Biodegradable Plastic Market to Grow at a CAGR of 6.91%, By Volume, During the Forecast Period
Rising income levels, increasing awareness about pollution
and supportive Government Policies are driving the Global Biodegradable Plastic
Market through 2027.
According
to TechSci Research report, “Biodegradable Plastic Market - Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, The
global Biodegradable Plastic Market stood at USD 3438.70
million in 2021 and is expected to grow at a CAGR of 9.03% during the forecast
period on account of growing environmental consciousness in the public and
increasing expenditure by the government of various countries on research and
development in this field.
Increase
in the prices of fossil fuels, especially crude oil, will also result in rise
in price of conventional plastic. And in the recent past crude oil price has
risen sharply, firstly, due to spread of pandemic and secondly, due to
geopolitical tensions in the west. Also, knowing the fact that conventional
fuels are exhaustible, so in the long run their prices will continue to soar as
a result, which will make biodegradable Plastic more affordable for large
section of people.
Additionally,
the sudden outbreak and spread of COVID-19 pandemic has led to an increase in
demand for biodegradable plastic being widely used by food packaging and
consumer goods industry during COVID-19 period, which in turn fueled the market growth in 2020.
Also, supportive policies, rules and regulations made by lawmakers and
environmental awareness among general public across the globe is expected to
foster the market growth during the forecast period.
In
addition to above factors, developing countries like South Africa and Brazil will
serve as a bigger market for biodegradable Plastic owing to the surplus
production of water extensive crops like corn and maize, large population base,
high economic growth rate and several government initiatives in these countries
to adopt biodegradable Plastic.
However,
the global Biodegradable Plastic market has some challenge as well. With the adoption
of biodegradable plastic there has been a supply issue. To maintain supply at
required level, the agricultural production of sugar cane or other feedstock
need to be increased. However agricultural production is already pressed to its
limits.
Browse over 130 market data Figures spread through 110
Pages and an in-depth TOC on "Global Biodegradable Plastic
Market"
https://www.techsciresearch.com/report/global-biodegradable-plastics-market/3492.html
The
global Biodegradable Plastic Market is segmented based on type, end user industry,
company, and regional distribution. In terms of type, the market can be divided
into Starch Blends, PLA, PBAT, PHA and Others. The Starch Blends segment
dominated the market in 2021 with a share of around 47.11% because of cheap and
easily available feedstock. Apart from that, Starch is renewable and thus most
reliable feedstock to manufacture biodegradable plastic. In terms of end user industry,
the market can be categorized into packaging, textiles. Consumer goods and
others. The Packaging segment is expected to dominate the market with CAGR of 7.27%
during the forecast period as use and awareness about sustainable packaging is raising
especially in the developing countries such as Brazil, South Africa, India.
Key
market players in the Global Biodegradable Plastic Market include:
·
Novamont S.p.A
·
NatureWorks LLC
·
Futerro
·
TotalEnergies Corbion
·
BASF SE
·
Kingfa SCI. & TECH. Co. Limited
·
Zhejiang Hisun Biomaterials Co. Limited
·
Danimer Scientific
·
Kaneka Corporation
·
Mitsubishi Chemical Holdings Corporation
·
Toray Industries, Inc
·
Biome BioPlastics
Global
Biodegradable Plastic Market is consolidated with a lot of well-established
players having presence in several countries with several domestic players
possessing leadership in certain regions and countries, among others. Novamont
S.p.A. holds the highest market share and is among the top five market players
globally. NatureWorks LLC ranks second in terms of market share in the overall Biodegradable
Plastic Market. The company has a strong presence worldwide and a huge brand
value with unique product portfolio.
Additionally,
there are other prominent players such as BASF SE, Zhejiang Hisun Biomaterials
Co. Limited, Toray Industries, INC., Danimer Scientific, TotalEnergies
Corbion, Kingfa SCI. & TECH. Co. Ltd., Futerro, Biome BioPlastics,
Kaneka Corporation, and among others, holding a significant position in the
global Biodegradable Plastic Market.
Download Sample
Report @ https://www.techsciresearch.com/sample-report.aspx?cid=3492
Customers can also request for 10% free
customization on this report.
“The Asia Pacific region will register
the fastest CAGR during the forecast period. This can be attributed to the growing
government support for biodegradable plastic industries, majorly across
developing countries like India, Japan and Southeast Countries. Additionally, rising
crude oil prices will directly contribute to increase in demand for biodegradable
Plastic in the region, which is expected to support market growth. Also, strict
regulations and bans on non-biodegradable plastic from countries like India and
Australia will act as catalyst for growth of this market”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Biodegradable Plastic
Market - Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2017-2027, Segmented By Type (Starch Blends, Polylactic Acid (PLA),
Polybutylene Adipate Terephthalate (PBAT), Polyhydroxyalkanoate (PHA), Others),
By End User Industry (Packaging, Consumer Goods, Textiles, Others), By Region”, has evaluated the future
growth potential of global Biodegradable Plastic market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global Biodegradable Plastic Market.
Contact
Mr. Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York – 10017
Tel:
+1-646-360-1656
Email:
[email protected]
Web:
https://www.techsciresearch.com