Polybutylene Succinate Market Size

Polybutylene Succinate Market size was over USD 377.4 million in 2023 and is expected to exceed USD 3.82 billion by 2036, growing at over 19.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of polybutylene succinate is evaluated at USD 436.27 million. 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.