- With surge in the demand for 100% bioplastics, major players in the global biodegradable plastics market are increasing R&D activities to focus on product innovations with PHAS
- Presence of supportive public policies in several nations and growth in inclination toward 100% bioplastics are creating lucrative avenues in the market
ALBANY, N.Y., Oct. 27, 2021 /PRNewswire/ -- For biodegradable plastics manufacturing, different plants such as sugar beets, sugarcane, and bamboo are used instead of fossil fuels. This helps in making these bioplastics completely biodegradable.
Polyhydroxyalkanoate (PHA), polybutylene succinate (PBS), starch-based, and polylactic acid (PLA) are some of the key products available in the global biodegradable plastics market.
The analysts at Transparency Market Research (TMR) expect the global biodegradable plastics market to expand at a CAGR of 6.5% during the forecast period of 2019 to 2027. Thus, the market is expected to be valued over US$ 7.1 Bn by 2027 end.
Demand for 100% Bioplastics Driving Market Players toward Product Innovations with PHAs
Different end-use industries (including packaging, textiles, and building & construction) are growing inclination toward the use of 100% bioplastics, which are recyclable, biodegradable, compostable, and help in decreasing carbon footprint in comparison to incumbent plastics. As a result, major enterprises in the global market are diverting their investments toward the R&D projects, which are focused on reducing wastes dumped in landfills and oceans. Moreover, companies are pouring efforts to reduce their dependence on crude oil.
Companies Concentrate on Recycling of Bioplastics; Increase Use of Social Media to Grow Awareness on Importance of Bioplastics Recycling
In addition to different product innovation activities, players are focused on sturdy chemical and mechanical recycling techniques such as pyrolysis and depolymerization, which help in breaking plastics down and obtain raw materials from which the plastics were manufactured.
In order to develop a bio-based economy, the process of bioplastics recycling plays important role. Major players in the biodegradable plastics market growing awareness on the process of bioplastics recycling. For this purpose, they are using social media as well as conventional marketing channels.
With notable increase in the demand for safer and greener products from all across the globe, market players are increasing their R&D activities. These researches are focused on bringing innovations in bioplastics manufactured using polyhydroxyalkanoates (PHAs), which are popular for their prominent properties, including biodegradability as well as physical features comparable to polypropylene (PP).
With increased inclination among major populace toward adopting healthier lifestyle, there is a significant growth in the use of sustainable, natural, and green products, which may help in decreasing the load on the ecosystem. Moreover, there is an extensive growth in the sales of eco-friendly and sustainable packaging solutions around the world. These factors are offering promising expansion opportunities in the global biodegradable plastics market.
Europe is one of the prominent regions of the biodegradable plastics market. Companies are expected to experience lucrative opportunities in the region due to increased awareness among populace pertaining to plastic waste.
The European Union has banned the use of single-use plastics. This factor is projected to drive expansion avenues in the Europe biodegradable plastics market during the upcoming years.
Mergers and acquisitions are some of the prominent strategies utilized by players to maintain their market position during the pandemic situations. Furthermore, many companies are entering collaboration agreements with companies from different industries (including agriculture, consumer goods, and packaging) for several mission-critical projects.
Several enterprises in the biodegradable plastics market are taking data-driven decisions prior to making investments in newer technologies
Increased focus of market enterprises on strengthening their supply chains and after-sales services is expected to help in market growth in the years to come
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