The chemical industry has experienced significant growth in recent years, and polybutylene succinate (PBS) has played a crucial role in this expansion. PBS finds extensive applications in the packaging, pharmaceutical, and food and beverage sectors, driving market growth. Its versatility and properties make it an attractive substitute for traditional materials like polypropylene (PP) and polyethylene terephthalate (PET). The increasing adoption of PBS as a sustainable and eco-friendly alternative further propels its market growth, positioning it as a critical player in driving innovation and meeting industry demands.
According to Data Bridge Market Research, the Polybutylene Succinate (PBS) Market is valued at USD 71.23 billion in 2021 and is expected to reach USD 124.69 billion by 2029, registering a CAGR of 7.25% during the forecast period of 2022-2029
"Growing demand for sustainable materials surge market demand"
The growing demand for sustainable materials is a key driver of the global polybutylene succinate (PBS) market. As PBS is biodegradable and derived from renewable sources, it offers an eco-friendly alternative to conventional plastics. The increasing emphasis on sustainability and environmental consciousness across industries, such as packaging, textiles, automotive, and agriculture, fuels the demand for PBS. Its biodegradability and renewable nature align with the goals of reducing plastic waste and promoting a greener future.
What restraints the growth of the polybutylene succinate (PBS) market?
“Price competitiveness can impede the market growth”
Price competitiveness is a significant restraint for the global polybutylene succinate (PBS) market. The production costs of PBS are typically higher than those of conventional plastics, primarily due to the use of renewable feedstocks and the limited economies of scale. This higher price can deter widespread adoption, particularly in price-sensitive markets where cost is crucial. To enhance market growth, efforts are being made to optimize production processes and reduce production costs associated with PBS.
Segmentation: Global Polybutylene Succinate (PBS) Market
The polybutylene succinate (PBS) market is segmented on the basis of product, process, application, usage, packaging layer, end-use
- On the basis of product, the polybutylene succinate market is segmented into conventional polybutylene succinate (PBS), and bio-based polybutylene succinate (PBS).
- On the basis of process, the polybutylene succinate market is segmented into trans-esterification, and direct esterification.
- On the basis of application, the polybutylene succinate market is segmented into bags, mulch film, packaging film, flushable hygiene products, fishing nets, coffee capsules, wood plastic composites, and others.
- On the basis of usage, the polybutylene succinate market is segmented into single-use, reusable.
- On the basis of packaging layer, the polybutylene succinate market is segmented into primary packaging, secondary packaging, and tertiary packaging.
- On the basis of end-use, the polybutylene succinate market is segmented into packaging, agriculture, textile, consumer goods, electrical and electronics, automotive, and others.
Regional Insights: Asia-Pacific dominates the global polybutylene succinate (PBS) market
Asia-Pacific is the dominant region in the global polybutylene succinate (PBS) market, both in terms of market share and revenue. The region's continued dominance is driven by the rising demand for biodegradable products, with increasing awareness of environmental sustainability. China, in particular, is leading the market growth in Asia-Pacific due to its high demand for interior automotive products, where PBS finds extensive use. As China's automotive industry continues to thrive, the demand for PBS in this sector is expected to further fuel the growth of the Asia-Pacific market.
North America is expected to experience lucrative growth in the polybutylene succinate (PBS) market during the forecast period. The region's strict policies targeting single-use plastic products have created a favorable environment for sustainable alternatives like PBS. Additionally, there is a growing demand for conventional PBS in reusable products, further driving market growth in North America. As consumers and industries increasingly prioritize environmental sustainability, adopting PBS as a viable solution for reducing plastic waste and promoting reusable materials is expected to contribute to the region's market expansion.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-polybutylene-succinate-pbs-market
Recent Developments in Global Polybutylene Succinate (PBS) Market
- In 2021, Marine-Biodegradable Form of BioPBS has been developed by Mitsubishi Chemical Corporation. The business is developing plans to guarantee the sustainability of its BioPBS line of products made from plant-derived polybutylene succinate (PBS). The company's revenue and product portfolio both increased as a result of this development.
The Prominent Key Players Operating in the Global Polybutylene Succinate (PBS) Market Include:
- Indorama Ventures Public Company Limited (Thailand)
- Alpek S.A.B. de C.V. (Mexico)
- Jiangsu Sanfangxiang Group Co., Ltd. (China)
- Far Eastern New Century Corporation (Taiwan)
- DAK Americas (U.S.)
- BASF SE (Germany)
- Zhejiang Biodegradable Advanced Material Co. Ltd (China)
- Lubrilog (France)
- ECCO Gleittechnik GmbH (Germany)
- HUSK-ITT Corporation (U.S.)
- Setral Chemie GmbH (Germany)
- IKV Tribology Ltd (Germany)
- Xinhaibio (China)
- Hangzhou Ruijiang Chemical Co., (China)
- WILLEAP (South Korea)
Above are the key players covered in the report, to know about more and exhaustive list of global polybutylene succinate (PBS) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Polybutylene Succinate (PBS) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
