NEWARK, Del, Jan. 11, 2023 (GLOBE NEWSWIRE) -- A recently published study by FMI expects the global polybutylene succinate market to augment at a 14.9% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 1,500 Million is expected for the market. Growth is driven to growing demands for polybutylene succinate market, particularly across end-use sectors such as biomedical, packaging, and agricultural.
Rising need for novel packaging, particularly for attracting a large number of customers, is expected to be a significant driver driving the polybutylene succinate market's quick expansion. Furthermore, the growing need for lightweight car components is likely to boost the demand of the Polybutylene Succinate Market.
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China is expected to be the most profitable market for Polybutylene Succinate. The need for interior automotive items in the country is predicted to increase significantly in the next years, with primary demand coming from the Asia Pacific area.
During the projected period, the growing need for lightweight automotive components is likely to drive the growth of the Polybutylene Succinate market. In conclusion, the expanding plastics sector is expected to propel the overall PBS market.
Key Takeaways from the Market Study
- FMI projects the global polybutylene succinate market to expand at a 14.9% value CAGR by 2033
- The global polybutylene succinate market is estimated at a market value of US$ 375 Million
- The global polybutylene succinate market is expected to garner a market value of US$ 1500 Billion
- North America is forecasted to be the most lucrative for polybutylene succinate market growth.
- As per Future Market Insights, the Asia Pacific is expected to grow at a CAGR of 14% during the forecast period 2023-2033.
- Europe is expected to grow at a CAGR of 14.3% during the forecast period 2023-2033.
- The packaging segment is expected to hold the largest market share for polybutylene succinate in the forecast period 2023-2033.
“North America is expected to expand profitably between 2022 and 2029 as a result of the region's stricter laws on single-use plastic items. Furthermore, increased demand for traditional PBS in reusable items drives regional market growth,” says an analyst at FMI
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Market Competition
Key players in the polybutylene succinate market are PTT MCC Biochem Co., Ltd., Anhui Sealong Biotechnology Co., Ltd., Vizag Chemicals, Shandong Fuwin New Material Co., Ltd., Shandong LanDian Biological Technology Co., LTD., Xinjiang Blue Ridge Tunhe Sci. &Tech. Co., Ltd. and Shangdong Life Chemical Co., Ltd.
Recent Developments:
- In April 2019, Eastman Chemical Co. announced the acquisition of Marlotherm from Sasol in order to extend its heat transfer fluids product offerings to clients worldwide.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global polybutylene succinate market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of Type (Bio-based, Petro-based), by Application (Mulch Films, Packaging, Medicine) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide.
With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
Complete TOC with Report Preview: https://www.futuremarketinsights.com/reports/polybutylene-succinate-market
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