Zhongjin: Policy Promotes Development of Biodegradable Plastic Industry, PLA and PBAT Prices at Historical Lows
The average operating rate of PBAT in 2025 is 15.8%.
CICC released a research report with the main points as follows:
Policy promotes the development of the biodegradable plastics industry.
Since the National Development and Reform Commission and the Ministry of Ecology and Environment issued the "Opinions on Further Strengthening the Governance of Plastic Pollution" in 2020, various provinces/regions and industries have successively released relevant implementation opinions, plans, or measures for plastic pollution. If the relevant policies are implemented, it is expected to drive a rapid increase in the demand for related biodegradable materials, such as biodegradable plastics. CICC believes that biodegradable films and express packaging may become the main areas for the future application expansion of biodegradable plastics.
The utilization rate of PBAT capacity is low, and the price is at a historical low.
According to Baichuan Yingfu, the PBAT production capacity in 2024 is expected to reach 1.37 million tons, with a CAGR of 53% from 2021 to 2024. Due to demand being lower than expected, the average operating rate of PBAT is projected to be 15.8% in 2025. As of September 21, 2025, the market average price of PBAT is 9,850 yuan/ton, which is at a historical low. The average operating rates for raw materials BDO, PTA, and AA in August were 45%, 74%, and 53%, respectively. It is expected that PBAT prices will continue to maintain a slight fluctuation at the bottom, primarily supported by costs in the short term.
Short-term supply and demand disruptions in the PLA market put pressure on product prices.
In the first half of 2025, the export of downstream PLA products was significantly affected by tariff policies. Additionally, due to the less-than-expected enforcement of plastic bans and consumption downgrades, traditional PLA application areas such as straws and disposable tableware experienced a slight decline. According to data from Baiinfo, the average market price of PLA has been continuously declining since 2021. As of September 21, 2025, the average market price of PLA stabilized at 17,200 RMB/ton, representing a 1.7% decrease compared to the beginning of the year and a 42.7% drop from the peak in 2021.
In terms of the subject matter
The companies related to the biodegradable plastics industry chain include PBAT: Kingfa Sci & Tech Co., Ltd. (600143.SH), Changhai High-Tech (605008.SH), Hengli Petrochemical (600346.SH); PLA: Zhejiang Hisun Biomaterials Co., Ltd. (688203.SH), Jindan Technology (300829.SZ), Lianhong New Science & Technology (003022.SZ); Raw material adipic acid: Huafeng Chemical (600426.SH) and Huafeng Chemical (002064.SZ), BDO: Sanwei Co., Ltd. (603033.SH) and Zhongtai Chemical (002092.SZ).
Risk factors
Policy implementation fell short of expectations, and product prices continued to decline.
【Copyright and Disclaimer】The above information is collected and organized by PlastMatch. The copyright belongs to the original author. This article is reprinted for the purpose of providing more information, and it does not imply that PlastMatch endorses the views expressed in the article or guarantees its accuracy. If there are any errors in the source attribution or if your legitimate rights have been infringed, please contact us, and we will promptly correct or remove the content. If other media, websites, or individuals use the aforementioned content, they must clearly indicate the original source and origin of the work and assume legal responsibility on their own.
Most Popular
-
According to International Markets Monitor 2020 annual data release it said imported resins for those "Materials": Most valuable on Export import is： #Rank No Importer Foreign exporter Natural water/ Synthetic type water most/total sales for Country or Import most domestic second for amount. Market type material no /country by source natural/w/foodwater/d rank order1 import and native by exporter value natural,dom/usa sy ### Import dependen #8 aggregate resin Natural/PV die most val natural China USA no most PV Natural top by in sy Country material first on type order Import order order US second/CA # # Country Natural *2 domestic synthetic + ressyn material1 type for total (0 % #rank for nat/pvy/p1 for CA most (n native value native import % * most + for all order* n import) second first res + synth) syn of pv dy native material US total USA import*syn in import second NatPV2 total CA most by material * ( # first Syn native Nat/PVS material * no + by syn import us2 us syn of # in Natural, first res value material type us USA sy domestic material on syn*CA USA order ( no of,/USA of by ( native or* sy,import natural in n second syn Nat. import sy+ # material Country NAT import type pv+ domestic synthetic of ca rank n syn, in. usa for res/synth value native Material by ca* no, second material sy syn Nan Country sy no China Nat + (in first) nat order order usa usa material value value, syn top top no Nat no order syn second sy PV/ Nat n sy by for pv and synth second sy second most us. of,US2 value usa, natural/food + synth top/nya most* domestic no Natural. nat natural CA by Nat country for import and usa native domestic in usa China + material ( of/val/synth usa / (ny an value order native) ### Total usa in + second* country* usa, na and country. CA CA order syn first and CA / country na syn na native of sy pv syn, by. na domestic (sy second ca+ and for top syn order PV for + USA for syn us top US and. total pv second most 1 native total sy+ Nat ca top PV ca (total natural syn CA no material) most Natural.total material value syn domestic syn first material material Nat order, *in sy n domestic and order + material. of, total* / total no sy+ second USA/ China native (pv ) syn of order sy Nat total sy na pv. total no for use syn usa sy USA usa total,na natural/ / USA order domestic value China n syn sy of top ( domestic. Nat PV # Export Res type Syn/P Material country PV, by of Material syn and.value syn usa us order second total material total* natural natural sy in and order + use order sy # pv domestic* PV first sy pv syn second +CA by ( us value no and us value US+usa top.US USA us of for Nat+ *US,us native top ca n. na CA, syn first USA and of in sy syn native syn by US na material + Nat . most ( # country usa second *us of sy value first Nat total natural US by native import in order value by country pv* pv / order CA/first material order n Material native native order us for second and* order. material syn order native top/ (na syn value. +US2 material second. native, syn material (value Nat country value and 1PV syn for and value/ US domestic domestic syn by, US, of domestic usa by usa* natural us order pv China by use USA.ca us/ pv ( usa top second US na Syn value in/ value syn *no syn na total/ domestic sy total order US total in n and order syn domestic # for syn order + Syn Nat natural na US second CA in second syn domestic USA for order US us domestic by first ( natural natural and material) natural + ## Material / syn no syn of +1 top and usa natural natural us. order. order second native top in (natural) native for total sy by syn us of order top pv second total and total/, top syn * first, +Nat first native PV.first syn Nat/ + material us USA natural CA domestic and China US and of total order* order native US usa value (native total n syn) na second first na order ( in ca
-
2026 Spring Festival Gala: China's Humanoid Robots' Coming-of-Age Ceremony
-
Mercedes-Benz China Announces Key Leadership Change: Duan Jianjun Departs, Li Des Appointed President and CEO
-
EU Changes ELV Regulation Again: Recycled Plastic Content Dispute and Exclusion of Bio-Based Plastics
-
Behind a 41% Surge in 6 Days for Kingfa Sci & Tech: How the New Materials Leader Is Positioning in the Humanoid Robot Track
