The report “Biodegradable Plastics Market By Product (Polylactic Acid, Polyhydroxyalkanoates, Polybutylene Succinate, Polycaprolactone, Starch-Based & Regenerated Cellulose ) And Application (Packaging, Textile, Agriculture, Injection Molding & Other Applications) - Global Industry Analysis And Forecast To 2023”, issued by Crystal Market Research, the market size for the Biodegradable Plastics was worth USD 7.67 billion in 2014 and is expected to reach approximately USD 17.82 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 9.82% during the forecast period.
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The biodegradable plastics market is acquiring impetus owing to the budding technologies invented by the market players. The prime highpoint of the market during the coming years is the adequate level of competition. The strict regulatory developments by various governments that emphasize on reducing the use of plastics has escalated the need for biodegradable plastics. The novel kind of plastic along with adapting to the guidelines, it also is environmental-friendly in several ways. Therefore, on a global level the conventional plastic is slowly being substituted by biodegradable plastics, which eventually will increase the global market.
Polylactic-acid based products are leading the overall segment of this market
Polylactic-acid based plastics are primarily used in agricultural and packaging applications. Bio-based feedstock like maize and corn starch are fermented to fabricate such plastics, and they showcase superior mechanical strength, reduced level of toxins and higher esthetic value.
Packaging Industry to promote the global growth of the market since it adapts the eco-friendly approach.
Of the other application segments such as agriculture, textile, packaging, electronic, medical and injection molding; packaging segment is said to dominate the market, since the need for biodegradable plastic packaging will be high for food and beverages industry. The incipient trend of environmental friendly packaging to decrease the pressure on garbage disposals are predicted to propel this segment during the forecast period.
Europe is anticipated to dominate the region-wise market of this industry during the forecast period.
The reason for Europe to lead is the mounting pressure on the government to decrease the landfills and carbon emissions; and escalated use of biodegradable plastics in this region. Moreover, robust prevalence of market players is also predicted to impel this region’s growth in the global market. It has been anticipated that North America will follow Europe during the forecast years, since it aims on lessening the carbon emissions.
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The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry. These players constantly present inventive and technologically enhanced products in the market to guarantee a competitive advantage over the other market players. Some other players operating in this industry are Corbion, BASF, Mitsubishi Chemical Corporation, Bio-On SpA, Plantic, Biome Bioplastics, FKuR and NatureWorks.
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The Biodegradable Plastic Market was worth USD 7.67 billion in 2014 and is expected to reach approximately USD 17.82 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 9.82% during the forecast period.