PBAT (Polybutylene Adipate Terephthalate) Market: Introduction
Transparency Market Research delivers key insights on the global PBAT market. In terms of revenue, the global PBAT market is estimated to expand at a CAGR of 8.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global PBAT market.
The availability of high performance substitutes is likely to hamper the global PBAT market during the forecast period. The increase in the demand for PBAT in the packaging industry is expected to drive the global PBAT market over the next decade, as PBAT is extensively employed in the industry.
PBAT (Polybutylene Adipate Terephthalate) Market: Dynamics
The demand for PBAT is increasing for the manufacture of shopping and garbage bags. The global bags industry has been continuously developing and expanding. It is a high growth industry, led by the increase in population and urbanization.
The global consumer goods industry has been continuously developing and expanding. Consumer goods and FMCG sectors adapt to evolving consumer demands and trends. The consumer goods sector is primarily influenced by digital innovation and increase in focus on sustainable and healthy lifestyle. The global consumer goods industry has been expanding at a rapid pace, owing to the increase in population and income of the people. Consumer goods are intended for everyday private consumption. They cover a large product portfolio, including food and non-food categories. They can be further classified into fast moving consumer goods (FMCG) and slow moving consumer goods (SMCG).
The useful life of FMCG products is shorter than a year. Therefore, these products are purchased relatively frequently with recurring expenditure. These products include categories such as food & beverages, personal care, cleaning products, apparel & footwear, tobacco, and pet food/pet care. FMCG plays an important role and holds the major share of the consumer goods industry. According to the India Brand Equity Foundation (IBEF), the packaged food market in India is expected to double to US$ 70 Bn by 2025. The packaged food market in India plays a vital role in the global economy. The consumer packaged goods (CPG) industry has evolved rapidly to meet consumer demand. PBAT is widely used in packaging of consumer goods. The rise in the demand for FMCG across the globe is encouraging companies to launch innovative packaging designs in order to attract consumers. This is anticipated to propel the demand for PBAT during the forecast period.
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PBAT (Polybutylene Adipate Terephthalate) Market: Prominent Regions
Europe dominates the global PBAT market. Packaging and agriculture & fishery industries in the region are estimated to expand at a rapid pace between 2021 and 2031. This is projected to boost the demand for PBAT in Europe.
Germany is anticipated to be a highly attractive region of the PBAT market in Europe during the forecast period. The packaging sector in Germany is witnessing strong growth owing to the rise in income of the people in the country. This has led to rise in demand for food additives, thereby driving the PBAT market in Germany.
Asia Pacific is likely to be another highly attractive region of the global PBAT market during the forecast period. China held major share of the PBAT market in Asia Pacific in 2020. Investments in the agriculture sector have increased in the China in the recent years. This is boosting the demand for PBAT in the agriculture sector.
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PBAT (Polybutylene Adipate Terephthalate) Market: Key Players
Major players operating in the global PBAT market are BASF SE, Feddersen Group, JinHui ZhaoLong High Technology Co., Ltd., EASTMAN CHEMICAL COMPANY, FillPlas Co. Ltd., GO YEN CHEMICAL INDUSTRIAL CO LTD (GYC Group), Chang Chun Group, and Amco Polymers.