Global Biodegradable Plastics Market Predicted to Register a Revenue of $8,940.5 Million at a CAGR of 9.5% during the Forecast Period, 2021 to 2028 - Exclusive Report [187 pages] by Research Dive
Global biodegradable plastics market is expected to experience a significant growth during the forecast period. Starch blend and packaging and bags sub-segments are estimated to be the most profitable. Asia-pacific is expected to lead the market.
NEW YORK, Aug. 24, 2021 /PRNewswire/ -- Research Dive has published a report titled "Biodegradable Plastics Market by Material Type (Starch Blends, PLA, PBAT, PBS, and Others), Application (Packaging & Bags, Consumer Durables, Agriculture & Horticulture, Textiles, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021 –2028"
According to a report published by Research Dive, the Global Biodegradable Plastics Market is predicted to generate a revenue of $8,940.5 million at a CAGR of 9.5% during the forecast period.
Regional Analysis
Asia-Pacific Biodegradable Plastics market reaped a revenue of $2,003.8 million in 2020, and is further predicted to surpass $4,133.1 million by the end of 2028. The main attributor behind this growth is the huge demand of biodegradable plastic by the packaging industry in the region. Apart from that, developing economies of the region such as India and China are implementing strict restrictions on the use of plastic for daily purchase and other needs. These are the factors impacting the growth of the regional market during the forecast period.
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Highlights of the Report
The report has divided the market based on material type, application, and regional analysis.
- By material type, the market has been segmented into starch blends, PLA, PBAT, PBS, and others. The starch blends sub-segment is expected to reap the highest revenue of $3,054.7 million by 2028 at a CAGR of 9.0%. The main attributor behind this growth is the application of starch blends as an alternative to petroleum-based polymers. The starch blends also decreases carbon footprint, which is contributing to the growth of the segment.
- By application, the market is divided into packaging & bags, consumer durables, agriculture & horticulture, textiles, and others. Among these sub-segments, the packaging & bags sub-segment is anticipated to garner a revenue of $5,171.8 million during the forecast period, surging from $2,410.4 million in 2020. Customers nowadays prefer everything "green" or eco-friendly. Therefore, the packaging industries have adopted biodegradable plastics, fueling the growth of the market.
Access our comprehensive analysis of the IMPACT OF COVID-19 ON GLOBAL BIODEGRADABLE PLASTICS MARKET
Market Dynamics
Growth Factors: Packaging industries have adopted the biodegradable plastics as they are eco-friendly and align with customer preference. These biodegradable plastics are regarded as the best substitute for regular polymers by the end-use industries. Apart from that, these plastics also fulfill the government imposed restrictions on the plastic usage. These are the main factors behind the growth of the market.
Restraint: Non-availability of raw material and expensive cost of biodegradable plastic products are expected to hinder the growth of the market.
Opportunity: The application of newer and advanced technology in the production of the biodegradable plastics is expected to create ample opportunities in the market.
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Key Players of the Market
- NatureWorks LLC
- BASF SE
- Total Corbion
- Mitsubishi Chemical Holdings Corporation
- Danimer Scientific
- Novamont SpA
- Biome Technologies plc
- Dow
- TORAY INDUSTRIES, INC.
- Eastman Chemical Company.
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These companies are focusing on R&D, merger and acquisition, and many other strategies to sustain the growth of the market. The report also reviews many other important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic development.
In January 2021, Italy-based Novamont, a world leader in the development and production of biochemicals and compostable bioplastics, completed its acquisition of BioBag Group, a Norway based leading supplier of low-impact solutions for waste collection and packaging. The acquisition is expected to expand Novamont's global footprint.
COVID-19 Impact on Biodegradable Plastics Market
The coronavirus outbreak has affected the global biodegradable plastics market in a negative way. In order to curb the communal transmission of the novel virus, the world went into a months-long lockdown and restrictions in outside movement. The manufacturing industries were closed down and all the ongoing operations were postponed. The end-use industries of the biodegradable plastic were also shut down. Although the supply chain and working of industries were halted for a short period of time, the market had to experience a huge loss. However, the market players of the industry are focusing on developing different strategies to sustain the growth of the market.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
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