What is Biodegradable Plastics Market Scope?
Biodegradable plastic is a plant-based plastic with no hazardous effects on the environment. It degrades naturally in base compounds in a reasonable amount of time. Hence, plastic, defined as biodegradable, is made of molecules that can break down naturally by the action of micro-organism. Despite environmental advantages, biodegradable plastics also have some shortcomings. Segregation of conventional plastics and biodegradable plastic is a big drawback as there is no distinct difference between them. The inclusion of conventional plastic in biodegradable plastic landfills can cause complications in the decomposition process.
The Biodegradable Plastics market study is being classified by Type (Polylactic Acid (PLA) Biodegradable Plastics, Polyhydroxyalkanoates (PHA) Biodegradable Plastics, Polybutylene Succinate (PBS) Biodegradable Plastics, Polycaprolactone (PCL) Biodegradable Plastics, Starch-based Biodegradable Plastics and Regenerated Cellulose Biodegradable Plastics), by Application (Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile and Others) and major geographies with country level break-up. According to AMA, the Global Biodegradable Plastics market is expected to see growth rate of 13.3%
Competition in the market varies from low to medium from region to region. Competition in Europe and North America is medium owing to a large number of players present in these regions. On the flip side, competitive rivalry in Asia Pacific is low due to fewer market players. However, the demand for biodegradable plastic is poised to increase in both developed and developing markets. Research Analyst at AMA predicts that Vendors from European will contribute to the maximum growth of Global Biodegradable Plastics market throughout the predicted period.
NatureWorks (United States), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical (Japan), Biome Bioplastics (United Kingdom), Plantic Technologies (Australia), Bio-On (Italy), Danimer Scientific (Georgia), Novamont S.p.A (Italy) and Toray Industries (Japan) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Biodegradable Plastics market by Type, Application and Region.
On the basis of geography, the market of Biodegradable Plastics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Market Trend
- The increasing the use of biodegradable plastics in packaging and agriculture
- Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding ill-effects of plastic waste
- Increasing Use in Food Packaging & Compostable Bags Applications
- The shift in Consumer Preference Toward Eco-Friendly Plastic Products
- Emerging End-Use Industries of Biodegradable Plastics
- The consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature
- Higher Cost of Biodegradable Plastics Than That of Conventional Plastics
- Performance Issues Related to Biodegradable Plastic
Key Target AudienceBiodegradable plastics manufacturing companies, Traders, distributors, and retailers, Raw material suppliers, Commercial R&D institutes and Research institutes, trade associations, and government agencies
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