Biodegradable plastic is a type of material that can be decomposed by living organisms such as bacteria. It is commonly made using raw materials or petrochemicals. Plastic made with petrochemicals contain biodegradable additives that helps in the process of decomposition. Biodegradable plastic takes less time to break down as it is made up of eco-friendly material. This material also requires very less energy for production and it is easily recyclable. Biodegradable plastic does not have harmful effects on the environment and they do not affect other living organisms from soil and water.
Biodegradable Plastics Market: Key Players
The research study includes profiles of leading companies operating in the global biodegradable plastics market. Key players profiled in the report include: NatureWorks, BASF, Total Corbion PLA, Mitsubishi Chemical, Biome Bioplastics, Plantic Technologies, Kruger Inc.,, Danimer Scientific, Novamont S.p.A & Toray Industries.
Drivers for the Global Biodegradable Plastics Market:
The increasing environmental concerns regarding plastic usage (as plastics contain toxic pollutants that harm plants, animals, and people) are driving the use of biodegradable plastic alternatives. Additionally, the Floating plastic waste that survives thousands of years in water can serve as a transportation device for invasive species that disrupt habitats. This aforementioned factor is contributing to the growth of the market. While the stringent regulations by various governments and federal agencies with an objective to reduce plastic waste and promote biodegradable plastics usage in packaging are boosting the demand of this market. The regulations related to green packaging is increasing. As a result, various FMCG companies are required to adopt biodegradable packaging to comply with the standards, which in turn, is propelling the growth of this market.
Opportunities for the Global Biodegradable Plastics Market:
Governments prohibiting the use of single-use plastic coupled with rising awareness among public regarding ill-effects of plastic waste are among the key trends stimulating the market growth. Additionally, increasing use of biodegradable plastics in packaging and agriculture is anticipated to supplement the market growth in coming years. While Non-decomposable plastics are a global issue. Governments around the world are tackling this problem by banning single-use plastics and promoting use of biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. The aforementioned factors, cumulatively, are providing a major boost to the market growth. Thus all these factors will offers a lucrative growth opportunities for the growth of the biodegradable plastics market during forecasted period.
Restrains for the Global Biodegradable Plastics Market:
The high costs are restraining the growth of the market, as biodegradable plastic is made from plants' starch and its decomposition needs specific conditions, like temperature, bacteria, humidity, etc. (which may not be available in most of the dump yards and landfills). While the intricate engineering processes along with the instability of raw materials employed for the fabrication of biodegradable plastics is the motivation behind the augmented prices is hampering the growth of the market. Moreover, not all biodegradable plastics readily decompose in the natural environment, as they require a specific environment in terms of moisture and temperature. Some of the biodegradable plastics release greenhouse gases during decomposition, which is counterproductive to the environmental cause, thus restraining the market growth. Thus all these factors are responsible for hampering the growth of the market.
Region Wise, Global Biodegradable Plastics Market Analysis:
Report covers the region wise analysis, global Biodegradable plastics market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Europe leads the global Biodegradable plastics market share followed by North America & Asia Pacific. While the Europe leads the global Biodegradable plastics market due to the transition to a low-carbon and circular economy, stronger policy support for the bioeconomy, and increased consumer awareness for sustainable products and packaging are driving the expansion of the market in Europe. However the demand for biodegradable plastics is rising from conventional end-user industries, such as packaging, agriculture, and textile. Additionally, the use of biodegradable plastics, especially in the European countries, is also increasing in other niche segments, such as medical implants and drug delivery systems which is boosting the market. Thus these factors are driving the overall biodegradable plastics market's growth.
Global Biodegradable Plastics Market: Product analysis
- Polylactic acid
- Starch Blends
- Biodegradable Polyesters
- Others (Cellulose Derivatives and Regenerated Cellulose)
Global Biodegradable Plastics Market: Application analysis
- Packaging & Bags
- Consumer Goods
- Agriculture & Horticulture
- Others (Automotive and Building & Construction)
Global Biodegradable Plastics Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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