Synopsis of Biodegradable Plastics Market
The Global Biodegradable Plastics Market is expected to reach ~16.8 billion by 2022 with CAGR ~8.4% between 2016-2022.
Based on Product Type, Biodegradable Plastics is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Polylactic acid-based biodegradable plastics dominate the Biodegradable Plastics Market. This is due to large scale application in packaging industry owing to superior properties such as high mechanical strength and low toxicity. Polylactic acid is fermented by action of wheat starch and corn starch which provide a good appearance to various products across the end user industries. 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.
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.
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Geographically, Europe being largest consumer of Biodegradable Plastics followed by North America. These is attributed owing to high pressure 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. Growing packed food products along with increasing electronic and pharmaceutical industry is anticipated to drive the Biodegradable Plastics Market in coming years.
North America is second leading segment owing to high demand of Biodegradable Plastics in retail stores. Rising consumer pressure and favorable regulations by government in various industries such as textile, automobile, medical and electrical & electronic industries has propelled the demand of Biodegradable Plastics in US market. U.S held second position owing to government regulations in supporting loan guarantees to those manufacturers that are using high performance bio-based chemicals for production.
Asia-Pacific witnessed steady growth in Biodegradable Plastics Market. High production cost and lack of consumer awareness leading to use of low cost petroleum based conventional plastics has led the steady growth in these regions. Other developing regions like China and India are expected to witnessed a stable growth owing to lenient regulations in using non-conventional resources.
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