Canada Compostable Plastics Market to be Dominated by Packaging Segment Through 2027
Growing packaging &
logistic market and increasing awareness about plastic waste to drive the
demand for the Compostable Plastics Market in the forecast period, 2023-2027.
According to TechSci Research report, “Canada Compostable Plastics Market - By
Region, Competition Forecast and Opportunities, 2017-2027", The Canadian Compostable
Plastic market is anticipated to grow considerably in the projected period,
2023-2027. The Compostable Plastic market is expected to increase due to the
growing Automobile, construction, aerospace, woodwork, and petroleum sectors.
According to the government of Canada, almost 3 million tons of plastic waste
are thrown in landfills and water bodies by Canadian every year. Only 9% of the
total plastic waste is recycled; the above data indicate the uses of plastic in
Canada and the opportunity of increasing market share due to the growing
population and economic development. Conventional plastic is responsible for
rising health problems and negative environmental impacts, leading to
pollution, short lifespan, and climate change. People are worried about the
situation at the community level and shifting towards the alternative. Thus,
the Compostable Plastic requirement will rise in the anticipated period for the
best replacement of conventional plastic. Due to global tensions, the supply of
petroleum is impacting the market's growth as it is used for production.
To tackle the difficulty
due to price variability of the compostable plastic market, government and
private organizations are working together and doing R&D for better
products. Government initiatives like FTA (Free Trade Agreement), Canadian
Environmental Protection Act 1999, Ocean Plastic Charter, and strategy on zero
plastic waste and traffic elimination incentives are helping industrialists
lower the final product cost and create a favorable situation for the
compostable plastic market. Likewise, the rising population, growing demand for
packed food, green tires, and efforts by marketers to increase revenue are
factors for the market's growth. Thus, the abovementioned factors will drive
the growth and directly impact the Canada Compostable Plastic market growth.
Browse over XX market data Figures spread through
70 Pages and an in-depth TOC on "Canada Compostable Plastic Market"
The Canada Compostable
Plastic Market is segmented based on technology, resin type, and end-user type.
Based on the technology
type, the market is divided into PLA, starch blends, PHA, PBAT, and others. The
PBAT segment is expected to hold the largest market share in the projected
year. PBAT is an ideal polymer product as it melds with other polymers. Due to
its versatility in nature, this product is more demanded in place of
traditional plastic. Thus, it accounts most significant market share in its
segment.
Based on the end-user
industry type, the market is divided into packaging, consumer goods, textiles,
and others. As per estimates, the packaging segment is going to experience the
highest market share during the forecast period. Packaging is used daily in
people's daily lives as the growing demand for online shopping platforms in
every home. Plastic is used as a packaging product in every industry for safety
purposes. As per government policy, the packaging industry is shifting towards
compostable plastic as a replacement for conventional plastic, which is
why compostable plastic dominates the market segment.
Major operating companies operating in
Canada Compostable Plastic market are:
- BOSK Bioproducts
Inc.
- TerraVerdae
Bioworks Inc.
- S2G Biochemicals
Inc.
- Good Natured
Products, Inc.
- Be- Up
Biotechnology Inc.
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" The Ontario region is expected to dominate the Canadian
market in the coming years due to its favorable government policy, rising
population, and presence of different manufacturing units. The Compostable
Plastic Market is anticipated to increase due to the growing demand for packed
food, oil & gas, rising population, packaging, ongoing construction
infrastructure, and automotive and aerospace industries. According to the
government of Canada, almost 3 million tons of plastic waste are thrown in
landfills and water bodies by Canadian every year. Almost 90 % of waste plastic
is untreated or dropped into landfills. The firms and communities are taking
steps and replacing conventional plastic with the best alternative. Thus, the
requirement for compostable plastic will increase in the forecasted year for
packaging and operation purposes.
The demand for compostable plastic
devices is anticipated to grow in Canada in the upcoming year due to their
diverse usage, characteristics, and effectiveness. Technological improvement,
collaboration, merger, and acquisition are the various managerial activities
impacting the market's growth. On growing demand for automobiles worldwide,
infrastructural projects developing in the region, public awareness, favorable
government policies such as FTA, traffic elimination, Canadian environmental
protection act 1999, ocean plastic charter, and strategy on zero plastic waste,
and others are market boosting factors. All the factors mentioned above are
projected to impact market growth and create favorable conditions to push the
Canada compostable plastic market growth till 2027." said Mr. Karan Chechi,
research director with TechSci research, a research based global management
consulting firm.
“Canada Compostable
Plastics Market By Compostable Plastics Type (PLA, Starch Blends, PHA, PBAT,
and Others), By End User Industry (Packaging, Consumer Goods, Textiles, and
Others), By Company, By Region, Competition Forecast and Opportunities, 2027,
has evaluated the
future growth potential of Canada compostable 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 Canada compostable plastic market.
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