Biodegradable Plastics Market Overview:
Biodegradable Plastics decompose to carbon dioxide and water under the influence of microorganisms. They are produced by fermentation of sugar or canola oil to provide polylactic acid (PLA) or polyhydroxyalkanoates (PHA), which in turn are converted into biodegradable products. The global biodegradable plastics market size was around USD 11.9 billion in 2019 and is estimated to grow at a CAGR of 10.60% to reach USD 19.8 billion by 2024.
Biodegradable Plastics drivers and restraints:
Biodegradable nature of plastics is estimated to be significant factors driving the global market over the recent period. The rise in awareness about eco-friendly products and strict regulations relating to the usage of traditional plastics is expected to drive the biodegradable plastics business. The critical factors for market growth are the significant initiatives taken by many governments to use biodegradable plastics over traditional plastics.
The price of producing biodegradable plastics is much more than conventional plastics. The higher cost-effectiveness and lack of technology can be significant challenges to many manufacturers, but they can be overcome with technology advancement. Volatile prices of crude oil can be an opportunity for the manufacturer to shift to biodegradable plastics over petroleum-based conventional plastics.
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Biodegradable Plastics segmented as:
polylactic acid (PLA)
polybutylene succinate (PBS)
Biodegradable Plastics Geographical analysis:
Based on geography, Europe is the biggest consumer of Biodegradable Plastics followed by North America. North America is in the second position due to the high demand for such plastics in retail stores. The Asia-Pacific witnessed steady growth in the overall market.
Important market players:
Major players operating in the global Biodegradable Plastics market are BASF SE (Germany), Corbion (Netherland), Biome Technologies PLC (U.K.), Mitsubishi Chemical Corporation (Japan), NatureWorks LLC (U.S.), Cardia Bioplastics Limited (Australia), Cereplast Inc (U.S), Plantic Technologies Ltd (Australia) and others.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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