Press release
Compostable Plastic Market to Reach $3.10 Billion by 2027
Allied Market Research
Rise in adoption of compostable plastic due to its eco-friendly nature, increase in demand in food and beverage sector, and government initiatives for promoting eco-friendly plastic drive the growth of the global compostable plastic market. However, high price of compostable plastic hinder the market growth. On the other hand, surge in corporate social responsibility (CSR) activities creates new opportunities in the coming years.
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Based on type, the home compostable plastic segment is expected to register the highest CAGR of 17.5% from 2020 to 2027. However, the others segment contributed to the largest share in 2019, accounting for nearly four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period.
Impact Analysis on the Compostable Plastic Market @ https://www.alliedmarketresearch.com/request-for-customization/6943?reqfor=covid
Based on application, the compostable bag segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the compostable gloves segment is estimated to portray the highest CAGR of 16.1% during the forecast period.
Based on region, Europe contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 18.3% from 2020 to 2027.
Leading market players analyzed in the research include BASF SE, Novamont S.p.A., Dow Inc., Natureworks, Plantic, Biome Technologies plc, Corbion N.V., Eastman Chemical Company, Mitsubishi Chemical Holdings, and Danimer Scientific.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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