Packaging industry is leading segment in application of Biodegradable Plastics. Increasing demand of Biodegradable Plastics as major packaging applications in food & beverage, textiles, pharmaceuticals and consumer goods is augmented to market growth over the forecasted period. Changing lifestyle of consumer along with increase in packaged food products demand in developed regions are boosting the demand for Biodegradable Plastics in packaging industries. Rising awareness among farmers to build green houses for production of fruits and vegetables has boosted the Biodegradable Plastics in agriculture application. Growing electronic, medical and automobile industry has also boosted the demand of Biodegradable Plastics Market.
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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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.
Rising consumer awareness about global warming and government legislation such as banned on plastic bags will increase the demand for Biodegradable Plastics across the globe. Plastics that decompose to carbon dioxide and water under the actions of microorganisms is known as Biodegradable Plastics. 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.
Biodegradable nature of plastics is expected to be key factors driving the Biodegradable Plastic Market over the forecasted horizon. Increase in awareness about ecofriendly products and strict regulations regarding usage of conventional plastics is anticipated to drive the Global Biodegradable Plastics. The major factors for market growth is the key initiatives taken by several government to use biodegradable plastics over conventional plastics. The cost of producing Biodegradable Plastics is much more than conventional plastics. However, higher cost effectiveness and lack of technology can be key challenges to many manufacturers but can be overcome with technology advancement. Volatile prices of crude oil can be an opportunity for manufacturer to shift to biodegradable plastics over petroleum based conventional plastics.
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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