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.
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.
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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.
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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.
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
For More Insights- https://www.einpresswire.com/article/556417576/consumer-inclination-towards-aesthetic-dentistry-to-foster-advancements-in-dental-3d-printing-technology-fact-mr
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