WASHINGTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Global Biodegradable Plastics Market from Vantage Market Research, this research helps businesses thrive by offering in-depth market analyses and insights. To thrive in this swiftly changing market landscape, businesses must take up the world-class solution such as this Biodegradable Plastics Market research report. This report helps you effortlessly figure out brand awareness and perception of your brand and product among potential customers of Biodegradable Plastics industry. This market research report also covers strategic profiling of major players in the market, meticulously analysing their core competencies, and drawing a competitive landscape for the market. Top players and brands are analysed with respect to their actions such as developments, product launches, acquisitions, mergers, joint ventures and competitive research in the market.
The global Biodegradable Plastics Market is expected to gain significant growth in the forecast period of 2022 to 2028. Vantage Market Research analyses that the market is growing with a CAGR of 25.1% in the forecast period of 2022 to 2028 and is expected to reach USD 36825.7 Million by 2028.
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List of Prominent Players in the Biodegradable Plastics Market:
- BASF SE
- NatureWorks LLC
- Novamont
- Total Corbion
- Biome Plastics
- Danimer Scientific
- Fkur Kunstsoff
- Plantic Technologies
- Toray Industries
- Akro Plastics
- Green Dot Plastics
- Mitsubishi Chemical Corporation
- Carbion
- Biome Technologies plc.
What are Biodegradable Plastics? How Big is Biodegradable Plastics Market Size?
Market Synopsis
The rising trend of environmentally-friendly materials for packaging and rising environmental awareness has influenced the market growth of biodegradable plastics highly. Also, the increasing compostable bags applications, use in food packaging, and rapidly growing glass industry worldwide are positively affecting the biodegradable plastics market growth. The key factor accountable for the market growth is stringent rules and regulations by several governments and regulatory authorities on usage of traditional plastic which is also non-degradable.
Market Dynamics:
Driver: Rise in Sustainable Packaging Need
The packaging sector has been seeing a substantial change of consumer preference toward packaging which is sustainable and rise in use of biodegradable plastics against plastics which are fossil-fuel-based. Sustainable packaging or green packaging uses manufacturing methods and materials for the packaging of products that has a little impact on both the environment and energy consumption. Currently, plastic packaging is used extensively in a variety of applications, such as food & beverages, FMCG, consumer goods, and pharmaceutical. This expanded use of plastic is responsible for the increase in plastic pollution. Furthermore, traditional plastic is likely to become costlier in the future with declining raw material sources. These determinants provide a high market potential for the market players of biodegradable plastic during the forecast period.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 7,679.8 Million |
| Revenue Forecast by 2028 | USD 36825.7 Million |
| CAGR | 25.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | BASF SE, Nature Works LLC, Novamont, Total Corbion Biome Plastics, Danimer Scientific, Fkur Kunstsoff, Plantic Technologies, Toray Industries, Akro Plastics, Green Dot Plastics, Mitsubishi Chemical Corporation, Carbion, Biome Technologies plc. |
Key Findings:
- Packaging sub-segment in applications held a substantial market share in 2021. The environmental regulations and changing lifestyle preferences of consumers have raised the demand for biodegradable plastics in the packaging. As Plastics has high durability and impermeability to water, this has motivated their usage in packaging. The Packaging applications of biodegradable plastics include healthcare packaging, food packaging, shopping bags, cosmetic & personal care packaging, and others.
- Europe is the largest regional segment. This is due to the higher demand as well strong research & Development facilities offered by key market players.
Driver: Rising Knowledge About Adverse Effects of Traditional Plastics Among Customers
Customers in developing and developed nations have become aware of the harmful effects of plastics on the environment and their lifestyle. As a result, demand for eco-friendly products has risen, which resulted into a decline in the use of natural gas and crude oil, thereby declining carbon footprints. These Biodegradable Plastic is a substitute for nearly all traditional plastics. These plastics provide innovative solutions with improved properties, coupled with unique ability to reduce emissions and provide the same functionalities and qualities as that of traditional plastics.
Regional Trends
Europe accounted for the largest share in terms of revenue for biodegradable plastic market. Owing to strategies and legal framework that are likely to boost the wide use of plastic products which are biobased and offers growth opportunities for the region. Latin America and Middle East & Africa is likely to witness a significant growth rate due to large existence of sugarcane feedstock that can be utilized for manufacturing of bioplastics.
Recent Developments
- 2019: Total Corbion PLA opened its bio plastics plant in Rayong, Thailand. It has the production capacity of 75,000 tons/year
- 2018: Sealed Air Corporation signed an agreement with Kuraray Group (Parent company of Plantic Technologies Limited), to start offering packaged food items in Canada, Mexico, and U.S. The packaging food items were made up of bio degradable plastic materials of Plantic Technologies Limited.
- 2017: Green Dot Bioplastics produced its new biodegradable plastics, namely Terratek BD 2114, which was specially developed for the making of plantable pots.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Biodegradable Plastics Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Biodegradable Plastics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 180 Pages and in-depth TOC on Biodegradable Plastics Market Forecast Report (2022-2028).
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
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The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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