Market Outlook and Forecast:
Global Biodegradable Plastics Market is expected to reach 16.8 billion by 2022 with CAGR 8.4% from 2016 to 2022.
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.
Key Companies Profiles with Competitive Analysis:
To sustain in competitive market, the major players are looking out for opportunity in using bio-based products and are entering into agreements, expansions and other development activities. The major key players of this market are: 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) and others.
BASF SE (Germany), Corbion (Netherland), NatureWorks LLC (U.S.) has dominated the global Biodegradable Plastics market share in 2016. The government is playing crucial role in promotion of biodegradable plastics in various regions. Along with strict regulations, government is supporting financial assistant to manufacturers in imposing biodegradable plastics. Owing to price sensitivity of raw materials, key players are adopting diverse pricing strategies. To keep moderate level of competition, prominent players are engaging in agreements, acquisitions and mergers in view that share of income can be diverse in range of industries. The key players are expected to exert pressure on exports especially in middle east countries to increase the supply of bio-based chemicals.
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According to product type, Biodegradable Plastics Market 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. Growing food & beverage, pharmaceuticals, packaging and agriculture industries in developing regions like China and India is expected to drive the market growth.
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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.
The Global Biodegradable Plastics Market is majorly segmented on the basis of product types and application. Based on product type of biodegradable plastics the market is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Based on application of biodegradable plastics the market is segmented into packaging, agriculture, injection molding, textile, others.
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