Asia Polybutylene Adipate terephthalate (PBAT) Sales Rise as Scrutiny on Plastic Use Increases
Globally, PBAT market revenues are set to rise at nearly 9% y-o-y in the next decade. A sizeable percentage of this demand is likely to be met by China, where a range of biodegradable plastics is produced.
Key Takeaways from PBAT Market Research Study
· Demand for PBAT in Asia will be driven by applications in cling films - nearly 70% of total demand is likely to be concentrated in cling films
· Asia’s packaging industry will deepen its ties with Chinese suppliers, owing to low-cost offerings
· Chinese government’s plastic phase-out policy will be key fuel PBAT sales in the country
· Japanese and South Korean PBAT companies are likely to tie-up with Chinese suppliers in order to increase domestic supply
In addition to Asia’s pervasive packaging industry, demand for PBAT will also be strong from the region’s agriculture, medical research, and consumer goods sectors. Many economies in Asia are recovering from the COVID-19 pandemic, with the resumption of activities in most sectors. The broader push on economic recovery is likely to drive demand for PBAT and other bioplastics in 2021 and beyond.
Environment Conservation and Government Regulations Key to PBAT Demand
The level of scrutiny and regulation in Asian countries is lower than in US and European countries, which led to unabated use of environmentally-harmful raw materials. However, in the last five years or so, governments have enacted stricter laws, leading to a shift toward biodegradable materials.
The Fact.MR’s assessment on PBAT market takes into account the existing government regulations as well as regulations likely to be enacted in the future. The impact of these regulations on PBAT sales has been quantified in the study.
Consumer Consciousness toward Eco-Friendly Materials Rising
In addition to the government push, consumers' evolving purchasing behavior is also likely to influence sales of biodegradable materials. Japan, Taiwan, South Korea, and Israel are among the key countries where consumers are showing a marked preference for environmentally-friendly products across a spectrum of sectors.
Fact.MR’s social media consumer sentiment analysis with respondents from ten Asian countries, including Japan, China, South Korea, and India revealed that consumers are likely to pay a slightly higher price for sustainable products. Fact.MR estimates this sentiment to further strengthen during the assessment period.
According to the Fact.MR’s analysis, the market share is majorly held by a handful of PBAT industry players. However, the China blitzkrieg is likely to alter the status-quo in the market in the next couple of years.
Some of the leading PBAT manufacturers and PBAT companies profiled by Fact.MR in its report include Eastman Chemical Company, JinHui ZhaoLong High Technology Co., Ltd., Far Eastern New Century Corporation, BASF SE, and Jiangsu Torise biomaterials co., Ltd.
Key Questions Answered by the Report
· What is the Asia PBAT market size and forecast?
· What are the leading PBAT companies doing in terms of strategy?
· Will PBAT market scenario change on account of foray by China-based companies?
· How will demand from Asia’s packaging sector influence PBAT sales?
· How will cling film application change PBAT sales in Asia?
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