From 2015 to 2019, demand for PBAT increased at a moderate CAGR of around 4%, with packaging and related industries playing a crucial role in driving the overall market. Demand for PBAT is rising due to increasing adoption as a result of myriad benefits such as biodegradable property, etc.
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The outbreak of COVID-19 resulted in diminished demand for PBAT across end-use industries such as agriculture, packaging, and coatings. Furthermore, imposition of nationwide and regional lockdowns impacted production and distribution activities related to PBAT. The market in North America and Europe is experiencing maximum downfall, as these regions are prominent markets for PBAT and have been badly affected by the outbreak. Owing to these factors, demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts.
- Short-run: Recovery growth is set to be observed over this term.
- Medium-run: Demand and price normalization are set to be observed over this period.
- Long-run: Economic cycles and inflation rates to affect demand and pricing of the product.
Key Market Segments Covered in Report
- By Application
- PBAT Compost & Garbage Bags
- PBAT Cling Films
- PBAT Mulch film
- PBAT Medical Accessories
- Others
- By End Use
- PBAT for Packaging
- PBAT for Agriculture & Horticulture
- PBAT for Consumer & Homecare
- PBAT for Coatings
- Others
- Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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What are the Upcoming Trends Supporting PBAT Demand?
In recent years, consumer understanding of food quality and safety has changed dramatically. In general, people are becoming more aware about the dangers of improper waste disposal and the importance of using biodegradable products. Compostable bags are usually made from starches derived from the likes of corn or PLA or PBAT. Under specific conditions, these bags are designed to be broken down by microorganisms into organic materials such as compost, carbon dioxide, and water.
Plastic manufacturers are continuing to develop sustainable solutions for people as public awareness for a cleaner and greener environment has been growing. Shopping bags, retail bags, zip lock bags, and courier satchels are all made of compostable materials nowadays. Waitrose, Co-operative, Tesco, and other supermarkets and retail chains are offering compostable bags as an alternative to plastic bags. Compostable and biodegradable bags are being produced and sold in greater numbers as government and regulatory bodies are pushing towards using cleaners and greener alternative to plastics.
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Which are the Potential Markets for PBAT?
Owing to mounting industrial activities and ascending demand from end-use sectors, Europe’s PBAT polymer market is expected to continue its dominance at the global level and is poised to expand at the highest CAGR as compared to other regions. The markets in North America and East Asia are poised to expand at more than 8% CAGR. The market in USA is projected to create an absolute $ opportunity of around US$ 360 Mn over the forecast period. Latin America and Middle East & Africa countries are expected to experience steady to moderate growth during the forecast period, backed by strengthened regulations by worker safety organizations
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