Compostable Plastics Market to be Dominated by Organic Amendments Segment Through 2027
Rising awareness about the
side-effect of conventional plastic and the ongoing government initiatives are
expected to drive the demand for Global Compostable Plastics Market in the
forecast period, 2023-2027.
According to TechSci Research report, “Compostable Plastics Market- Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, The global compostable plastics market is
anticipated to increase significantly in the forecast period, 2023-2027. Rising
awareness about the side-effect of conventional plastic and the ongoing
government initiatives are the primary factor that is going to affect the
market share of the compostable plastic market positively. According to the WHO
report, more than one million tons of traditional plastic are drained into the
seas every year, affecting the sea creature's life, and then the same goes for
human beings. Thus, all operation based on traditional plastic is now shifting
to compostable plastic due to its natural biodegradability. Hence, this shift
is going to impact the compostable market growth in the projected period
directly. Cost is playing key restraint in the market because of its dependence
on petroleum; its price is volatile and production on a small scale. As a
result, the cost of compostable plastic is more than traditional plastic.
But Government
initiatives to emphasize the use of eco-friendly plastic are driving the large
market volume and revenue towards the compostable plastics market. As the
government is creating favorable conditions for the compostable plastic market,
a different sector where packaging is required is opting for these products.
Packaging is necessary to store safely in almost every industry, like
pharmaceutical, logistics, FMGC, infrastructure, agriculture, and other
sectors. Thus, the abovementioned reasons are going to drive the growth and
directly impact the Global Compostable Plastics market growth. In the United
States, approximately 37 million plastic tons are used annually. Packaging and
food-service plastics signify about 16 million tons, and these are
characteristically "single use." On average, Americans consume 100
pounds per person, per year, of packaging and food-service plastics. The demand
is high, and the government is working to stop the public's single plastic use
at large. Thus, this shift will drive the market share of compostable plastic
in the projected time.
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The global compostable
plastics market is segmented based on compostable plastic type, and end user
type
Based on the compostable
plastic 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 2022.
The flexibility and resilience of PBAT allow it to produce solid and rigid
products. 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. In the packaging industry, almost
54.5% of plastics are used for packaging. As people’s lifestyles change,
awareness about biodegradable waste is increasing. Due to high durability and
protection from water encourage, many industries for cosmetics and personal
care packaging, food packaging, pharmaceutical product packaging, and shopping
bag.
Major operating companies
operating in global compostable plastics market are:
- BASF SE
- Novamont S.p.A.
- Corbion N.V.
- Biome Technologies
plc
- Total Corbion PLA
- Dow Chemical
Company
- Natureworks LLC
- Eastman Chemical
Company
- Danimer Scientific,
Inc.
- Mitsubishi Chemical
America, Inc
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"The Asia- Pacific region is expected to dominate the global
compostable plastic market in the coming years due to its growing economy and
rapidly rising population. Growing knowledge about the side-effect of
conventional plastic and the ongoing government initiatives to stop single-use
plastic will drive an impressive compostable plastic market share in the
projected period. Growing health issues and peoples' awareness about
non-degradable plastics led to the demand for better compostable alternatives.
Around one million to four hundred thousand people, directly and indirectly,
die every year because of the mismanagement of plastic and waste. The
government is conscious of the health care situation and executes policies
& initiatives to stop using non-biodegradables.
In the projected period, demand for the
packaging segment is expected to increase in end-user type in the projected
year. R&D practices, diverse use of the product, a good environment for
marketing, and effort by marketers are expected to impact market growth and
create favorable conditions to propel the Global Compostable Plastics market
growth till 2027.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Compostable Plastics Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 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 Global Compostable Plastics 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 Compostable Plastics market.
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