Biodegradable Plastic Bags and Sacks Market Prophesied to Grow at a Faster Pace by 2022

Numerous key players in the global biodegradable plastic bags and sacks market are concentrating on providing versatile and high quality products with the aid of modern biodegradable additives so as to gain an upper hand over the market rivals. In addition to this, several players are indulging into strategic business activities such as mergers and acquisitions across the globe with an aim to enhance their overall market presence. Some of the notable names in the global market for biodegradable plastic bags and sacks include Novolex, Shabra Group, Xtex Polythene Ltd., International Plastics Inc., Ampac Holdings LLC, Bulldog Bag Ltd., Abbey Polyethene, Sahachit Watana Plastic Industry Co.,Ltd., Sarah Bio Plast, and Symphony Polymers Pvt Ltd.

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The global market for biodegradable plastic bags and sacks stood at an initial market valuation worth US$1.4075 bn in the year 2017. This valuation is expected to grow and reach a figure worth US$2.052 bn by the end of 2022. This growth of the global market for biodegradable plastic bags and sacks is expected to be achieved with the help of an impressive CAGR of 6.9% over the course of the given forecast period of 2017 to 2022.

Environmental Problems Created due to Traditional Plastics to Drive Uptake of Market

A considerable problem of the non-recyclable waste caused due to disposal of conventional plastics across the globe has resulted into hazardous effect on the environment. This, in return has significantly helped in triggering the overall demand for biodegradable plastics. The decomposition of the biodegradable plastics is possible with the natural processes such as composting and with the help of microorganisms. This is one of the most notable features of biodegradable plastic bags and sacks and is thus an important factor in its large scale adoption across the globe. A number of environmental advantages are associated with the use of biodegradable bags and sacks, chiefly because they are made of materials derived from plants.

This is also expected to boost the overall development of the global market for biodegradable bags and sacks market over the coming years of the forecast period. It is also projected that this will help in broad adoption of these bags and sacks in various sectors such as consumer, retail, industrial, and institutional among others. As people become more and more aware about the harmful effects of non-degradable plastics and the pollution caused by them, it is projected that the sales of the biodegradable plastics will experience a swift growth across different parts of the world.

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Intense Competition from Other Available Products to Impede Market Growth

However, there are some factors that might negatively affect the growth of the global market over the coming years of the forecast period. In spite of huge efforts taken by private as well as government players in several countries for recycling waster, the inadequate disposal of biodegradable plastics at the landfills along with other waste materials is a one of the key factors that is hampering the growth of the market for these bags and sacks in some regions. In addition to this, fierce competition from the other composite bags and sacks is also a factor that might impede the growth of the market in the coming years of forecast period.

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This release was published on openPR.