The global biodegradable plastic market was valued at $1.2 billion in 2018, and is projected to reach $6.0 billion by 2026, growing at a CAGR of 21.3% from 2019 to 2026.
Biodegradable plastic is a plant based plastic with no hazardous effects on the environment. It composed of petrochemical, renewable material, and micro-organisms. The idea of biodegradable plastic reveals little or no degradation of plastic material over the period, causing least hazards to environment. Hence, plastic that is defined as biodegradable is made of molecule that can break down naturally by the action of micro-organisms. Some of the major known types of the biodegradable plastic includes, Poly(lactic Acid (PLA), Polybutylene adipate terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and Starch Blends.
The global biodegradable plastic market is in introductory phase of industry life cycle and is expected to explore new growth opportunities during the coming years. Some of the basic factors driving the demand for biodegradable plastic include governmental initiatives to eliminate single use plastic and strict regulatory outlook against the use of conventional plastic products. Industry trends are shifting toward bio based products to reduce dependence on conventional plastics. Biobased and biodegradable plastic is least toxic and causes no adverse effects environments. Hence, its demand is on the rise at significant pace.
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Moreover, most of manufacturers from each industry vertical are shifting toward use of biobased plastic due to pressure from regulatory bodies. Packaging textile, and agriculture industries are being some of them. Such factors are largely impacting the growth of the global biodegradable market. On the other hand, the growth of the market is restrained by high cost of biodegradable plastic over its conventional counterparts. Growth opportunities in this market are promising which is projected to come from concept like corporate social responsibility and decreased dependence on synthetic resources.
The global biodegradable plastic market is segmented on the basis of type, application, and region. Based on type, the market is bifurcated into includes (Poly(lactic Acid) (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Starch Blends, and others. On the basis of application, the global biodegradable plastic market is categorized into packaging, agriculture, textile, consumer durable and others. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major manufacturers studied and profiled in the global biodegradable plastic market are BASF SE, DowDuPont Inc, Novamont S.p.A., Plantic, Natureworks, Corbion N.V., Biome Technologies plc, Eastman Chemical Company, and Danimer Scientific.
KEY BENEFITS FOR STAKEHOLDERS
• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building
• It outlines the current trends and future scenario of the market from 2019 to 2026 to understand the prevailing opportunities and potential investment pockets
• Major countries in the region have been mapped according to their individual revenue contribution to the regional market
• The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study
• The profiles of key players along with their key strategic developments are enlisted in the report
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KEY MARKET SEGMENTS
• By Type
• Starch Blends
• By Application
• Consumer Durable
• By Region
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
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o South Africa
o Saudi Arabia
o Rest of LAMEA