The rising standard of life and increase in disposable incomes are two major factors influencing the growth of the Poly(butylene succinate) (PBS) industry. This has led to a surge in demand for PBS from a number of end-use industries, including the packaging of food and beverages, the medical field, and others. The strict environmental rules regulating the usage of plastic materials are another element pushing the PBS industry. The fact that PBS is a biodegradable polymer, has led to an increase in demand for it. The development of new PBS applications, including 3D printing filaments, biomedical implants, and other products, is another factor driving the market expansion for PBS.
The demand for poly(butylene succinate) (PBS) is growing across a number of industries, including packaging, consumer products, automotive, and electronics. PBS is a biodegradable polymer with strengths including flexibility, water resistance, and strong dielectric characteristics. It also has a low melting point and is simple to mould into various shapes. It is a perfect material for creating sustainable products because it is also affordable and fully recyclable. PBS can be used for lightweight packing as well, which lowers the cost of shipping thanks to its modest weight. The market for poly(butylene succinate; PBS) is expanding as a result of the rising demand for environmentally friendly products and packaging options.
A thermoplastic polyester with characteristics similar to polyethylene terephthalate is poly(butylene succinate, or PBS) (PET). It is created through the polycondensation of dimethyl terephthalate and 1,4-butanediol. PBS is resilient to heat, chemicals, and UV rays and has good toughness and flexibility. These characteristics make it perfect for both medical applications and food and beverage packaging. It is also biodegradable, making it a fantastic option for applications that are favourable to the environment.
The worldwide Poly (butylene succinate) (PBS) Marketplace is estimated to reach USD 3.1 billion by 2031, according to recent Reports and Data analysis. The market is estimated to grow with a CAGR of 4.2% between 2021 and 2031.
This increase is linked to the rising need for bioplastic packaging materials across a range of industrial sectors, as well as the rising demand for PBS's medical uses and food and beverages packaging applications.
The market for Poly (butylene succinate) (PBS) is constrained by its expensive manufacturing process. PBS production calls for the use of pricey chemicals and procedures, which drives up the cost of the finished good. PBS is also not biodegradable, which may restrict its use in some circumstances. Additionally, because PBS is primarily produced in nations like China, Japan, and South Korea, it is hard for customers from other nations to access it because it is not generally available.
Additionally, the expansion of this industry is being constrained by the strict environmental laws set by governments around the world. The market is anticipated to expand in the upcoming years despite these limitations because of the rising demand for environmentally friendly products.
The global Poly(butylene succinate) (PBS) market is dominated by a handful of significant producers. These producers include DowDuPont, Asahi Kasei Chemical Corporation, Toray Industries Inc., BASF SE, and PTT Global Chemical Public Company Limited. Each of these businesses has a significant market presence and is actively conducting research and development in order to release cutting-edge products on the market.
The Biological Base Segment emerged as the Most Lucrative Type
There are two segments in the Poly(butylene succinate) (PBS) market: Biological Base and Petroleum Base. In terms of volume and income, Biological Base is the largest segment among these two categories. Due to its unique qualities and uses, the Biological Base market is projected to rise significantly throughout the forecast period.
The Most Prominent Application is the Food and Beverage Packaging Segment
The Poly(butylene succinate) (PBS) market is segmented into three categories based on application: food and beverage packaging, medical, and others. Due to its widespread use in this industry, the Food and Beverage Packaging segment is anticipated to account for a sizable portion of these. Its excellent strength and durability, which make it suitable for packaging a variety of food items, are another factor boosting the growth of this market.
The Asia-Pacific Region to render Ample Financing Opportunities
The Poly(butylene succinate) (PBS) marketplace is geographically divided into five regions: Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa. Due to the existence of significant companies in this region, such as China Petroleum & Chemical Corporation and LyondellBasell Industries NV, the Asia Pacific region is anticipated to account for a sizable portion of these. Due to the region's growing demand for biodegradable plastics, this market has grown.
COVID-19 Impact and Market Status
The market for Poly(butylene succinate) (PBS) has been significantly impacted by the COVID-19 pandemic epidemic. The pandemic is anticipated to cause a fall in demand in the industry in 2020.
However, a rebound in the market is anticipated in 2021 as the world economy strengthens. The COVID-19 pandemic is anticipated to have the greatest impact on the food and beverage packaging application market. The slowdown in economic activity and the closure of food service businesses are projected to lead to a fall in demand for the industry. The pandemic is also anticipated to have a negative impact on the medical application segment. The category is anticipated to profit from the rise in demand for medical supplies and equipment during the epidemic, though.
The poly(butylene succinate) (PBS) market in the United States is expected to be impacted by the COVID-19 pandemic. One of PBS's largest markets is the United States, which is also one of the countries most badly devastated by the outbreak. As a result, a fall in demand for PBS in North America is anticipated in 2020. However, when the economy improves, things should get better in 2021. In general, a fall in demand for Poly(butylene succinate) (PBS) is anticipated in 2020, followed by a recovery in 2021.
Recent Developments in the Poly(butylene succinate) (PBS) Market
• Synbra Technology announced the introduction of SYNCHRO-FLEX PBS, a new grade of PBS resin, in March 2021. The increased flexural and soft touch qualities of this new product allow for the creation of more enduring and cosy consumer goods.
• Roquette announced the addition of a new line of plant-based polymers made from renewable resources in November 2020, expanding its offering. The three new PBS grades offered by the firm are Ecoflex ER6, Ecoflex ER7, and Ecoflex ER8. The Ecoflex product line is intended for usage in a variety of industries, including consumer items, automotive parts, and packaging films.
• A selection of bio-based polymers based on PLA and PBS for injection moulding applications was introduced by Total Corbion in October 2020. In comparison to conventional PLA resins, the company's Luminy PBH1020 and PBH1750 offer improved stiffness, hardness, and temperature resistance.
• Eastman unveiled two new grades of bio-based polyester made from plants in March 2020 that can be utilised in injection moulding applications in the automotive sector: Eastar Bio GF BT1611G and Eastar Bio GF BT3032G. The company asserts that when compared to conventional polymers, the new materials have better rigidity, heat resistance, and processability.
• A new PBS material with better optical clarity and flexibility was introduced by Mitsubishi Chemical Corporation in May 2019. High-performance polyester from the company's new APPLA PB-1000 series can be used in products like food packaging and medical device components.
Poly(butylene succinate) (PBS) Market Scope
|Revenue forecast in 2031
|USD 3.1 billion
|CAGR of 4.2 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|DowDuPont, Asahi Kasei Chemical Corporation, Toray Industries Inc., BASF SE, and PTT Global Chemical Public Company Limited
Key Segment of Global Poly(butylene succinate) (PBS) Market
By Type Overview (USD Billion)
• Biological Base
• Petroleum Base
By Application Overview (USD Billion)
• Food and Beverage Packaging
• Medical, Others
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa