Biodegradable Plastics Market Industry Features Across Ability Focus Analysis Share Growth Trends Forecasts 2023

Biodegradable Plastics Market / Overview:

The global biodegradable plastics market is expected to reach 16.8 billion by 2022 with CAGR 8.4% between 2018-2022.

Rising consumer awareness about global warming and government legislation such as banned on plastic bags will increase the demand for biodegradable plastics across the globe. Plastics that decompose to carbon dioxide and water under the actions of microorganisms is known as biodegradable plastics. Biodegradable plastics are produced by fermentation of sugar or canola oil to produce polylactic acid (PLA) or polyhydroxyalkanoates (PHA) which in turn converted into biodegradable plastics.

Biodegradable nature of plastics is expected to be key factors driving the biodegradable plastic market over the forecasted horizon. Increase in awareness about ecofriendly products and strict regulations regarding usage of conventional plastics is anticipated to drive the global biodegradable plastics. The major factors for market growth is the key initiatives taken by several government to use biodegradable plastics over conventional plastics. The cost of producing biodegradable plastics is much more than conventional plastics. However, higher cost effectiveness and lack of technology can be key challenges to many manufacturers but can be overcome with technology advancement. Volatile prices of crude oil can be an opportunity for manufacturer to shift to biodegradable plastics over petroleum based conventional plastics.

Based on product type, biodegradable plastics is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Polylactic acid-based biodegradable plastics dominate the biodegradable plastics market. This is due to large scale application in packaging industry owing to superior properties such as high mechanical strength and low toxicity. Polylactic acid is fermented by action of wheat starch and corn starch which provide a good appearance to various products across the end user industries. Starch based biodegradable plastics are expected to overtake polylactic acid based biodegradable plastics over the forecasted period owing to high tensile strength and impact resistance in packaging and consumer goods.

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Market Highlights:

Biodegradable plastics are produced by fermentation of sugar or canola oil to produce polylactic acid (PLA) or polyhydroxyalkanoates (PHA) which in turn converted into biodegradable plastics. Initiatives taken by government in order to promote biodegradable plastics along with financial assistance to manufacturer has boosted the demand of biodegradable plastics across North America, Europe and Asia-Pacific. Polymers that decompose with effect of microorganism at right temperature and humidity is known as biodegradable plastics. Fluctuation in crude oil prices and complexity of manufacturing process has slow down the growth of biodegradable plastics in emerging economies. Extensive research is being conduct to improve the process of manufacturing in lower down the cost. These could open opportunities for prominent players in global market.

According to product type, biodegradable plastics is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Starch based and polylactic acid (PLA) accounts for largest market share owing to properties such as high tensile and mechanical strength. Polylactic acid based biodegradable plastics is used majority in packaging industry. These plastics provide good appearance due to produce from fermentation of both wheat starch and corn starch. Later on, starch based biodegradable plastics are expected to overtake polylactic acid based biodegradable plastics over the forecasted period owing to high tensile strength and impact resistance in packaging and consumer goods.

Regional Analysis:

Europe and North America dominate the market segment. Germany and UK being largest consumer of biodegradable plastics owing to severe government regulations in developing bio-based chemicals and reduce greenhouse effect. Increase in consumer pressure for sustainable products and manufacturers shifting to eco-friendly products is anticipated to drive the market especially in North America and Europe.

U.S is also largest consumer and producer of biodegradable plastics. U.S government is also taking beneficial initiatives for shifting the industries demand for biodegradable plastics or bio-based chemicals over non-renewable resources such as loan guarantees to those manufacturers which are using high performance bio-based chemicals. Developing countries like china, India and Japan are steadily growing owing to lenient regulations of government. Existing manufacturers are shifting to eco-friendly products like biodegradable plastics. Many countries are growing infrastructure facility over the use of bio-based chemicals to run their daily activities.

Biodegradable Plastics Market Key Players:

BASF SE (Germany),
Corbion (Netherland),
Biome Technologies PLC (U.K.),
Mitsubishi Chemical Corporation (Japan),
NatureWorks LLC (U.S.),
BIO-ON (Italy),
FKuR Kunststoff GmbH (Germany),
Cardia Bioplastics Limited (Australia),
Cereplast Inc (U.S),
Plantic Technologies Ltd (Australia).

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