SYDNEY, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market Research Published Latest Global Biodegradable Plastics Market Study with an in-depth analysis of the current scenario, the Market size, demand, growth pattern, trends, and forecast. The rapidly revolutionizing market place demands the best market and business solutions to thrive in the market. This Biodegradable Plastics report contains a comprehensive data of market definition, classifications, applications, engagements, market drivers and market restraints of this industry all of which is derived from SWOT analysis. Market definition covered in this Biodegradable Plastics report gives the scope of particular product with respect to the driving factors and restraints in the market. The sources of data and information mentioned in the Biodegradable Plastics report are very reliable and include websites, annual reports of the companies, journals, and mergers which are checked and validated by the market experts.
Global biodegradable plastics market was valued at USD 7.70 billion in 2021 and is expected to reach USD 22.28 billion by 2029, registering a CAGR of 14.20% during the forecast period of 2022-2029. The packaging and bags accounted for the largest share in the biodegradable plastics market over the forecast year owing to the stringent government regulations implemented across the packaging sector. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Market Analysis:-
Over the last few years, governments have increasingly focused on green procurement policies, which is also acting as a key determinant favoring the growth of the biodegradable plastics market. For instance, the German government announced in 2020 that from July 2021, single-use plastic products such as cutlery, straws, food containers, and other similar products will be prohibited from being sold in the country. Moreover, the various advantages of biodegradable plastic over non-degradable and non-decomposable plastic as non-degradable plastic creates major waste management problems such as water and land air pollution, largely contributing to the expansion of biodegradable plastics market.
Biodegradable plastics are made from petroleum and renewable raw materials like corn, wheat, bamboo, and sugarcane. Microorganisms such as fungi and bacteria degrade them into water, biomass, and carbon dioxide (CO2). As a result, they are used in a variety of ways, ranging from flexible packing materials for various food products to extruded, injection-molded in traditional machines.
Some of the Major Players Operating in the Biodegradable Plastics Market Are:
- BASF SE (Germany)
- NatureWorks LLC (U.S.)
- TT Global Chemical Public Company Limited (Thailand)
- Total Energies (Netherlands)
- Novamont S.p.a. (Italy)
- Fkur (Germany), Dupont (U.S.)
- Biome Bioplastics (U.K.)
- Mitsubishi Chemical Holding Corporation (Japan)
- Toray Industries Inc., (Japan)
- Dow (U.S.)
- Plantic (Australia)
- TianAn Biologic Materials Co., Ltd. (China)
- Danimer Scientific (U.S.)
- Evonik Industries AG (Germany)
- Eastman Chemical Company (U.S.)
- DAIKIN (Japan)
- SOLVAY (Belgium)
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Recent Development
In February 2020, BASF and the Fabbri Group (Italy) formed a joint venture to develop a sustainable cling film solution for fresh-food packaging. Meat, seafood, and fresh fruits and vegetables will all be wrapped in the film. The Fabbri group will produce it using BASF's Ecovio bioplastic, which will increase demand for biodegradable plastics in packaging applications.
In April 2021, IMA Coffee, a market leader in coffee handling, processing, and packaging, has announced a new strategic partnership with NatureWorks. This collaboration aims to expand North America's market for high-performance compostable K-cups.
Drivers
- Growing Consumer Inclination towards Biodegradable Plastics
The worldwide demand for biodegradable plastics is being fueled by the excessive use of disposable single-use plastics and their negative impact on the environment and human health. Plastics are one of the most pressing environmental concerns, as they are made from petroleum take decades to degrade and end up in landfills. Biodegradable plastics degrade quickly and are absorbed into the environment. Furthermore, when compared to traditional plastics, biodegradable plastics decompose faster. According to data published by the European Environment Agency in January 2021, nearly 40% of respondents said they planned to adopt more sustainable behavior in the future. As a result, rising environmental concerns are expected to drive the biodegradable plastics market.
Furthermore, the mulching films and plant pots are made from biodegradable plastics in the agriculture and horticulture industries. This, combined with the growing use of agricultural products in the burgeoning food and beverage (F&B) sector and growing use in food packaging and compostable bags applications and the rapidly increasing glass industry are the key factors driving market expansion. The increased use of biodegradable plastics in packaging and agriculture is also expected to contribute to the segment's growth.
Opportunities
- Surging Consumer Awareness
Furthermore, rising consumer awareness of eco-friendly plastic solutions and increased efforts to reduce the use of conventional plastics extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
- Favourable Regulations and Policies
Additionally, the biodegradable plastic producers have significant growth opportunities in various end-use industries such as electronics, automotive, and medical, thanks to favorable government regulations and a growing focus on eco-friendly plastics for green procurement policies. The biodegradable plastics converters are heavily investing in research and development for eco-friendly plastics in biomedical applications such as screws, stitching materials, and implants, which will further expand the future growth of the biodegradable plastics market.
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The Study Is Segmented By Following:
The biodegradable plastics market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Polylactic Acid (PLA)
- Starch Blends
- Biodegradable Polyesters
- Polyhydroxyalkanoates (PHA)
- Others
Application
- Packaging and Bags
- Consumer Goods
- Agriculture and Horticulture
- Textile
- Others
Biodegradable Plastics Market Regional Analysis/Insights
The biodegradable plastics market is analyzed and market size insights and trends are provided by country, product type and application as referenced above.
The countries covered in the biodegradable plastics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for biodegradable plastics due to rising environmental concerns and stringent regulations on petroleum-based plastics within the region.
TOC of Global Biodegradable Plastics Market:
- Part 01: Executive Summary
- Part 02: Scope of the Report
- Part 03: Research Methodology
- Part 04: Market Landscape
- Part 05: Pipeline Analysis
- Part 06: Market Sizing
- Part 07: Five Forces Analysis
- Part 08: Market Segmentation
- Part 09: Customer Landscape
- Part 10: Regional Landscape
- Part 11: Decision Framework
- Part 12: Drivers and Challenges
- Part 13: Market Trends
- Part 14: Vendor Landscape
- Part 15: Vendor Analysis
- Part 16: Appendix
To check the complete Table of Content clicks here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-biodegradable-plastics-market
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