Yahoo Finance Biodegradable Plastics Market worth USD 16.81 billion by 2028, registering a CAGR of 14.87% - Report by Market Research Future (MRFR)
New York, Aug. 20, 2021 (GLOBE NEWSWIRE) -- Biodegradable Plastics Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Biodegradable Plastics Market Information: by Product Type, Application - Forecast till 2028.” the market size is projected to be worth USD 16.81 billion by 2028, registering a CAGR of 14.87% during the forecast period (2021 - 2028), The market was valued at USD 3.56 billion in 2020.
List of the well-established contenders in the global Biodegradable Plastics industry profiled are
BASF SE (Germany)
Corbion (Netherland)
Biome Technologies PLC (U.K.)
Mitsubishi Chemical Corporation (Japan)
NatureWorks LLC (U.S.)
BIO-ON (Italy)
FKuR Kunststoff GmbH (Germany)
Cardia Bioplastics Limited (Australia)
Cereplast Inc (U.S)
Plantic Technologies Ltd (Australia)
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Market Scope:
The biodegradable plastics market growth is fostered by the escalating product demand owing to the rise in economic standards as well as the growth in consumer spending. With growing concerns about the conventional plastics’ toxic effects on the environment has led to robust demand for biodegradable plastic. Biodegradable plastics market value and growth scope will further be bolstered by the extensive applications in construction, manufacturing, retail sales, and more.
The biodegradable plastic industry is subjected to frequent technical innovations, as the firms are growing extremely competitive to capture a higher share. They are working on enhancing their production capacities while new contenders are striving to gain entry. Partnerships, mergers, new launches, and acquisition are some of the chief strategies being employed by these companies to elevate their business standing. For instance, in July 2021, Danimer Scientific Inc., a renowned bioplastics firm focused on developing biodegradable materials, acquired Novomer Inc., a well-known developer of the conversion technology that offers functional, transformable, low net carbon inputs to produce PHA-based resins and similar biodegradable materials.
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Market USP exclusively encompassed:
Major Growth Enhancers:
Governments across the globe ban the utilization of single-use plastics while the public is also growing aware about the toxic impact of plastic waste, which could act in favor of the global market. The biodegradable plastics market size is further enhanced by the strong demand from the agriculture and packaging sectors worldwide. Non-decomposable plastics have emerged as one of the biggest global issues and the government are diligently working on addressing their challenge by discouraging their use, which sheds light on the benefits of biodegradable plastics. Besides, with people willing to spend higher amounts on biodegradable plastics given their eco-friendly properties, the biodegradable plastics market growth should remain consistent throughout the conjectured period.
With the emerging trend of green buildings and sustainable construction worldwide, the construction sector across Brazil, Mexico, China, and India is generating massive demand for biodegradable plastics. Incredible surge in foreign investments in promising sectors like construction in developing regions owing to the easement of FDI policies will also elevate the market position in the years to come.
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Apart from construction, consumer goods should be a major end-user of biodegradable plastics in the following years. Biodegradable plastics are increasingly being used in a variety of consumer goods such as electronic devices, household appliances, and more. Electronic devices with components like circuit boards, data storage, and casings are designed using plastics, which facilitates their lightness, mobility, and durability. With the growing strictness of government regulations pertaining to traditional plastics, several consumer goods manufacturers are progressively opting for biodegradable plastics. Other key consumer goods that make use of biodegradable plastics include loudspeakers, touch screen computer casings, vacuum cleaners, and mobile casing.
Market Restraints:
Despite the host of environmental benefits, biodegradable plastics come along with a few shortcomings as well. Segregating traditional plastics from the biodegradable ones is a huge task, since there is no distinguishing factor between them. In some cases, inclusion of traditional plastics in the biodegradable ones can lead to complications during the decomposition process in landfills. This factor can emerge as a significant challenge for the top manufacturers in the ensuing years.
COVID 19 Analysis
The pandemic brought along a series of challenges for different industries including declining product demand, reduced production capacity, and financial loss. The lockdown affected several industries such as healthcare, packaging, construction, and more, which needless to say, had a debilitating impact on the biodegradable plastics industry.
Having said that, the soaring popularity of the e-commerce industry along with the extensive use of plastics in packaging of a variety of products has ensured the global market’s resiliency in the face of the COVID-19 outbreak. Moreover, with food and beverage, pharmaceutical, and healthcare industries relying significantly on biodegradable plastics, the global industry is bound to exhibit steady growth throughout the evaluation period.
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Market Segmentation
Based on product type, biodegradable plastics is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Polylactic acid-based biodegradable plastics dominate the biodegradable plastics market. This is due to large scale application in packaging industry owing to superior properties such as high mechanical strength and low toxicity.
Agriculture, packaging, textile, injection molding and others are the major applications of biodegradable plastics in the market. Packaging industry leads out of all the application-based segment, as the sector makes enormous demand for biodegradable plastics. Some of the key packaging applications are in textiles, food & beverage, consumer goods, and pharmaceuticals. Evolving lifestyles of the consumers combined with the booming sales of packaged food worldwide has raised the need for biodegradable plastics in the packaging sector. Mounting knowledge levels among the farmers with regard to green houses for producing vegetables and fruits has raised the use of biodegradable plastics in the agriculture industry as well. Notable growth of the medical, automobile, and electronic industries around the world will also add to the biodegradable plastics market value in the future.
Biodegradable Plastics Market Regional Status
With the biggest biodegradable plastics market size, Europe is currently the top consumer, thanks to the immense pressure given by the government to use biodegradable plastics and banning the use of conventional plastics. The agriculture sector in the region makes widespread use of bioplastics to maintain optimum soil quality while the packed food item segment is also emerging as a prominent end-user. The thriving sectors like pharmaceutical and electronic present in the region will also bolster the biodegradable plastics market share in the ensuing years.
Segmentation of Market covered in the research:
Biodegradable Plastics Market Global 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) - Forecast till 2028
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