Global Biodegradable Plastics Market – Complete Industry Overview and Analysis
The report, “Global Biodegradable Plastics Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast” explores the current market statistics and future growth scope of the global biodegradable plastics. According to the report, this market is expected to witness a significant growth during the study period owing to the growing demand for bio-degradable products, shifting preference of consumer towards eco-friendly packaging and increasing usage of bio-based & renewable raw materials across the globe. In addition, stringent legislative regulations for the usage of eco-friendly products and continuous research and development activities will further aid in the growth of the market over the coming years. However, high production cost and durability concern of biodegradable plastics are some of the major concerns, which can negatively impact the growth of the market in the forthcoming years.
Biodegradable plastics are a kind of plastics, which undergo decomposition in a specific time with the action of microorganisms. They need a suitable environment to biodegrade by the fermentation process. The global market has been segmented based on product into polylactic acid, polyhydroxyalkanoates, polybutylene succinatek, polycaprolactone, starch-based and regenerated cellulose. Polylactic acid-based biodegradable plastics are a leading product segment and are anticipated to witness a double-digit growth in the study period on account of its increasing application scope in the packaging due to its good appearance, high mechanical properties, low toxicity and ease of processability. Furthermore, the market has been segmented based on application into packaging, agriculture, textile, injection molding and others (including electronic, medical, etc.). The packaging application has accounted for major market share and is projected to be the largest application segment over the forecast period owing to the widespread usage for manufacturing single-use packaging items such as disposable cutlery, shopping bags, and others, globally.
Europe is a major market and is expected to continue its dominance over the coming years due to strict implementation of eco-friendly regulations which forbids the usage of petroleum-based plastics for various applications and rising environmental awareness among the population in the region. Italy has prohibited the usage of petroleum-based plastic bags, on the other hand, there is a tax levied on the usage of petroleum-based plastic bags in countries like Germany, Ireland, and others. These factors will further propel the growth of the biodegradable plastics in the near future. Asia Pacific is one the fastest growing regions and is anticipated to grow at the highest CAGR during the forecast period on account of increasing scope of applications, rapid technological advancements and growing demand for eco-friendly products in the region.
The major industry players included in the report are BASF SE, Biome Technologies PLC, Metabolix Inc., Mitsubishi Chemical Corporation, NatureWorks LLC and Plantic Technologies Ltd.
In Oct 2015, Carbios, a French chemical company has started production of biodegradable plastics in a newly pilot plant in Saint-Beauzire in central France.
In May 2016, Kartell, the pioneer of plastic items has launched biodegradable chair based on renewable raw materials.
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