Market Overview
As per the biodegradable plastics market forecast by Market Research Future (MRFR), the biodegradable plastics market size can reach USD 16.8 Bn by 2022. According to MRFR research, the biodegradable market 2020 can rise at about 8.4% CAGR between 2016 and 2022. The gradual increase in the disposal of plastic waste in to oceans is noted to threaten marine life at an alarming rate. The growing concern for water life due to increase in pollution has encouraged the United Nation to launch a campaign ‘#CleanSeas’ with the initiative to eliminate marine litter by 2022. Recently, such initiatives are taken-up by other reputed organization dedicated to the protection of our environment. The active use of biodegradable plastic is observed to be the common objective of these initiatives to reduce carbon footprint and marine waste burden. At the same time, the growing consumer awareness about global warming and its impact on marine life are encouraging governments across the globe to ban plastic bags. Thus, an escalation in the application for biodegradable plastics is observed. These factors are identified robust growth inducers of the biodegradable plastic market that can foster substantial revenue.
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Competitive analysis
BASF SE (Germany), Biome Technologies PLC (U.K.), Corbion (Netherland), Mitsubishi Chemical Corporation (Japan), BIO-ON (Italy), NatureWorks LLC (U.S.), FKuR Kunststoff GmbH (Germany), Cardia Bioplastics Limited (Australia), Plantic Technologies Ltd (Australia), and Cereplast Inc (U.S) among others companies are studied by MRFR that are mentioned in the biodegradable plastics market report.
Market Challenges
The high price of biodegradable plastics due to the its engineering processes intricacies and instability of raw materials that are used in the effective fabrication of biodegradable plastics can hinder the market augmentation. However, governments in different economies are determined to eradicate non-biodegradable plastics to cleanse the environment. Thus, numerous organizations are deploying means to recycle plastic waste and aid in its effective disposal in the environment.
Market Segmentation
The segment study of the biodegradable plastic market is based on product type and application. The product type-based segments of the biodegradable plastics market are polylactic acid (PLA), polyhydroxyalkanoates (PHA), polycaprolactone (PCL), polybutylene succinate (PBS), starch-based plastics, and regenerated cellulose among others. The increase in utility of PBS due to its feasibility of production and affordability can gain high traction for biodegradable plastics, thus can promote the market through the evaluation period. The application-based segments of the biodegradable plastics market are packaging, industry food & beverage, pharmaceuticals, textiles, and consumer goods.
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Regional Analysis
The emerging trend of light weight automobile to reduce carbon footprints is observed to the foremost reason to deploy plastics as a replacement for metal and other heavier materials. The automotive sector is observed to produce lightweight transportation solutions to keep carbon footprints in check and maintain environment conservationism. Thus, increase in the adoption of biodegradable plastics over petroleum plastic is observed. In Asia Pacific and Europe, the existence of powerful production base of automobiles, automotive giants, such as Toyota and Tech Mahindra among others are adopting for bioplastics that can favor the regional market rise.
In North America, the rapid introduction of innovative automotive solutions that are fabricated of bioplastics can support expansion of the market in the near future. The thriving packaging sector catering to environmental need of F&B and pharmaceuticals industries can add to the expansion of the regional market in the near future. The incorporation of packaging unit as an integral part of growing sectors can set to regional market achieve exponential growth.
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