Biodegradable Plastics Market Overview
The global biodegradable plastics market is expected to reach a valuation of USD 16.8 billion by 2022, according to the latest research report from Market Research Future (MRFR). The global biodegradable plastics market is expected to exhibit a strong 8.4% CAGR over the forecast period from 2016 to 2022.
The global biodegradable plastics is mainly driven by the growing awareness about the ecological damage caused by the growing volume of plastic waste and the increasing government interventions in the area to offer solid support to efforts that aim to resolve the issue of plastic pollution at its roots. The discovery of biodegradable plastics dates back to the 1970s, since when the development of the biodegradable plastics has steadily gained steam as the world’s consumption of plastic materials has grown exponentially over the same time period. The growing volume of plastic waste has bent governments as well as public will, particularly in developed areas of the world, to take concrete steps towards eradicating the problem.
Governments all over the world are funding research efforts into the production of biodegradable plastics, as they look to use human ingenuity to resolve a human-caused problem. This is likely to be a major driver for the global biodegradable plastics market over the forecast period, as groundbreaking research is expected in the area of biodegradable plastics in the coming years.
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Biodegradable Plastics Market Competitive Analysis:
Leading players in the global COVID-19 analysis on biodegradable plastics market include BASF SE, Biome Technologies PLC, NatureWorks LLC, FKuR Kunststoff GmbH, Cereplast Inc., Plantic Technologies Ltd., Cardia Bioplastics Limited, BIO-ON, Mitsubishi Chemical Corporation, and Corbion. Corbion, NatureWorks, and BASF are likely to hold on to major shares in the global biodegradable plastics market over the forecast period.
Setting up research efforts into developing biodegradable plastics in collaboration with universities and other research institutes is likely to be a popular strategy for players in the global biodegradable plastics market over the forecast period. In April 2019, Hanwha Chemicals established a research center along with Yonsei University to work on developing a wide range of eco-friendly technologies. Biodegradable plastics are expected to be a flagship project for the center.
Biodegradable Plastics Market Segmentation:
Based on product type, the global biodegradable plastics industry is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, and regenerated cellulose. PLA-based biodegradable plastics are likely to dominate the global biodegradable plastics market over the forecast period due to the ease of developing them in comparison with other types of biodegradable plastics and their easy utility in the packaging industry.
By application, the global biodegradable plastics market demand is segmented into packaging, injection molding, agriculture, textiles, and others. The packaging industry is likely to dominate the global biodegradable plastics market over the forecast period due to the large volume of the demand for plastics from the packaging industry.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.
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