Stringent government regulations and policies to propel demand for biodegradable plastics market
- Vikas Kumar
- December 18, 2021
- CHEMICAL, NEWS
- Biodegradable Plastics Market, Biodegradable Plastics Market Growth, Biodegradable Plastics Market news, Biodegradable Plastics Market Report, Biodegradable Plastics Market Share, Biodegradable Plastics Market Size, Biodegradable Plastics Market Trend
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Global Biodegradable Plastics Market was valued around US$ 4 billion in 2020 and is expected to showcase double digit growth during the forecast period (2021-2027). Globally, stringent new policies and regulations implemented and adopted by government would influence the demand of biodegradable plastics this is mainly owing to the regulations which include banning or implementing additional charges on the use of conventional shopping bags, packaging materials, and disposables.
Thus, the global market for bioplastics, particularly biodegradable plastics, is being driven by rising restrictions and prohibitions against plastic bags and other plastic goods. Further, the growing need to reduce the dependency on conventional fuels coupled with rising consumer awareness to adopt sustainable biodegradable plastics is escalating the demand for biodegradable plastics. Although, high manufacturing cost of biodegradable plastics than conventional plastics would hamper the market growth.
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The COVID-19 pandemic severely impacted several markets across the globe, particularly in India, the U.S., Spain, and other Western European nations. The pandemic also had a significant impact on the market for biodegradable plastics, majorly attributable to the shutdown of manufacturing facilities in compliance with government regulations, to reduce the spread of disease. The shutdown of factories and warehouses caused additional losses to plastics manufacturers as the previously manufactured and stocked plastics could not be sold due to temporary trade bans and reduced demand.
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Based on type, the biodegradable plastics market is segmented into polylactic acid, polybutylene adipate terephthalate, polyhydroxyalkanoates, starch blends and others. Starch blend category is expected to grow at a considerable growth rate. Starch is one of the most promising raw materials for the production of biodegradable plastics, which is a natural renewable carbohydrate polymer and is easily available low cost material. Starch-based plastics are used in end-use industries such as packaging, automobiles, and agriculture. Starch-based plastic is biobased which is biodegradable in nature and also have low toxicity.
Based on end use, the biodegradable plastics market is divided into consumer durable, textile, packaging, agriculture, and others. Among all, packaging industry held a lucrative market share. Packaging is one of the main end-use segments for biodegradable plastics and is utilized in each inflexible packaging and flexible packaging. Replacement of traditional plastics way of means of those merchandise in meals packaging including boxes, wraps, cups, and plates is gaining momentum, that is helping the boom of the biodegradable plastic market.
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Additionally, the report provides detailed initiatives that are being taken in the field of biodegradable plastics market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific is expected to grow at an influential rate in the market of biodegradable plastics during the forecast period. This can be attributed to the rising adoption of biodegradable plastics across different industries, including agriculture, consumer durables, textiles, and packaging, owing to the strong environmental concerns in the region.
Global Biodegradable Plastics Market Segmentation
Market Insight, by Type
- Polylactic Acid (PLA)
- Polybutylene Adipate Terephthalate (PBAT)
- Polyhydroxyalkanoates (PHA)
- Starch Blends
- Others
Market Insight, by End Use
- Packaging
- Agriculture
- Consumer Durable
- Textile
- Others
Market Insight, by Region
- North America
- Europe
- Asia Pacific
- Rest of World
Top Company Profiles
- BASF SE
- Biome Technologies Plc.
- Corbion N.V.
- Danimer Scientific
- Dow Inc.
- Eastman Chemical Company
- Kuraray Co. Ltd.
- Mitsubishi Chemical Corporation
- Novamont S.P.A
- PTT Global Chemical Company Ltd.
