$ 16.81 Billion US Dollar Biodegradable Plastics Market by 2028 with a CAGR of 14.87% – Report by Market Research Future (MRFR)
/ EIN News / – New York, Aug 20, 2021 (GLOBE NEWSWIRE) – Biodegradable Plastics Market Review: According to a Comprehensive Research Report by Market Research Future (MRFR) “Biodegradable plastics market Information: by product type, application – forecast to 2028.” the market size is projected to be worth $ 16.81 billion by 2028, showing a CAGR of 14.87% over the forecast period (2021-2028).
List of well-established competitors in the profiled global biodegradable plastics industry are
- BASF SE (Germany)
- Corbion (Netherlands)
- Biome Technologies PLC (UK)
- Mitsubishi Chemical Corporation (Japan)
- NatureWorks LLC (USA)
- BIO-ON (Italy)
- FKuR Kunststoff GmbH (Germany)
- Cardia Bioplastics Limited (Australia)
- Cereplast Inc (USA)
- Plantic Technologies Ltd (Australia)
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The growth of the biodegradable plastics market is being fueled by increasing product demand due to increased economic standards as well as the increase in consumer spending. Growing concern about the toxic effects of conventional plastics on the environment has resulted in a robust demand for biodegradable plastics. The market value and growth potential of biodegradable plastics are further enhanced by their extensive applications in construction, manufacturing, retail and more.
The biodegradable plastics industry is exposed to frequent technical innovation as companies become extremely competitive to capture a higher stake. They are working to expand their production capacities as new competitors strive to enter the market. Partnerships, mergers, start-ups and acquisitions are some of the main strategies these companies use to improve their business position. For example, in July 2021, Danimer Scientific Inc., a renowned bioplastics company focused on the development of biodegradable materials, acquired Novomer Inc., a well-known developer of conversion technology, the functional, convertible, low net carbon inputs used to make PHA resins and similar biodegradable degradable materials.
Search the in-depth market research report (155 pages) on Biodegradable Plastics
Market USP exclusively comprised:
Important growth promoters:
Governments around the world are banning the use of single-use plastic, while the public is also becoming aware of the toxic effects of plastic waste that could favor the world market. The market size for biodegradable plastics continues to grow due to the strong demand from the agricultural and packaging sectors worldwide. Non-degradable plastics have become one of the biggest global problems and the government is working diligently to address this challenge by advising against their use, which highlights the benefits of biodegradable plastics. Since people are willing to spend larger amounts on biodegradable plastics due to their environmentally friendly properties, the growth of the biodegradable plastics market should remain constant over the assumed period.
With the emerging trend towards environmentally friendly buildings and sustainable construction worldwide, the construction sector in Brazil, Mexico, China and India is generating massive demand for biodegradable plastics. An incredible surge in foreign investment in promising sectors like construction in developing regions due to the relaxation of FDI policy will also improve the market position in the years to come.
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In addition to the construction industry, consumer goods are likely to be an important end user of biodegradable plastics in the coming years. Biodegradable plastics are increasingly used in a variety of consumer products such as electronic devices, home appliances, and more. Electronic devices with components such as printed circuit boards, data storage devices and housings are made of plastic, which facilitates their lightness, mobility and durability. With government regulations on traditional plastics increasingly stringent, several consumer product manufacturers are increasingly turning to biodegradable plastics. Other major consumer products that use biodegradable plastics include speakers, touchscreen computer cases, vacuum cleaners, and cell phone cases.
Despite the many environmental benefits, biodegradable plastics also have some disadvantages. Separating traditional plastics from biodegradable ones is a huge task as there is no differentiator. In some cases, the inclusion of traditional plastics in biodegradable plastics can lead to complications in the landfill degradation process. This factor can develop into a major challenge for the top manufacturers in the following years.
The pandemic presented a number of challenges for various industries, including falling product demand, reduced manufacturing capacity and financial losses. The lockdown affected multiple industries such as healthcare, packaging, construction and more, which of course had a debilitating effect on the biodegradable plastics industry.
However, the rising popularity of the e-commerce industry coupled with the extensive use of plastics in the packaging of a wide variety of products has ensured the resilience of the global market in the face of the COVID-19 outbreak. With the food and beverage, pharmaceutical and healthcare industries relying heavily on biodegradable plastics, the global industry will see steady growth throughout the evaluation period.
Discount on report:
Depending on the product type, biodegradable plastics are divided into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics and regenerated cellulose. Biodegradable plastics based on polylactic acid dominate the market for biodegradable plastics. This is due to its large-scale application in the packaging industry due to superior properties such as high mechanical strength and low toxicity.
Agriculture, packaging, textile, injection molding and others are the major uses of biodegradable plastics in the market. The packaging industry leads out of the entire application-related segment, as the industry has an enormous need for biodegradable plastics. Some of the major packaging applications are in textiles, food and beverages, consumer products, and pharmaceuticals. The changing lifestyles of consumers combined with the booming global sales of packaged food has increased the need for biodegradable plastics in the packaging sector. The growing knowledge of farmers in relation to greenhouses for vegetable and fruit production has increased the use of biodegradable plastics in agriculture as well. Remarkable growth in the medical, automotive, and electronics industries around the world will continue to add to the market value of biodegradable plastics in the future.
Regional status of the market for biodegradable plastics
With the largest market for biodegradable plastics, Europe is currently the largest consumer, thanks to immense government pressure to use biodegradable plastics and ban the use of conventional plastics. The agricultural sector in the region makes widespread use of bioplastics to maintain optimal soil quality, while the packaged food segment is also becoming a major end user. The thriving industries such as pharmaceuticals and electronics in the region will also strengthen the market share of biodegradable plastics in the years to come.
Segmentation of the Market Covered In Research:
Global information on the biodegradable plastics market: by product type (polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose), application (packaging, agriculture, injection molding, textile, miscellaneous ) – forecast to 2028
About the future of market research:
Market Research Future (MRFR) is a global market research firm that prides itself on its services and offers complete and accurate analysis in relation to various markets and consumers worldwide. Market Research Future has the outstanding goal of offering customers optimal research quality and granular research. Our market research studies for products, services, technologies, applications, end-users, and market participants for global, regional, and country-specific market segments enable our customers to see more, know more, and do more to answer your key questions.
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August 20, 2021 at 1:47 pm GMT
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