Biodegradable Plastics Market: Current Analysis and Forecast (2021-2027)
発行: UnivDatos Market Insights Pvt Ltd
ページ情報: 英文 193 Pages
Global Biodegradable Plastics Market was valued around US$ 4 billion in 2020 and is expected to showcase double digit growth during the forecast period (2021-2027). Emerging economies like India, China, and Brazil are likely to witness considerable growth. Trends are changing and people are relying more on packed food items. Since plastic packaging protects, preserves, stores, and allows transportation of products in a variety of ways thereby plastics plays an essential part in logistics. Further, in pharmaceutical industry, packaging of warps for medicines uses plastics and with growing pharmaceuticals industry the need to plastics would grow. Therefore, bio-based plastics which are a potential replacement for conventional plastics would propel the biodegradable plastics. Moreover, with increasing globalization growth of industries like textile, medical, and consumer durables would grow leading to rise in demand for biodegradable plastics which would further boost the market for bio-based plastics.
Agricultural plastics can protect the crops enduring exposure to harsher ultraviolet and heat radiation and be impervious to the chemicals used by farmers to treat plants diseases and for disinfection practices. The demand for biodegradable plastics in agriculture sector continues to increase rapidly.
Some of the major players operating in the market include BASF SE, Biome Technologies Plc., Corbion N.V., Danimer Scientific, Dow Inc., Eastman Chemical Company, Kuraray Co. Ltd., Mitsubishi Chemical Corporation, Novamont S.P.A, PTT Global Chemical Company Ltd. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.
Insights Presented in the Report
"Amongst type, starch blends category held lucrative market share."
Based on type, the biodegradable plastics market is segmented into polylactic acid, polybutylene adipate terephthalate, polyhydroxyalkanoates, starch blends and others. Starch blends hold a significant market share as starch-based plastics are used in end-use industries such as packaging, automobiles, and agriculture. Starch primarily based totally plastic is biobased in addition to biodegradable plastic with low toxicity. Packaging enterprise is one the principal consumer of stanch blends because of its flexible behavior.
"Amongst end use, packaging held considerable market share in 2020."
Based on application, the biodegradable plastics market is divided into consumer durable, textile, packaging, agriculture, and others. Packaging category held a prominent market share due to increasing logistics market. Packaging is one of the main end-use segments for biodegradable plastics and is utilized in each inflexible packaging and bendy packaging. Replacement of traditional plastics way of means of those merchandise in meals packaging including boxes, wraps, cups, and plates is gaining momentum, that is helping the boom of the biodegradable plastic market.
"Asia Pacific represents considerable market share in the Global Biodegradable Plastics Market."
For a better understanding of the market adoption of biodegradable plastics, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific held considerable market share and is expected to grow throughout the forecast period. As the biochemicals industry of the region is increasingly focusing on the production of biochemicals to produce biodegradable plastics in order to develop sustainable and eco-friendly solutions. Additionally, presence of top crude oil importer countries like China, India, South Korea, and Japan which contribute to nearly 50% of global crude oil imports are heavily investing to produce bio-based plastics which do not require petrochemicals to reduce their dependency on crude oil.
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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
The study comprehensively covers the market across different segments
Deep dive regional & country-level analysis of the industry
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