Global Biodegradable Plastics Market is Expected to Reach USD 8.57 Billion by 2025: Fior Markets
29 July 2019
New Jersey, NJ, July 29, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled, "Biodegradable Plastics Market by Type (PLA, Starch Blends, Biodegradable Polyesters, PHA, Others), End User Industry, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025". As per the report, the global biodegradable plastics market is expected to grow from USD 2.68 Billion in 2017 to USD 8.57 Billion by 2025, at a CAGR of 15.64% during the forecast period from 2018-2025. Increasing consumer preference for the environmentally sustainable plastic products and growing regulations and prohibitions against the use of plastic bags and other plastic items are propelling the global biodegradable plastics market.
Market Outlook of the Biodegradable Plastics
- Biodegradable plastic is plastic that decomposes naturally in the environment by the action of microorganisms in the environment that metabolize and break down the structure of biodegradable plastic. The end result is one which is relatively less harmful to the environment than the traditional plastics. Non-decomposable plastics are a global environmental problem. Governments around the world are dealing with this problem by banning single-use plastics and promoting biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. Moreover increasing use of biodegradable plastics in packaging and agriculture sectors is projected to drive the global biodegradable plastics market over the forecast period.
- Even though the factors such as growing consumer preference toward eco-friendly plastic products as well as increasing government emphasis on the use of biodegradable plastics are driving the global biodegradable plastics market, the higher cost of biodegradable plastics and shortcomings of biodegradable plastics are anticipated to dampen the market growth. The growing use of biodegradable plastics in the food and beverages industry, as well as rapid growth of packaging industry, is expected to develop new market expansion opportunities for the global biodegradable plastics market in the forthcoming years.
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Type Segment Analysis of the Biodegradable Plastics Market
- Starch Blends
- Biodegradable Polyesters
Owing to their widespread use in the production of drink cups, takeaway food trays, containers, and planter boxes, the PLA segment led the global biodegradable plastics market with USD 1.01 billion revenue in 2017. PLA is derived from the natural ingredients such as corn starch, tapioca roots, or sugarcane, and are non-toxic, environmentally friendly and degrade within the 3–6 months in an industrial composting system. PBAT type of biodegradable plastic are alternative to low-density polyethylene providing similar flexibility & resilience properties, and is being widely used in manufacturing of the plastic bags and wrap. The food packaging, compostable plastic bags for gardening and agricultural use, and as water resistant coatings for other materials
End User Industry Segment Analysis of the Biodegradable Plastics Market
- Packaging & Bags
- Consumer Goods
- Agriculture & Horticulture
Owing to increasing demand for the eco-friendly packaging materials for the purpose of packaging fresh food, dried snacks & candy, bakery goods, water & juice bottles, and meat products, the packaging & bags segment emerged as the leader in the global demand for the biodegradable plastics with USD 1.07 billion revenue in 2017. The agriculture & horticulture is growing at a rapid growth rate due to the use of biodegradable plastics in the conservation of water in the soil, conducive soil temperature maintenance, and enabling suppression of weed growth for the faster crop development. The consumer goods and textile segment is anticipated to grow with a significant market share during the forecast period.
Region Segment Analysis of the Biodegradable Plastics Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe region emerged as the largest market for the biodegradable plastics with a 39.57% share of market revenue in 2017. Due to the implementation of stringent regulations on the use of non-biodegradable plastics, high level of awareness among the consumers pertaining environmental impacts of the regular plastic, as well as the presence of well-developed food and beverages industry led Europe region to dominate the global demand for the biodegradable plastics in 2017. Asia Pacific region is anticipated to grow at the highest CAGR of 18.34% over the forecast period. Factors such as easy availability of raw materials used to manufacture biodegradable plastics, the rapid growth of packaging industry as well as increasing acceptance of biodegradable plastics in the various end user industries are expected to propel this increased growth.
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Competitive landscape and key vendors
- Major players in the global biodegradable plastics market are BASF SE, BIO-ON, Biome Bioplastics, Total Corbion PLA, FKuR, MHG, Natur -Tec India Private Limited., Nature Works LLC, Mitsubishi Chemical Corporation, Plantic Technologies, Danimer Scientific, Novamont S.P.A., Toray Industries, Succinity GmbH, Tianan Biologic Materials Co., Synbra Technology Bv, Carbiolice, and among others.
- Scientists at the BEACON bioeconomy research centre and AMBER materials science research centre have, however, designed a new biodegradable material which could help alleviate the problem. They found that by adding polycaprolactone (PCL) to polylactic acid (PLA), which normally on its own requires high temperatures to disintegrate, the material completely broke down in an environment mirroring a home composter.
- For instance, in 2019, Nestlé and Danimer Scientific, a leading developer and manufacturer of biodegradable plastic products, have announced a global partnership to develop biodegradable bottles. Nestlé and Danimer Scientific will collaborate to design and manufacture bio-based resins for Nestlé’s water business using Danimer Scientific’s PHA polymer Nodax. In 2018, the University of Georgia (U.S.A.) confirmed in a study that Nodax is an effective biodegradable alternative to petrochemical plastics.
About the report:
The global biodegradable plastics market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About Fior Markets
Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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