The global poly(butylene succinate) industry is poised for significant growth, with the market value projected to surge from US$ 115,306.8 thousand in 2023 to a robust US$ 361,225.6 thousand by 2033. This substantial increase is anticipated to be driven by a thriving compound annual growth rate (CAGR) of 12.1% throughout the assessment period. The escalating demand for poly(butylene succinate) underscores its relevance in various industries, indicating a promising trajectory for this biodegradable polymer in the coming decade.
Several factors are anticipated to drive global poly(butylene succinate) market growth. These include a rising preference for eco-friendly materials and growing demand for poly(butylene succinate) from packaging, agriculture, medical, and textile industries.
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Today, consumers are shifting their preferences towards eco-friendly products, driving demand for materials that align with sustainability values. As a biodegradable and eco-friendly material, poly(butylene succinate) is used in various consumer products, including textiles, personal care items, and throwaway items.
The surging popularity of on-the-go packaged food items has led to a global rise in convenience food consumption. This surge is set to drive substantial demand for PBS in food packaging, fostering market growth over the forecast period. Rapid expansion of the medical industry is anticipated to fuel global demand for poly(butylene succinate). This is due to rising usage of this material in several medical devices.
Among the petro-based and bio-based PBS, the latter segment is expected to thrive at a higher growth rate. This is due to the growing demand from packaging and agriculture industries. Rising environmental concerns and increasing awareness about plastic pollution will likely boost the demand for sustainable packaging solutions. This is expected to create growth opportunities for global poly(butylene succinate) manufacturers.
Asia Pacific is the leading manufacturer of poly(butylene succinate) owing to the low-cost manufacturing along with vast supply chains in this region. In contrast, the countries from North America and Europe dominate the consumption of PBS due to strict regulations in these markets.
Key Takeaways from the Poly(butylene Succinate) Market Report:
- The global poly(butylene succinate) market is set to thrive at 1% CAGR through 2033.
- By product type, the bio-based PBS segment is expected to hold around 85% market share by 2033.
- By processing method, the extrusion process is predicted to hold about half of the market share by 2033.
- Based on end-use industry, agriculture segment is forecast to thrive at 7% CAGR through 2033.
- The United States market value is expected to reach US$ 86,868.9 thousand by 2033.
- Sales revenue in Germany is projected to reach US$ 42,548.6 thousand by 2033.
- China market is poised to exhibit a CAGR of 2% between 2023 and 2033.
- Demand in Japan is anticipated to rise at 4% CAGR through 2033.
“Versatile applications of poly(butylene succinate) in multiple end-use industries coupled with sustainable routes for production will surge product demand through 2033. Delay in adoption of regulations mandating recyclable or bioplastics could hamper growth. However, current trends in the market suggest otherwise as a significant share of key market players are shifting to adopt poly(butylene succinate) and other bioplastics, regardless.” – says a lead analyst at FMI
Who is Winning?
The poly(butylene succinate) market is estimated to be slightly consolidated, where top market participants hold about 60% to 65% of the market share. Leading manufacturers of poly(butylene succinate) listed in the report include Mitsubishi Chemical Corporation, Hengli Group Co., Ltd., Anhui Sealong Biotechnology Co., Ltd., and others.
The market has experienced increased activity in product development, with key manufacturers prioritizing product launch initiatives. These key players are committing substantial investments to enhance domestic production capabilities. Additionally, there have been notable advancements in the manufacturing processes of poly(butylene Succinate), resulting in enhanced production efficiencies and cost reductions.
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Poly(butylene Succinate) Market Segmentation
By Product Type:
- Bio-Based
- Petro-Based
By Processing Method:
- Injection Moulding
- Extrusion
- Blow Molding
- Film Casting
By End-use Industry:
- Packaging Industry
- Agriculture
- Medical
- Textile
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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