Global Biodegradable Plastics Market, By Types (PLA, Starch Blends, Biodegradable Polyesters, PHA, Others), Application (Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Biodegradable Plastics Market
Global biodegradable plastics market is expected to rise from its initial estimated value of USD 3.15 billion in 2018 to an estimated value of USD 9.30 billion by 2026, registering a CAGR of 14.5% in the forecast period of 2019-2026. This rise in market value can be attributed to the rising amount of plastic wastes and concern for the environment and global warming.
Market Definition: Global Biodegradable Plastics Market
Biodegradable plastics are known as the eco-friendly decomposable by the living organisms (bacteria & microorganisms). These plastics are basically formed with two methods either from renewable raw materials or petrochemicals inclusive of biodegradable additives resulting in an improved biodegradation process.
Biodegradable and compostable plastics are different and not similar as some portion of the population is confused about, biodegradable plastics are those which can be broken down by the living organisms while compostable are those which can be resulted in an end product of compost or humus.
- Rising awareness programs and adoption of eco-friendly plastics due to the increasing amount of plastic wastes and concern for the global warming is expected to drive the market growth
- Increased demand from a number of applicable industries for the product is also expected to drive the market growth
- Higher product and production costs is expected to restrain the market growth
- Absence of any distinct differences between the waste of biodegradable plastics and conventional plastics causes a number of complications in decomposition and recycling, this factor is expected to restrain the market growth
Segmentation: Global Biodegradable Plastics Market
- By Types
- Polylactic Acid (PLA)
- Starch Blends
- Biodegradable Polyesters
- Polybutylene Succinate (PBS)
- Polybutylene Adipate Terephthalate (PBAT)
- Polycaprolactone (PCL)
- Polyhydroxyalkanoates (PHA)
- Cellulose Derivatives
- Regenerated Cellulose
- By Application
- Packaging & Bags
- Consumer Goods
- Agriculture & Horticulture
- Building & Construction
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- North America
Key Developments in the Market:
- In November 2017, Evonik Industries AG announced the acquisition of 3M’s concentrated solid additives business which is expected to advance the technological base and product portfolio capabilities of Evonik in the plastics business.
- In December 2018, Total Corbion PLA announced the introduction of its operations of its 75,000 tonnes per year polylactic acid (PLA) plant in Rayong, Thailand. The initialization of operations is expected to expand the production capabilities and positively impact the area surrounding the plant.
Competitive Analysis: Global Biodegradable Plastics Market
Global biodegradable plastics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of biodegradable plastics market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Biodegradable Plastics Market
Few of the major competitors currently working in the biodegradable plastics market are NatureWorks LLC, BASF SE, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Plantic, BIO-ON, Danimer Scientific, Novamont S.p.A., TORAY INDUSTRIES INC., Perstorp Orgnr, K.D. FEDDERSEN, TianAn Biologic Materials Co. Ltd., Synbra Technology bv, FKuR Kunststoff GmbH, Newlight Technologies Inc., API S.p.A, Indochine Bio Plastiques (ICBP) Sdn. Bhd., Evonik Industries AG, CLONDALKIN GROUP, and Cargill Incorporated.
Research Methodology: Global Biodegradable Plastics Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved