Global Biodegradable Plastics Market was valued US$ 3.02 Bn. in 2019 and is estimated to grow at CAGR of 15.1%, to reach US$ 6.12 Bn. during the forecast period of 2020 to 2027.
Global Biodegradable Plastics Market
Biodegradable plastic is bio-based material that can be recycled and decomposed by living microorganisms such as bacteria, cuprividus necator in the environment commonly produced by petrochemicals or renewable raw materials. Biodegradable plastic are eco-friendly takes less time to degrade and are no toxic.
For instance, Polycaprolactone (PCL), Polybutylene succinate (PBS), Polyvinyl alcohol (PVOH/PVA) and Polybutyrate adipate terephthalate (PBAT) are common the most Biodegradable plastic synthesized.
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and the same is reflected in our analysis.
The report covers worldwide Biodegradable Plastics Market size in value and volume with market dynamics by region. All the segments and their detailed evaluation of the trends and factors affecting the market analyzed in the report. Market affecting factors cover drivers, restraints, opportunities, and challenges, consolidation, investment in the industry with focus on key market players by region.
Growing awareness concerning to environment and rising consumer preference of eco-friendly packaging material for packaging food, usage of compostable bags & agriculture applications are some of the key drivers that are analyzed in the report with its tangible contribution to the market size and opportunities for the manufacturers and investors. Furthermore, stringent regulations and prohibitions on the use of Non-decomposable plastics bags and other items as it creates massive waste management issue causing water, land, and air pollution are propelling the growth of the global market.
Report has studied the mounting population with changing lifestyle and initiatives by each government and key players are investing in the field and are creating a lucrative growth opportunity for the market.
Conversely, high-cost issues and less durability associated with biodegradable plastic hamper the growth of the market. Increasing competitiveness of mulch films over films made from traditional plastics is one of the recent biodegradable plastic market trends observed in recent years.
Global Biodegradable Plastics Market: Market Segmentation
The report covers competitive analysis of the Biodegradable Plastics Market in each of the geographical segments thereby providing insight into a market share of the countries.
Based on Type, The starch-based segment is expected to dominate the market with the growth of 10.4% CAGR during the forecast period. Starch-based plastics are widely used in end-consumer industries such as automobiles, agriculture and packaging. Moreover, starch-based are used as an alternative for petroleum-based polymers & is highly degradable hence, widely utilized in reducing the carbon footprint. The PLA plastics are also growing rapidly especially in the European region mainly due to the reasonable price of PLA in comparison to any other type is a prime factor driving the growth.
Based on Application, packaging industry generated the largest revenue of XX Mn. in 2019 and is estimated to grow at CAGR of XX % in forecast period. The leading factor driving the growth is boosting demand and usage of biodegradable Plastics packaging in textiles, consumer goods, food & beverage, textiles and pharmaceuticals industries extending the market growth over the forecasted period. Furthermore, changing lifestyle & growing awareness among farmers towards the greenhouse for vegetables and fruits production further supported the utilization of biodegradable plastics in agriculture.
Global Biodegradable Plastics Market1
Global Biodegradable Plastics Market: Geographical Analysis
Europe was dominant market with market share of 53.45% in 2019 and is anticipated to reach US$ XX.X Bn. by 2027, at a CAGR of XX %. The dominances is mainly due to growing population, changing lifestyle and presence of key manufacturing companies coupled with rising concerns toward plastic waste. U.K biodegradable Plastics market size was valued XX Bn. and expected to increase by US$ XX Bn. in coming years
APAC is projected to have a healthy growth and is growing at the fastest rate over the forecast due to presence of emerging countries such as China and India with easy availability & rising popularity towards ecofriendly biodegradable product is attribute significant growth in the market over the next seven years. In 2019 market size stood at US$ XX Bn in while in China, market size was valued XX Bn and expected to increase by US$ X.30 Bn in coming years
Competitive Analysis: Global Biodegradable Plastics Market:
The report of Global Biodegradable Plastics Market analysis includes information of detailed analysis leading manufacturer’s, prominent vendors and upcoming trends & challenges that will influence market growth. Further, the adoption of variant strategic business activities such as acquisitions, mergers, collaboration, etc. are estimated to create productive opportunities for the global market over the forecast period.
As per report, some major prominent players in Biodegradable Plastics Market are NatureWorks, BASF SE, and Total Corbion PLA
The objective of the report is to present a comprehensive analysis of the Global Biodegradable Plastics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
Some of the Key Recent Trends Developments& Acquisition:
• In January 2019 – KFC of Texas, Plano, proclaimed a new sustainability agreement in which all plastic-based packaging will be reusable & recoverable by 2025. KFC declared it a long-term plan to achieve a more sustainable packaging approach in its restaurants by both producing and using sustainable packaging alternatives, as well as making on the growth already made in some markets to eradicate plastic packaging items.
• In 2017 the Packaging Association in Canada established biodegradable packaging from high-starch plants such as grained and corn, made from polylactic acid (PLA).
• In 2018 Kroger, a U.S based company has pronounced to permit the plastic bag free in nearly 2,800 stores almost 6 Bn bags annually, one of the biggest food supply chains. Two dozen distinct food chains serve nearly 9 million individuals a day. The demand for biodegradable plastic packaging is estimated to increase.
The report also helps in understanding Global Biodegradable Plastics Market dynamics, structure by analyzing the market segments and projects the Global Biodegradable Plastics Market size. Clear representation of competitive analysis of key players By Pathogen Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Biodegradable Plastics Market make the report investor’s guide
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Scope of the Global Biodegradable Plastics Market:
Global Biodegradable Plastics Market, By Type:
• Starch Blends
• Polybutylene Succinate PBS
• Polylactide PLA
• Polybutylene adipate/terephthalate PBAT
• Polyhydroxyalkanoates PHA
• Others (Cellulose Derivatives and Regenerated Cellulose)
Global Biodegradable Plastics Market, By Application
• Packaging & Bags
• Consumer Goods
• Agriculture & Horticulture
• Others (Automotive and Building & Construction)
Global Biodegradable Plastics Market, By Region
• North America
• Asia Pacific
• The Middle East and Africa
• Latin America
Global Biodegradable Plastics Market, key Players
• Total Corbion PLA
• Mitsubishi Chemical
• Biome Bioplastics
• Plantic Technologies
• Danimer Scientific
• Novamont S.p.A
• Toray Industries
• DowDuPont Inc
• Eastman Chemical Company
• Mondi PLC
• Amcor Limited
• Kruger Inc.
• Tetra Pak International SA
• Plastic Suppliers Inc.
• Stora Enso
• Archer Daniels Midland
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