Biodegradable Plastics Market Overview: —
The 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). The global biodegradable plastics market is expected to exhibit a strong 8.4% CAGR over the forecast period from 2018 to 2022.
Various environmental benefits associated with biodegradable plastics make them highly desirable across different industry verticals such as packaging, automotive, electrical, and others. The packaging industry is a key end-user industry for biodegradable plastic. Biodegradable plastics are witnessing heightened demand from the packaging industry as the industry is switching to environmentally friendly alternatives materials. Expansion of the packaging industry is augmenting the growth of the global biodegradable plastics market.
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.
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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 Key Players:
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,
• Mitsubishi Chemical Corporation,
• Corbion. Corbion,
are likely to hold on to major shares in the global biodegradable plastics market over the forecast period.
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.
Biodegradable Plastics Market Segmentation:
The global biodegradable plastics market has been segmented based on product type and application.
Based on product type, the 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, 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 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.
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.
Biodegradable Plastics Market Table of Content to be Continue…….,
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