historical Trend (2018-2023)
10.5.3 Forecast Trend (2024-2032)
10.6 Others
11 Asia Pacific Polybutylene Adipate Terephthalate (PBAT) Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Polybutylene Adipate Terephthalate (PBAT) Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Polybutylene Adipate Terephthalate (PBAT) Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Egypt
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Price Analysis
15.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 BASF SE
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Shanxi Junhui Group
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Willeap
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Jiangsu Torise Biomaterials Pvt Ltd
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Novamont SPA
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Ningbo Changhong Polymer Technology Company Limited
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Lotte Fine Chemicals
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 LX International
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Go Yen Chemical Industrial Co. Ltd
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Reliance Industries Ltd
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Polybutylene Adipate Terephthalate (PBAT) Market: Key Industry Highlights, 2017 and 2021
2. Global Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Grade (Million Tonnnes), 2018-2023
3. Global Polybutylene Adipate Terephthalate (PBAT) Market Forecast: Breakup by End-User (Million Tonnes), 2024-2032
4. Global Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Distribution Channel (Million Tonnes), 2018-2023
5. Global Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Region (Million Tonnes), 2018-2023
6. Global Polybutylene Adipate Terephthalate (PBAT) Market Forecast: Breakup by Region (Million Tonnes), 2024-2032
7. North America Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Country (Million Tonnes), 2018-2023
8. North America Polybutylene Adipate Terephthalate (PBAT) Market Forecast: Breakup by Country (Million Tonnes), 2024-2032
9. Europe Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Country (Million Tonnes), 2018-2023
10. Europe Polybutylene Adipate Terephthalate (PBAT) Market Forecast: Breakup by Country (Million Tonnes), 2024-2032
11. Asia Pacific Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Country (Million Tonnes), 2018-2023
12. Asia Pacific Polybutylene Adipate Terephthalate (PBAT) Market Forecast: Breakup by Country (Million Tonnes), 2024-2032
13. Latin America Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Country (Million Tonnes), 2018-2023
14. Latin America Polybutylene Adipate Terephthalate (PBAT) Market Forecast: Breakup by Country (Million Tonnes), 2024-2032
15. Middle East and Africa Polybutylene Adipate Terephthalate (PBAT) Historical Market: Breakup by Country (Million Tonnes), 2018-2023
16. Middle East and Africa Polybutylene Adipate Terephthalate (PBAT) Market Forecast: Breakup by Country (Million Tonnes), 2024-2032
17. Global Polybutylene Adipate Terephthalate (PBAT) Market Structure
Key Questions Answered in the Report
In 2023, the global market for PBAT resin attained a volume of nearly 407.22 thousand tons.
The market is expected to expand at a CAGR of 12.8% in the forecast period of 2024 and 2032.
The market is estimated to experience healthy growth to reach 1210.25 thousand tons by 2032.
The growing demand for an environment-friendly substitute for petroleum-based products and the growing demand for plastic bags with the proliferating fast food industry are the major driving factors.
Government initiatives to reduce carbon emissions and promoting utilisation of PBAT in agriculture are the major trends in the market.
The major regional markets in the industry include North America, the Asia Pacific, Latin America, the Middle East, Africa, and Europe.
Film, extrusion, and injection, among others are the major grades of the product.
The product finds end-uses in flexible packaging (plastics bags), agriculture (mulch film), and coating, among others.
The deployment channels for the market include direct and indirect channels.
The major players in the industry include BASF SE, Shanxi Junhui Group, Willeap, Jiangsu Torise Biomaterials Pvt Ltd, Novamont SPA, Ningbo Changhong Polymer Technology Company Limited, Lotte Fine Chemicals, LX International, Go Yen Chemical Industrial Co. Ltd, and Reliance Industries Ltd, among others.
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