Biodegradable Plastics Market Overview:
Biodegradable Plastics Market is expected to reach USD 16.8 Bn by 2022 with CAGR 8.4% between by 2018-2022.
Packaging industry accounts for largest market segment in application of biodegradable plastics. Increasing demand of biodegradable plastics as major packaging applications in food & beverage, textiles, pharmaceuticals and consumer goods is augmented to market growth over the forecasted period. Growing electronic, medical and automobile industry has also boosted the demand of biodegradable plastics market.
Rise in consumer spending especially in textile and consumer goods sector has boosted the market growth. Agriculture sector in emerging economies is growing at faster pace owing to rise in population leading to less emission of pollutant gases through usage of conventional plastics. Countries in Europe and North America has put banned on checkout bags in retail stores.
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Biodegradable Plastics Market Key Players:
Key players of the global high Biodegradable Plastics market are BASF SE (Germany), Corbion (Netherland), Biome Technologies PLC (U.K.), Mitsubishi Chemical Corporation (Japan), NatureWorks LLC (U.S.), BIO-ON (Italy), FKuR Kunststoff GmbH (Germany), Cardia Bioplastics Limited (Australia), Cereplast Inc (U.S), Plantic Technologies Ltd (Australia) and others.
Biodegradable Plastics Market Segmentation:
Biodegradable Plastics is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Starch based and polylactic acid (PLA) accounts for largest market share owing to properties such as high tensile and mechanical strength. Polylactic acid based biodegradable plastics is used majority in packaging industry.
These plastics provide good appearance due to produce from fermentation of both wheat starch and corn starch. Later, starch based biodegradable plastics are expected to overtake polylactic acid based biodegradable plastics over the forecasted period owing to high tensile strength and impact resistance in packaging and consumer goods.
Biodegradable Plastics Market Regional Analysis:
Geographically, Europe being largest consumer of Biodegradable Plastics followed by North America. These is attributed owing to high pressure by government regarding usage of biodegradable plastics in order to control disposable of garbage of conventional plastics which leads to deteriorating the quality of soil. Growing packed food products along with increasing electronic and pharmaceutical industry is anticipated to drive the biodegradable plastics market in coming years.
North America is second leading segment owing to high demand of biodegradable plastics in retail stores. Rising consumer pressure and favorable regulations by government in various industries such as textile, automobile, medical and electrical & electronic industries has propelled the demand of biodegradable plastics in US market. U.S held second position owing to government regulations in supporting loan guarantees to those manufacturers that are using high performance bio-based chemicals for production.
Asia-Pacific witnessed steady growth in biodegradable plastics market. High production cost and lack of consumer awareness leading to use of low-cost petroleum based conventional plastics has led the steady growth in these regions. Other developing regions like China and India are expected to witness a stable growth owing to lenient regulations in using non-conventional resources.
Biodegradable Plastics Market Table of Content:
1. Executive Summary
2. Cope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Biodegradable Plastics Market
Biodegradable Plastics Market Table of Content to be Continue…….,
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Biodegradable Plastics Market Overview: