The global polybutylene succinate market is estimated to garner noteworthy revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to its remarkable utilization in multiple industries such as, packaging, food and beverages, chemical, pharmaceutical, and others. For instance, the pharmaceutical industry amounted to almost USD 1 trillion in 2020. Additionally, the significant utilization of polybutylene succinate in the chemical industry is projected to hike the growth of the market during the forecast period. The value of the global chemical industry was estimated to be about USD 3,500 billion in 2021. Moreover, the growth of the market can also be ascribed to the rising paperboard packaging industry. For instance, the size of the industry of paperboard packaging is anticipated to reach approximately USD 200 billion during the forecast period. Furthermore, a significant surge in automotive production can be noticed in recent decades. Polybutylene succinate is utilized in automotive applications by combining with natural fibers such as, switch grass. For instance, approximately 65 million units of cars were sold out internationally in 2021, meanwhile, around 55 million units of passenger cars were manufactured across the globe in 2020. All these factors are projected to propel the growth of the market during the forecast period.
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The market is segmented by type into bio-based and conventional polybutylene succinate, out of which, the bio-based segment is anticipated to hold the notable share in the global polybutylene succinate market during the forecast period on account of its higher utilization in multiple industries and manufacturing of various products such as medical and tableware articles. Furthermore, rising awareness of utilizing bio-based products across the globe is estimated to hike the growth of the segment over the forecast period.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global polybutylene succinate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness modest growth over the forecast period. The growth of the market in the region is ascribed to the exponentially rising demand for biodegradable products. Moreover, the growing utilization of polybutylene succinate in the interior automotive units is also anticipated to hike the growth of the market in the region. China has been anticipated to dominate the automotive industry over the forecast period. For instance, in 2021, approximately 20 million passenger cars were manufactured solely in China. Such factors are expected to foster the growth of the market in the region during the forecast period.
Furthermore, the global polybutylene succinate market is also anticipated to grow rapidly in the North America region on the back of similar factors, such as, increasing demand for polybutylene succinate-based products and the constantly developing automotive industry. Therefore, all these factors are projected to influence the growth of the market in the region positively throughout the forecast period.
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The global polybutylene succinate market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global polybutylene succinate market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Significant utilization in various industries such as chemical, pharmaceutical, and others is the major factor driving the growth of the polybutylene succinate market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Anqing Hexing Chemical Co., Ltd., Indorama Ventures Public Company Limited, Hangzhou Ruijiang Chemical Co., IKV Tribology Ltd., Setral Chemie GmbH, BASF SE, ECCO Gleittechnik GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, technology, application, end-user industry and region.
The bio-based segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
High cost of polybutylene succinate in the market is estimated to hamper the market growth.
Asia Pacific region will provide more business opportunities for the growth of the polybutylene succinate market in the future on the back of growing automotive industry.
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