BASF SE, NatureWorks LLC, Corbion, BIO-ON, Novamont S.p.A, Jinhui Zhaolong High Technology, SK Chemicals, Far Eastern New Century Corporation, Lotte Fine Chemical Co., Ltd., WILLEAP, Cardia Bioplastics Limited, Cereplast Inc among others are some of the prominent players at the forefront of competition in the Global Biodegradable PlasticMarket and are profiled in MRFR Analysis.
Biodegradable Plastic Market – Overview
Biodegradable Plastic is classified as those plastic which decompose to carbon dioxide and water under the actions of microorganism. It is derived by the fermentation of sugar or canola oil to produce polylactic acid (PLA) or polyhydroxyalkanoates (PHA) which in turn converted into biodegradable plastics. Some of the types of biodegradable plastic are Polyhydroxyalkanoates (PHA), Polylactic Acid (PLA), Polybutylene Succinate (PBS), Polycaprolactone (PCL), Poly (Butylene Adipate-Co-Terephthalate) (PBAT). The growing demand of biodegradable plastic in wide range of industries such as packaging, agriculture, textile, and, automobile is due to their environmental degradable nature.
Market Research Future concludes that in the recent years, the biodegradable plastic market across the globe has witnessed a tremendous growth and as per the analysis, the growth will remain continue in the upcoming years. Biodegradable plastic market growth is attributed towards the continuously rising growth of the application segment such as agriculture, packaging, and textile. Moreover, increasing awareness regarding the benefits associated with biodegradable plastic along with continuous growth of packaging industry in the developed and developing region worldwide is estimated to drive the market growth. Furthermore, increasing good quality food demand along with the rising need of biodegradable mulch films in agricultural sector to increase yield is expected to drive the market growth. However, high cost associated with the manufacturing of biodegradable plastic as compared to conventional plastic might hinder the market growth.
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Industry/ Innovation/ Related News:
December 2017- Mitsubishi Chemical Corporation and Mazda assemble mutually settled another scope of Durabio bio-inferred polycarbonate building plastic material which locate its broad use in vast corrective car parts.This biodegradable plastic withstand more as compared with the petroleum derived engineering plastics and find extensive use in interior and exterior parts of the car.
November 2017- Novamont S.p.A announced that the company will double the production of its Origo-Bi-brand biopolyester by early 2018. With this expansion the company will increase its production capacity for Origo-Bi from 50000 to 100000 tonnes per year
September 2017- Bio-on company started construction of a new plant for the production of PHAs biopolymer, which will utilized in cosmetic industry. With this expansion, company strengthen its position among global biodegradable manufacturers
February 2017- Novamont S.p.A acquired remaining 22% share capital of Mater-Biopolymer srl. With this acquisition the company strengthen its position in biopolymer market
March 2017- PepsiCo, Inc. made an agreement with Danimer Scientific a biotechnology leader to develop Danimer Scientific biodegradable film resin to meet the packaging requirement for PepsiCo’s gobal business. With this agreement Danimer Scientific will scale up its biodegradable resin production
December 2016- Evonik Industries expanded its production capacity of biodegradable polymer at its manufacturing facilities in Birmingham (U.S.) and Darmstadt (Germany). With this expansion the company will serve the growing demand for biodegradable plastic
November 2016- Total and Corbion a global leader establish a joint venture to develop world class PLA polymerization plant with annual capacity of 75000 tons per year. With this capacity expansion the company strengthen its position in biodegradable plastic
Biodegradable Plastic Market – Regional Analysis
Geographically, Europe region accounted for the largest market share in the global biodegradable plastic and is estimated to dominate over the forecast period on account of growing awareness, stringent regulation regarding the use of non-biodegradable material, greater adoption rate, and high penetration of end user industries in the region. Moreover, Europe accounted for the largest market share followed by North America in terms of value and volume. In the past few years, increasing in research & development as well as high adoption rate from end use industries has given a new momentum for the market growth. In addition to this, increasing automobile production and sales along with rising usage of biodegradable plastic is predicted to fuel the demand for biodegradable plastic over the assessment period.
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The report analyses the degree of competition among the industry players as well as industry growth and market scenario. The global Biodegradable Plastic market is at a growing stage, which represents moderate stats in terms of market value and overall volume. Over the past few years, Biodegradable Plastic market has witnessed strong demand on account of increasing per capita disposable income which has stoked sales of packaging material. Nevertheless, the degree of competition among the market players is still less due to limited prominent manufacturers worldwide. Globally market for biodegradable plastic is fragmented and it is moving towards growth expansion by specifically adopting partnership, expansion and joint-venture strategies and product launch strategies.
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