San Francisco, 28 April 2030: The Report Polybutylene Succinate Market Size, Share & Trends Analysis Report By Type (Bio-based, Petro-based), By Application (Mulch Films, Packaging, Medicine), By Region, And Segment Forecasts, 2022 - 2030
The global polybutylene succinate market size is expected to reach USD 1.39 billion by 2030, as per the new report by Grand View Research, Inc. The Polybutylene Succinate (PBS) market is anticipated to expand at a CAGR of 19.7% from 2022 to 2030. The growth is majorly driven by the rising demand for biodegradable polymers throughout the world. Increasing demand for the product in the production of electrical and electronic components is anticipated to fuel market growth in the coming years.
The packaging application emerged as a dominant segment on the account of the growing utilization of the product in the food & beverage and pharmaceutical industries. Technological advancements and continuous R&D in the field of packaging for PBS are benefiting its demand. Furthermore, the growing demand for smart packaging and bio-based products among consumers across regions is expected to boost industry growth.
Asia Pacific is the dominant region in the polybutylene succinate market on the account of the strong presence of key product manufacturers across the region especially in China, India, and Japan. China is among the prominent producer and consumers of interior automotive products. PBS is used in combination with natural fibers in the manufacturing process of automotive parts. Moreover, a shift in the preference from conventional petroleum-based polymers to bio-based polymers is likely to positively impact the industry growth during the forecast period.
The market is a niche and has the presence of very few players. Key strategies adopted by the manufacturers include technological advancements, mergers, acquisitions, and extensive R&D to gain a competitive edge in the market space. A majority of the companies have an integrated value chain to incur maximum profit at a minimum investment. Manufacturers are also focusing on capacity expansions, signing partnership agreements with distributors, and various other operational strategies for the expansion of consumer reach.
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The rise in demand for (Polybutylene Succinate) PBS from end-use industries such as food packaging, pharmaceutical, agriculture, and consumer goods, among others, is estimated to contribute to the growth. PBS is a biodegradable synthetic aliphatic polyester with properties similar to Polyethylene Terephthalate (PET). It is one of the widely used biopolymers and is produced by combining petroleum-based succinic acid and 1,4-BDO, which are derived from maleic anhydride. The market for this biopolymer is still limited by production capacity and product price. However, this market is expected to grow as the demand for biodegradable plastics increases globally.
The rise in demand for the product is attributed to the growing preference for packaged food and increasing demand for personal protective equipment owing to the COVID-19 pandemic. PBS is now increasingly used in the production of various 3D filaments, 3D printing face shields, and face masks owing to their easily disposable and environment-friendly nature. Companies such as Benvic and NatureWorks LLC are focusing on developing biodegradable plastics with antibacterial properties that can be used for various packing and medical equipment, which are likely to be in contact with human body skin, to contain the spread of viruses and other bacterial infections.
The use of PBS as a substitute for PET is expected to be a key driver for its surging global demand over the projected period. Extensive usage of bio-based PBS to reduce carbon footprint along with a positive regulatory policy to increase awareness about risks associated with the usage of petroleum-based chemicals is expected to supplement the industry’s growth during the forecast period.
Rising awareness among manufacturers regarding exhausting crude oil reserves and risks associated with the excessive carbon dioxide in the air is expected to drive the global demand for bio-based chemicals. Extensive research & development related to the manufacturing process by various companies for reducing production costs of bio-based PBS and increasing efficiency are expected to offer new growth opportunities for market players over the forecast period.
