The global polybutylene succinate (PBS) market is poised for remarkable growth as the demand for biodegradable plastics reaches new heights across various industries. PBS, a synthetic aliphatic polyester with properties resembling polyethylene terephthalate (PET), has garnered significant attention in sectors like food packaging, pharmaceuticals, agriculture, and consumer products.
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Growing Demand for Biodegradable Plastics Drives PBS Market Expansion
The market for PBS is being fueled by the escalating need for environmentally friendly packaging solutions worldwide. With the international demand for biodegradable plastics on the rise, the PBS industry is anticipated to experience substantial expansion. While challenges related to product cost and production capacity exist, positive regulatory policies favoring bio-based alternatives and increasing awareness about the environmental impacts of petroleum-based chemicals are propelling the market’s growth.
COVID-19 Pandemic Boosts PBS Usage in Packaging and Medical Equipment
The COVID-19 pandemic has further accelerated the demand for PBS, particularly in the production of food packaging and personal protective equipment (PPE). Due to its ease of disposal and environmental friendliness, PBS has become a preferred material for manufacturing various products, including 3D filaments, 3D printed face shields, and face masks. The growing inclination for packaged foods and the rising need for PPE have significantly contributed to the surge in PBS demand.
Agricultural Initiatives and Automotive Production as Key Growth Drivers
Government initiatives in the agricultural sector are also playing a vital role in the market’s expansion, with PBS increasingly used in applications such as mulch films. These films play a critical role in regulating soil temperature, controlling weed growth, and enhancing crop yield, aligning with the global focus on sustainable agriculture. Moreover, the automotive industry’s growth, especially in the Asia Pacific region, is driving the demand for PBS in lightweight and bio-based automotive products.
Challenges Posed by Crude Oil Price Volatility
Despite the positive growth prospects, the PBS market faces challenges due to the price volatility of crude oil, as PBS is derived from petroleum feedstock. However, advancements in the trans-esterification process have significantly improved PBS’s properties and biodegradability, making it an attractive choice for various applications.
Leading Players and Regional Trends
Prominent players in the market, such as Technip Energies and Cargill, are actively investing in sustainable chemical solutions, signaling the industry’s commitment to eco-friendly alternatives. The Asia Pacific region is expected to lead the global market, driven by the thriving automotive sector and the growing packaging industry. Europe, with its stringent regulations and consumer preference for bio-based alternatives, is also anticipated to witness substantial PBS demand.
Polybutylene Succinate Market Set for a Bright Future
The global polybutylene succinate market is witnessing robust growth as industries worldwide embrace sustainable and environmentally friendly solutions. With the increasing demand for biodegradable plastics and various end-use applications, PBS is set to play a pivotal role in shaping a more sustainable and eco-conscious future.
Competitive Landscape in the Global Polybutylene Succinate Market:
In August 2022, Technip Energies made an acquisition of DSM’s Biosuccinium® technology, expanding its Sustainable Chemicals portfolio. This technology complements recently developed patented bio-polymer technologies, enabling the commercial production of bio-based succinic acid (bio-SAc) used as a feedstock for manufacturing polybutylene succinate (PBS).
Additionally, in June 2021, Cargill formed a joint venture with Helm Company, investing USD 300 million in biobased alternatives to petroleum-derived chemicals. The company’s plant boasts a 93% reduction in greenhouse gas emissions compared to petroleum-feedstock systems.
Some of the key players in the polybutylene succinate 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)
- Xinhaibio (China)
- Lubrilog (France)
- ECCO Gleittechnik GmbH (Germany)
- HUSK-ITT Corporation (U.S.)
- Setral Chemie GmbH (Germany)
- IKV Tribology Ltd (Germany)
- Hangzhou Ruijiang Chemical Co. (China)
- WILLEAP (South Korea)