Global Biodegradable Plastics Market is expected to reach a valuation of USD 16.8 billion by 2022, according to the latest research report from Market Research Future (MRFR). Global biodegradable plastics market is expected to exhibit a strong 8.4% CAGR over the forecast period from 2016 to 2022.
Global Biodegradable Plastics Market is mainly driven by the growing awareness about the ecological damage caused by the growing volume of plastic waste and the increasing government interventions in the area to offer solid support to efforts that aim to resolve the issue of plastic pollution at its roots. The discovery of Biodegradable Plastics dates back to the 1970s, since when the development of the Biodegradable Plastics has steadily gained steam as the world’s consumption of plastic materials has grown exponentially over the same time period. The growing volume of plastic waste has bent governments as well as public will, particularly in developed areas of the world, to take concrete steps towards eradicating the problem.
Governments all over the world are funding research efforts into the production of Biodegradable Plastics, as they look to use human ingenuity to resolve a human-caused problem. This is likely to be a major driver for the Global Biodegradable Plastics Market over the forecast period, as groundbreaking research is expected in the area of Biodegradable Plastics in the coming years. The growing threat of marine pollution has also caught on in a big way thanks to the ease of spreading information and making people more informed through social media. Photos of marine animals trapped in or otherwise impeded by plastic waste have motivated people to give up plastic products altogether, which, unfortunately, cannot become the official policies for countries due to the immense utility of plastics to human endeavor. As a more sustainable solution, the development of Biodegradable Plastics is likely to continue and proliferate unabated over the forecast period.
Leading Players in the Global Biodegradable Plastics Market include BASF SE, Biome Technologies PLC, NatureWorks LLC, FKuR Kunststoff GmbH, Cereplast Inc., Plantic Technologies Ltd., Cardia Bioplastics Limited, BIO-ON, Mitsubishi Chemical Corporation, and Corbion. Corbion, NatureWorks, and BASF are likely to hold on to major shares in the global biodegradable plastics market over the forecast period.
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Setting up research efforts into developing Biodegradable Plastics in collaboration with universities and other research institutes is likely to be a popular strategy for players in the Global Biodegradable Plastics Market over the forecast period. In April 2019, Hanwha Chemicals established a research center along with Yonsei University to work on developing a wide range of eco-friendly technologies. Biodegradable Plastics are expected to be a flagship project for the center.
Based on Product Type, Global Biodegradable Plastics Market is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, and regenerated cellulose. PLA-based Biodegradable Plastics are likely to dominate the Global Biodegradable Plastics Market over the forecast period due to the ease of developing them in comparison with other types of Biodegradable Plastics and their easy utility in the packaging industry.
By Application, Global Biodegradable Plastics Market is segmented into packaging, injection molding, agriculture, textiles, and others. The packaging industry is likely to dominate the Global Biodegradable Plastics Market over the forecast period due to the large volume of the demand for plastics from the packaging industry.
Regionally, Europe is the largest segment of the Global Biodegradable Plastics Market, followed by North America. Governments in Europe, especially Western Europe, have been the pioneers in terms of adopting Biodegradable Plastics and providing regulatory support to their widespread adoption, which has seen the region account for the largest share in the Global Biodegradable Plastics Market in 2016. The U.S. and Canada are also likely to be among the leading consumers of Biodegradable Plastics over the forecast period due to the growing government support for environmental regulations.
On the other hand, Asia Pacific, led by China, is expected to exhibit major growth over the forecast period, as the growing Asian economies account for a leading share in the global volume of plastic waste, with China emerging as the leader in this regard since the turn of the decade. This is likely to motivate government actions aimed at reducing plastic waste and developing Biodegradable Plastics instead.
Browse Key Industry Insights spread across 155 pages with 34 market data tables & 11 figures & charts from the report, ” Biodegradable Plastics Market Information: By Product Type (Polyhydroxyalkanoates (PHA), Polylactic Acid (PLA), Polybutylene Succinate (PBS), Polycaprolactone (PCL), Starch-Based Plastics, Regenerated Cellulose), Application (Packaging, Agriculture, Injection Molding, Textile, Others) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast 2022” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/biodegradable-plastics-market-2431
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