Poly(butylene succinate) Market in the United States Set to Surge, Expected to Reach US$ 86,868.9 thousand by 2033 with a 12.0% CAGR, Fueled by Booming Medical Sector Demand.
NEWARK, Del, Oct. 23, 2023 (GLOBE NEWSWIRE) — The global poly(butylene succinate) market value is expected to increase from US$ 115,306.8 thousand in 2023 to US$ 361,225.6 thousand by 2033. Global poly(butylene succinate) sales are anticipated to thrive at 12.1% CAGR during the assessment period.
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.
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.
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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. The 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 12.1% 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 12.7% 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 14.2% between 2023 and 2033.
- Demand in Japan is anticipated to rise at 11.4% CAGR through 2033.
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“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 Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitive Landscape
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.
More Insights into the Poly(butylene Succinate) Market Report
Future Market Insights (FMI) presents an impartial analysis of the worldwide poly(butylene succinate) market in its most recent report. The report encompasses historical data spanning from 2018 to 2022, along with projected statistics for the timeframe spanning 2023 to 2033. To comprehensively grasp the potential, growth trajectory, and extent of the global market, segmentation is conducted based on purity, production process, end-use industry, and geographical region.
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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
- Films
- Bags
- Containers
- Agriculture
- Mulch Films
- Planting Pots
- Others
- Medical
- Implants
- Drug Delivery Systems
- Textile
- Sportswear
- Apparels
- Interior Textiles
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About FMI – Chemicals and Materials
The Chemicals and Materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Authors by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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