The global polybutylene succinate (PBS) market size was estimated to be US$ 70 billion in 2021 and is expected to grow at a CAGR of 7.3% between 2023 to 2032.
The chemical industry has experienced erratic growth during the past few years. Polybutylene succinate is used in the packaging, pharmaceutical, and food and beverage industries, supporting the market expansion throughout the projection period. Additionally, it is starting to replace materials like polypropylene (PP) and polyethylene terephthalate (PET), stimulating the market's growth.
Polybutylene succinate (PBS) is a member of the polyester family. It is a biodegradable thermoplastic polymer resin. Both Succinic acid and 1,4-butanediol monomers polycondensate to create polybutylene succinate. PBS resembles propylene in its characteristics. Even at high temperatures, polybutylene succinate maintains its stability and finds use in various industries, including electrical and electronic, automotive, fiber, textile, packaging, nonwoven manufacture, and others.
In the coming years, the market for polybutylene succinate is anticipated to experience significant growth. The market for polybutylene succinate is expected to expand quickly during the forecast period due mainly to the increased demand for creative packaging specifically made to draw large numbers of consumers.
The market for polybutylene succinate is anticipated to expand favorably due to the rising need for lightweight automotive components. During the projected period, it is predicted that the expanding plastics sector will be the primary driver of polybutylene succinate demand.
Since polybutylene succinate is a biodegradable polymer, the market for polybutylene succinate is expected to rise steadily due to the increasing demand for biodegradable polymers worldwide. Besides, it is projected that the polybutylene succinate market will evolve faster due to the increase in usage across agricultural applications, such as mulch films. It is also anticipated that the rise of end-use industries, such as the packaging industry, will support the market for polybutylene succinate.
The polybutylene succinate market's quick expansion is projected to be associated with the rising demand for creative packaging, particularly for luring vast customers. The market for polybutylene succinate is also perceived to increase due to the rising demand for lightweight automotive components.
Polybutylene succinate is widely mixed with natural fibers like switchgrass for automotive applications. Since these cutting-edge composite materials are promoted as potential bio-based substitutes for traditional petroleum-based polymers, the automotive industry uses them extensively.
The demand for polybutylene succinate to make significant electrical and electronic components has increased, which is anticipated to hasten the expansion of the polybutylene succinate market. The widening plastics sector is anticipated to boost demand for polybutylene succinate globally during the projection period.
The polybutylene succinate (PBS) market is divided into segments based on the product, method, application, usage, packaging layer, and end-use. The expansion of these divisions will enable you to study the industries' short-growth segments and give users a comprehensive market overview and industry insights to aid in the identification of crucial market applications.
The market for polybutylene succinate can be divided based on the manufacturing process into extrusion, injection molding, blow molding, thermoforming, film blowing, and fibre spinning. Trolleys, food trays, and other products are made using extrusion. Blow molding is used to make Shampoo, cosmetic, medication, and beverage bottles. Nets, Clothing, and planting tapes are made by spinning fiber. The manufacturing of containers with more specific features uses thermoforming. Production of containers, brushes, and silverware uses the injection molding process.
The packaging, building, transportation, textile, agricultural, pharmaceutical, houseware, and electronics and electrical industries are the main segments for polybutylene succinate (PBS). The PBS market's two main application segments are packaging and agriculture. It is anticipated that the packaging segment will account for a significant portion of the market during the projected period. By the end of the projected period, agriculture is anticipated to have overtaken the packaging industry in terms of revenue.
The packaging, building, transportation, textile, agricultural, pharmaceutical, houseware, and electronics and electrical industries are the main segments for polybutylene succinate (PBS). The PBS market's two main application segments are packaging and agriculture. During the projected period, it is predicted that the packaging segment will account for a significant portion of the market. By the end of the projected period, agriculture is anticipated to have overtaken the packaging industry in terms of revenue.
Currently, Asia-Pacific region dominates the market in terms of revenue and market share, and this dominance is expected to continue throughout the projected period of 2023–2032. The rising demand for biodegradable goods is to blame for the market expansion in this area. China is driving the Asia-Pacific market's expansion due to increased demand for car interior products.
On the other hand, North America is anticipated to experience profitable growth during the projection period of 2023–2032 due to the region's stricter regulations regarding single-use plastic items. Additionally, the increased demand for traditional PBS in reusable products contributes to the market expansion in the area.
Due to the production of succinic acid and 1,4-butanediol from petroleum feedstock, the price of these components is subject to fluctuations brought on by the unpredictable price of crude oil. During the forecast period, this is anticipated to restrict the market for polybutylene succinate from expanding. However, a new development in the market for polybutylene succinate is that efforts are being directed toward creating bio-based polybutylene succinate using succinic acid and 1,4-butanediol.
Apart from this, The COVID-19 pandemic has hurt polybutylene succinate imports and exports worldwide. The governments of various nations implemented export limits on commodities, which are noticeably disturbing supplies. Moreover, the quality of some raw materials has drastically reduced; all these factors collectively restrain the market expansion for polybutylene succinate.
The global polybutylene succinate (PBS) market is actively controlled by global names including Mitsubishi Chemicals, PTT MCC Biochem Co., Ltd., Showa Denko K.K, SK Chemical, IRe Chemical Ltd., Sinoven Biopolymers Inc., Kingfa Science & Technology Co., Anqing Hexing chemical Co., Ltd. Among others.
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The polybutylene succinate (PBS) market is anticipated to expand at a CAGR of 7.3% between 2023 to 2032.
With a market share of 37% in 2021, Asia Pacific dominated the polybutylene succinate market. This results from increased product demand across several end-use sectors in China, Japan, South Korea, and Thailand. These nations look to have significant growth and financial potential.
According to estimates, the market's growth will be hampered by the high price of polybutylene succinate (PBS).
The main element driving the expansion of the polybutylene succinate (PBS) market as it is used in various sectors, including the chemical, pharmaceutical, and other sectors.
The polybutylene succinate (PBS) market size was estimated to be US$ 70 billion in 2021.
Major players operating in the global polybutylene succinate (PBS) market include Mitsubishi Chemicals, PTT MCC Biochem Co., Ltd., Showa Denko K.K, SK Chemical, IRe Chemical Ltd., Sinoven Biopolymers Inc., Kingfa Science & Technology Co., Anqing Hexing chemical Co., Ltd. Among others.
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