Biodegradable Plastics Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Polylactic Acid, Polybutylene Adipate Terephthalate, Polyhydroxyalkanoates, Starch Blends, and Others); End Use (Consumer Durable, Textile, Packaging, Agriculture, and Others); Region and Country
RD_Global Biodegradable Plastics – Current Scenario and Forecast (2021-2027)
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). Emerging economies like India, China, and Brazil are likely to witness considerable growth. Trends are changing and people are relying more on packed food items. Since plastic packaging protects, preserves, stores, and allows transportation of products in a variety of ways thereby plastics plays an essential part in logistics. Further, in pharmaceutical industry, packaging of warps for medicines uses plastics and with growing pharmaceuticals industry the need to plastics would grow. Therefore, bio-based plastics which are a potential replacement for conventional plastics would propel the biodegradable plastics. Moreover, with increasing globalization growth of industries like textile, medical, and consumer durables would grow leading to rise in demand for biodegradable plastics which would further boost the market for bio-based plastics.
Agricultural plastics can protect the crops enduring exposure to harsher ultraviolet and heat radiation and be impervious to the chemicals used by farmers to treat plants diseases and for disinfection practices. The demand for biodegradable plastics in agriculture sector continues to increase rapidly.
Some of the major players operating in the market include 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. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Insights Presented in the Report
“Amongst type, starch blends category held lucrative market share.”
Based on type, the biodegradable plastics market is segmented into polylactic acid, polybutylene adipate terephthalate, polyhydroxyalkanoates, starch blends and others. Starch blends hold a significant market share as starch-based plastics are used in end-use industries such as packaging, automobiles, and agriculture. Starch primarily based totally plastic is biobased in addition to biodegradable plastic with low toxicity. Packaging enterprise is one the principal consumer of stanch blends because of its flexible behavior.
“Amongst end use, packaging held considerable market share in 2020.”
Based on application, the biodegradable plastics market is divided into consumer durable, textile, packaging, agriculture, and others. Packaging category held a prominent market share due to increasing logistics market. Packaging is one of the main end-use segments for biodegradable plastics and is utilized in each inflexible packaging and bendy 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.
“Asia Pacific represents considerable market share in the Global Biodegradable Plastics Market.”
For a better understanding of the market adoption of biodegradable plastics, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific held considerable market share and is expected to grow throughout the forecast period. As the biochemicals industry of the region is increasingly focusing on the production of biochemicals to produce biodegradable plastics in order to develop sustainable and eco-friendly solutions. Additionally, presence of top crude oil importer countries like China, India, South Korea, and Japan which contribute to nearly 50% of global crude oil imports are heavily investing to produce bio-based plastics which do not require petrochemicals to reduce their dependency on crude oil.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
Customization Options:
The global biodegradable plastics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future of global biodegradable plastics were the three major steps undertaken to create and analyze the adoption of biodegradable plastics across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the biodegradable plastics sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the biodegradable plastics through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the biodegradable plastics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as type and end use. Further regional & country-level analyses were conducted to evaluate the overall adoption of biodegradable plastics in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of biodegradable plastics. Further, we conducted factor analysis using dependent and independent variables like consumers adopting sustainable biodegradable plastics. Historical trends and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global biodegradable plastics market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of biodegradable plastics across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the biodegradable plastics market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global biodegradable plastics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and end use.
The main objective of the Biodegradable Plastics Market Study
The current & future market trends of biodegradable plastics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of biodegradable plastics in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and end use.
- Defined analysis of the regulatory framework for the global biodegradable plastics industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the biodegradable plastics for the major regions & countries
- Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
- Company profiles of the biodegradable plastics market players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive regional & country level analysis of the industry
Related Reports
Customers who bought this item also bought
