Biodegradable Plastics Market Overview:
Market Research Future (MRFR) perceives the growth of the global biodegradable plastics market to be healthy at a CAGR of 8.4% over the forecast period of 2018-2022. The global biodegradable plastics market is likely to attain a valuation of USD 16.8 Bn by the end of 2022.
Various factors have been instrumental in stimulating the growth of the global biodegradable plastics market. Rising consumer awareness regarding the menace caused by conventional plastics coupled with global issues such as global warming has attracted the attention of regulatory bodies across the globe. To curb the problems associated with conventional plastics, the government in multiple countries have banned their use and are progressively supporting the use of biodegradable plastics. The prime drive behind the growth of the market is the biodegradable nature of such plastics. Not only do petroleum-based plastics take a toll on natural resources but are also environmentally damaging. Various environmental benefits associated with biodegradable plastics make them highly desirable across different industry verticals such as packaging, automotive, electrical, and others.
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On the flip side, the cost of production of biodegradable plastics is comparatively higher than conventional plastics. Besides, the lack of technology and cost-effectiveness are key challenges which restrict the growth of the global biodegradable plastics market. Meanwhile, volatility in the price of petroleum can present lucrative growth opportunities to the global biodegradable plastics market.
Biodegradable Plastics Industry Updates:
In January 2019, Novozymes, Danish enzyme manufacturer announced partnership with Carbios, a company focused on discovering and developing enzymatic bioprocesses applied to polymers and plastics, to commercialize biodegradable plastics.
In January 2019, Teysha Technologies, a company focused on the development of new and unique solution to plastic pollution developed a natural polycarbonate platform that is capable of creating fully biodegradable substitutes for traditional polymer-based plastics. AggiePol, the bioplastic, is sourced from sustainable feedstock and can be altered mechanically and chemically to suit the requirement of the intended application.
Biodegradable Plastics Market Competitive Landscape:
BASF SE (Germany), Cardia Bioplastics Limited (Australia), FKuR Kunststoff GmbH (Germany), NatureWorks LLC (U.S.), Cereplast Inc (U.S), Biome Technologies PLC (U.K.), Corbion (Netherland), Plantic Technologies Ltd (Australia), BIO-ON (Italy), Mitsubishi Chemical Corporation (Japan), and others are the eminent players in the global biodegradable plastics market.
Biodegradable Plastics Market Regional Analysis:
By region, the global biodegradable plastics market has been segmented into North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
Europe accounts for the maximum share of the global biodegradable plastics market. Government regulations advocating the use of biodegradable plastics coupled with Regulations aimed at curbing soil pollution can be credited for the growth of the market. Additionally, flourishing growth of the packaging industry which generates massive demand for biodegradable plastics acts as a plus for the market growth.
North America accounts for the second most significant share of the global biodegradable plastics market. Towering demand from the retail sector and various laws promoting the use of biodegradable plastics in diverse industries stimulate the growth of the market.
APAC is an emerging market for biodegradable plastics. The high cost associated with the production of biodegradable plastics and a low level of consumer awareness in the region are factors prohibiting the growth of the market. There is a high usage of petroleum-based plastics in region, however, new regulations in developing countries of the region aimed at promoting the use of biodegradable plastics are likely to bode well for the growth of the APAC market.
Biodegradable Plastics Market Segmentation:
The global biodegradable plastics market has been segmented based on product type and application.
By product type, the global biodegradable plastics market has been segmented into polycaprolactone (PCL), polylactic acid (PLA), polybutylene succinate (PBS), starch-based plastics, regenerated cellulose, polyhydroxyalkanoates (PHA). The polylactic acid (PLA) segment dominates the global market owing to its large-scale utilization in the packaging industry. It exhibits superior properties such as low toxicity and high mechanical strength. Additionally, they provide a good appearance to various end-use products. The starch-based plastics segment is expected to showcase rapid growth and outstrip polylactic acid-based biodegradable plastics on account of advantages such as high tensile strength and impact resistance in packaging and consumer goods.
By application, the global biodegradable plastics market has been segmented into Packaging, Agriculture, Injection Molding, Textile, and others. Application-wise, the packaging segment is leading the market. Augmenting demand for biodegradable plastics for packaging applications in the food & beverage, pharmaceuticals, and consumer goods boost the growth of the segment.
Biodegradable Plastics Market Table Of Contents:
1 Executive Summary
2 Scope of The Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Biodegradable Plastics Market
Biodegradable Plastics Market Table Of Contents to be Continue…….,
Biodegradable Plastics Market List Of Tables:
Table 1 World Population By Major Regions (2015 To 2030) (Billion)
Table 2 Global Biodegradable Plastics Market: By Region, 2014-2022 (USD Billion)
Table 3 North America Biodegradable Plastics Market: By Country, 2014-2022 (USD Billion)
Table 4 Europe Biodegradable Plastics Market: By Country, 2014-2022 (USD Billion)
Table 5 Asia-Pacific Biodegradable Plastics Market: By Country, 2014-2022 (USD Billion)
Biodegradable Plastics Market List Of Tables to be Continue…….,
Biodegradable Plastics Market List Of Figures:
FIGURE 1 Global Biodegradable Plastics Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Biodegradable Plastics Market
FIGURE 4 Value Chain Of Global Biodegradable Plastics Market
FIGURE 5 Share Of Global Biodegradable Plastics Market In 2014, By Country (In %)
Biodegradable Plastics Market List Of Figures to be Continue…….,
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