The North American PBS market is estimated to grow at a CAGR of over 9% during the forecast period. PBS is a biopolymer and a substitute for other polymers being used in various industries including packaging, automotive, agriculture, and others. Due to its desirable mechanical properties and biodegradable nature, the application area is expanding at a significant rate in the US and Canada. Therefore, the polymer is being considered as a renewable and economical substitute for conventional plastic parts with its remarkable chemical and mechanical properties. With the growth in major end-use industries which includes automotive, agriculture, and food packaging sector in the US and Canada, the market value for the PBS market is increasing in the region.
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North American PBS market is segmented into the US and Canada. The US is estimated to hold the dominating position in the market owing to the increasing demand for bio-based materials for application in the automotive sector. Moreover, stringent government regulations in the country related to the use of conventional plastics are expected to increase the use of bio-based plastics in various applications, this is expected to further promote market growth. Moreover, the US is one of the key exporters of agricultural products to China, India and South Korea. This is expected to increase the demand for advanced packaging options, thereby increasing opportunities for driving the market during the forecast period.
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The North American PBS market is segmented on the basis of process and application. Based on the process, the market is segmented into trans-esterification and direct esterification. The direct esterification process had a significant share in the market in 2018. Direct esterification process is the most common process for preparing PBS and has several advantages such as the process that can be performed under atmospheric pressure and has a short reaction time. Further, any type of solvent can be used in a direct esterification process. Whereas, the trans-esterification process is projected to grow at a considerable rate during the forecast period. The trans-esterification process is used by various food packaging manufacturers as it involves a green chemistry approach where enzymes as a catalyst are used to obtain environment-friendly polymeric materials.
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North American Polybutylene Succinate (PBS) PBS Market Segmentation
• Direct Esterification
• GC Innovation America Corp
• Koninklijke DSM N.V
• Mitsubishi Chemical Corp.
• Showa Denko Kk
• SK Chemicals Co., Ltd
• The Dow Chemical Co.
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