Polybutylene Adipate Terephthalate Market Size, Trends and Future Growth, 2030
The global polybutylene adipate terephthalate market generated $1.1 billion in 2020, and is expected to reach $2.7 billion by 2030, growing at a CAGR of 8.9% from 2021 to 2030.
As per the report published by Allied Market Research, the Polybutylene Adipate Terephthalate Market by Application (Packaging & Bags, Consumer Durables, Agriculture & Horticulture, Textiles, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.
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Increase in demand for PBAT from packaging applications and eco-friendly nature of PBAT and rise in consumer adoption of biodegradable plastics drive the growth of the global polybutylene adipate terephthalate market. However, high cost of PBAT hinders the market growth. On the contrary, increase in CSR activities and decreasing dependency on petroleum resource and favorable government policies toward bioplastic are expected to open new opportunities for the market players in the future.
The global polybutylene adipate terephthalate market includes an in-depth analysis of the prime market players such as BASF SE, Amco Polymer, Cosmos Plastics & Chemicals, Chang Chun Group, Far Eastern New Century Corporation, Eastman Chemical Company, Hangzhou Peijin Chemical Co., Ltd., Go Yen Chemical Industrial Co., Ltd., LOTTE Fine Chemical, and Jin Hui Zhao Long High-Tech Co., Ltd.
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Key Findings Of The Study
In 2020, the packaging & bags segment accounted for about 47.4% of the share in the global polybutylene adipate terephthalate market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the consumer durables segment accounted for 19.8% polybutylene adipate terephthalate market share in the year 2020, and is anticipated to grow at a rate of 8.5% in terms of revenue, increasing its share in the global polybutylene adipate terephthalate market.
Packaging & bags is the fastest-growing application segment in the global polybutylene adipate terephthalate market, expected to grow at a CAGR of 9.3% during 2021–2030.
Europe is expected to grow at the fastest rate, registering a CAGR of 9.8%, throughout the forecast period.
In 2020, Asia-Pacific dominated the global polybutylene adipate terephthalate market with more than 47.0% of the share, in terms of revenue.
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The report segments the global polybutylene adipate terephthalate market on the basis of application and region.
On the basis of application, the report is classified into packaging & bags, consumer durables, agriculture & horticulture, textiles, and others. The packaging and bags segment held the largest share in 2020, contributing to nearly half of the market. In addition, the segment is estimated to manifest the highest CAGR of 9.3% from 2021 to 2030.
The global polybutylene adipate terephthalate market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for nearly half of the market. However, Europe is anticipated to portray the highest CAGR of 9.8% during the forecast period.
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