Increased awareness about environment safety and globally accepted regulations by companies have significantly increased demand for PBAT solutions, especially in the packaging and agriculture sector. Mounting demand for PBAT is due to the fact that it is biodegradable and doesn’t leave any harmful imprint on the environment. According to a study published by ETH Zurich, PBAT undergoes complete biodegradation in the soil over a period of 6 weeks, which makes it an ideal replacement for PE. Increasing research and innovation in nanocomposites are opening up new opportunities for market expansion.
PBAT-based nanocomposites are prepared by melt blending PBAT with 5-10 weight % of clay nanoparticles. Preliminary biocompatibility tests indicated that PBAT-based materials with 10% clay content possess good biological safety with almost no cytotoxicity. For this reason, such nanocomposites are being extensively studied for the manufacturing of medical devices and equipment.
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As per Fact.MR analysis, the global PBAT market will expand at an impressive CAGR of close to 9% from 2020 to 2030.
Key Takeaways from Market Study
- The global market is projected to create an absolute $ opportunity of more than US$ 1.6 Bn, and is anticipated to surpass a valuation of US$ 3.2 Bn by the end of forecast period (2020 to 2030).
- By application, cling films are set to hold a share-wide market dominance with over 70% of the total market value by the end of forecast period.
- Packaging industry, as end-use segment, is poised to expand at CAGR of around 9%, gaining 130 BPS over the next ten years.
- The market in Europe is expected to progress at a CAGR of 9.5%, whereas, North America is projected to be valued around 4.0X times of Latin America, and is estimated to account for more than 25% share of the demand pie by the end of the forecast period.
“Integration of nanocomposites with improved mechanical properties and best standards will provide an opportunity for PBAT manufacturers over the coming years,” says a Fact.MR analyst.
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Globally established PBAT players are BASF SE, Novamont S.p.A., and JinHui ZhaoLong High Technology Co., Ltd. Key players are continuously focusing on capacity expansion in order to meet increasing demand. Strict regulations and ban on single-use plastics by various governments all across the globe have resulted in global players collaborating with other companies to penetrate into untapped markets and provide reliable solutions to their clients.
For instance, in May 2020, BASF SE and Red Avenue New Materials Group signed a joint agreement that grants the latter the license to manufacture and sell certified PBAT using BASF`s process technology. For that purpose, Red Avenue New Material Group has agreed to build a 60,000 ton PBAT plant in Shanghai in exchange for the access to raw material from BASF. Production from the new plant is expected to start in 2022.
More Valuable Insights
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global PBAT market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the market based on application (compost & garbage bags, cling films, mulch film, medical accessories, and others) and end use (packaging, agriculture & horticulture, consumer & homecare, coatings, and others) across six major regions of the world.
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals & Materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Chemicals & Materials industry across 50+ countries for over a decade.
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