The global PBAT market is projected to reach USD 2.8 billion by 2027, at a CAGR of 13.1% from USD 1.5 billion in 2022. High demand in developing countries due to growing consumer awareness for the use of bio-based products and increasing application of PBAT in packaging and consumer goods industry are driving the market for PBAT.
The key players in this market are BASF SE (Germany), Novamont S.p.A (Italy), Willeap (South Korea), Kingfa (China), Hangzhou Peijin Chemical Co. Ltd (China), Zhejiang Biodegradable Advanced Material Co. Ltd (China), Anhui Jumei Biotechnology (China), Go Yen Chemical Industrial Co., Ltd (Taiwan), Jinhui Zhaolong Advanced Technology Co. Ltd (China), Mitsui Plastics, Inc (US), and Chang Chun Group (China). These players have adopted various strategies such as mergers & acquisitions, new product launches and investment & expansion to strengthen their market position. For instance, in May 2020, BASF SE and Red Avenue New Materials Group signed a joint agreement granting Red Avenue New Materials Group the license to produce and sell certified compostable aliphatic-aromatic co-polyester (PBAT) according to high BASF quality standards.
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BASF SE is a leading manufacturer and distributor of chemicals, plastics, and performance materials. The company is committed to sustainability and strongly focuses on developing and producing sustainable products, including biopolymers. It operates under six business segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The company offers PBAT-based biodegradable products through the performance material business segment. It caters to a wide range of industrial applications, including automotive manufacturing, packaging, sports & leisure, medical technology, construction, solar thermal energy, and photovoltaics. The company holds one of the top three market positions in around 80% of the business areas in which it is active. The company operates in more than 80 countries across the Americas, Europe, Asia Pacific, Africa, and the Middle East. It has 13 operating divisions with 84 strategic business units. BASF SE operates globally through its subsidiaries, with more than 338 production sites worldwide.
Kingfa is a leading manufacturer and supplier of many biodegradable and advanced materials. The company is primarily engaged in the research & development, production, sales & servicing of chemical products, and innovative materials. The company offers a wide range of PBAT-based biodegradable products under the Kingfa medical business segment. The company caters to a wide range of industrial applications, including packaging, mulching film, disposable tableware, transportation, and others.
Kingfa has a global presence in 130 countries across the world, including North America, Europe, and Asia Pacific. The company also owns 48 subsidiaries.
Polybutylene Adipate Terephthalate Market by Grade, Application (Films, Sheets & Bin Liners, Coatings & Adhesives, Molded Products, Fibers), End-Use Industry (Packaging, Consumer Goods, Agriculture, Bio-medical), and Region - Global Forecast to 2027
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