The polybutylene succinate market was worth US$ 375 million in 2023, and by 2023–2033, it is projected to grow at a CAGR of 14.9% to reach US$ 1,500 million. In recent years, the chemical sector has expanded dramatically.
Polybutylene succinate (PBS), also known as polytetramethylene succinate, which is a biodegradable thermoplastic polyester resin synthesized by the way of polycondensation of succinic acid with 1, 4 butanediol. Polybutylene succinate is extensively used in various end-use industries such as packaging, biomedical, agriculture, and more.
China is considered to sustain as the most lucrative market for Polybutylene Succinate. The demand for interior automotive products in the nation is expected to grow at a substantial rate in the coming years, with major demand from the Asia Pacific region.
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The increasing demand for lightweight automotive components is expected to boost the growth of the Polybutylene Succinate market during the forecast period. Moreover, the burgeoning plastics industry is anticipated to fuel the overall PBS market.
However, the succinic acid and 1,4-butanediol are polybutylene succinate monomers that are produced by feeding oil. The changing price of monomers is estimated to constrain the advancement of the global Polybutylene Succinate market during the forecast period.
Which are Some Prominent Drivers Influencing Polybutylene Succinate Market Growth?
Polybutylene succinate is a biodegradable polymer, as such, the growing demand for biodegradable polymers across the globe is predicted to in turn result in a steady growth of global Polybutylene succinate market. In addition, the growth in adoption for agricultural applications, such as for mulch films, is anticipated to set the pace for growth of Polybutylene succinate market. Furthermore, the increase in end use industries including that in packaging industry is expected to bolster the growth of the polybutylene succinate market during the forecast period.
Rising demand of the innovative packaging especially for attracting large number of consumers is anticipated to be a major factor for the rapid growth of the Polybutylene Succinate Market. Moreover, an increasing demand of light weight automobile component is also expected to fuel the growth of the Polybutylene Succinate Market.
There has been an increase in the demand for the polybutylene succinate to produce the important electrical and electronic components, which in turn is expected to accelerate the growth of the Polybutylene Succinate Market. The growing plastic industry is expected to foster the overall demand for polybutylene succinate during the forecast period.
Polybutylene succinate is often blended with natural fibers like switchgrass (SG) for applications in automotive products. Such novel composite materials are touted as potential bio-based alternatives to conventional petroleum-based plastics in the automobile industry because of which they are considerably used in automotive manufacturing. This factor is anticipated to augment the Polybutylene market.
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Market Competition
Some of the key participants present in the global Polybutylene Succinate Market include Mitsubishi Chemicals, Showa Denko K.K, PTT MCC Biochem Co., Ltd., SK Chemical, Kingfa Science & Technology Co., Anqing Hexing chemical Co., Ltd. among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as nap-on Inc and ETIAS account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
Key Segments Profiled in the Polybutylene Succinate Market Industry Survey
Polybutylene Succinate Market by Type:
- Bio-based
- Petro-based
Polybutylene Succinate Market by Application:
- Mulch Films
- Packaging
- Medicine
Polybutylene Succinate Market by Region:
- North America Polybutylene Succinate Market
- Latin America Polybutylene Succinate Market
- Europe Polybutylene Succinate Market
- Asia Pacific Polybutylene Succinate Market
- Middle East & Africa Polybutylene Succinate Market
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