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 have 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.
Major 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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- Biodegradable Plastics manufacturers
- Traders and distributors of Biodegradable Plastics
- Type industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Biodegradable Plastics market size is expected to grow at highest rate of approximately 16.8 billion by 2022. The market witnessed a potential growth over the forecasted period owing to initiatives taken by government in increasing use of lightweight plastic bags over conventional plastics. Fluctuating in crude oil prices has led to significant growth of biodegradable plastics industry players. The various factors that drive the biodegradable plastics market are its superior properties and ecofriendly nature coupled with renewable bio-based materials. The global pressure on supply and scarcity of crude oil has increased the need for biodegradable plastics across end user industries over conventional plastics. Many producers of biodegradable plastics employ organic wastes products such as biomass to produces biodegradable plastics. However, the biodegradable market is growing in order to reduce carbon emission and greenhouse effect. The high cost of production and lack of technology can hinder the market growth in coming years.
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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.
Packaging application dominates the biodegradable plastics market growth. Increase in consumer spending along with changing lifestyle is predicted to increase biodegradable plastics in BRICS economies over the forecasted period.
The market is classified and analyzed on the basis of various geographic segmentation which includes; Americas, Europe, Asia-Pacific, Middle East and Africa. Out of all, Europe being largest producer and consumer of biodegradable plastics followed by North America. Initiatives taken by government regarding usage of biodegradable plastics in order to control disposable of garbage of conventional plastics which leads to deteriorating the quality of soil has led the biodegradable plastic market growth.
U.S is largest consumer and producer of biodegradable plastics owing to increasing demand from food & beverage industry for packed foods with sustainable condition. U.S government is also taking beneficial initiatives for shifting the industries demand for biodegradable plastics over conventional plastics such as loan guarantees to those manufacturers which are using high performance bio-based plastics.
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1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
LIST OF TABLES
Table 1 World Population by Major Regions (2015 To 2030) (Billion)
Table 2 Global Biodegradable Plastics Market: By Region, 2014-2022 (USD Billion)
Table 3 North America Biodegradable Plastics Market: By Country, (USD Billion)
Table 4 Europe Biodegradable Plastics Market: By Country, 2014-2022 (USD Billion)
Table 5 Asia-Pacific Biodegradable Plastics Market: By Country, 2014-2022 (USD Billion)
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