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Global Completely Biodegradable Plastic Market Insight2022-01-04 Comments
The Completely Biodegradable Plastic is forecast to crazy increase over the next four years. According to the World Knowledge Information (WKI) “Global Completely Biodegradable Plastic Professional Survey Report 2021, Forecast to 2026”, Increasing demand of biodegradable plastics owing to stringent regulations as major packaging equipment in food & beverage, fabrics, pharmaceuticals and consumer products is all set to strike the market with abundant demand. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 9.4% base on WKI regression analysis model.
“Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding ill-effects of plastic waste are among the key trends stimulating the market growth. Additionally, increasing the use of biodegradable plastics in packaging and agriculture is anticipated to supplement the market growth.Non-decomposable plastics are a global issue. Governments around the world are tackling this problem by banning single-use plastics and promoting use of biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. The aforementioned factors, cumulatively, are providing a major boost to the market growth.”said Sam White, Senior analyst, Chemical & Material Market Research Center in WKI.
With the increasing focus on sustainability and favorable government regulations for green procurement policies, biodegradable plastic manufacturers have significant opportunities in the new end-use industries such as electronics, medical, and automotive. The manufacturers are investing heavily in R&D activities for the use of biodegradable plastics in various applications in the medical industry, such as stitching materials, screws, and implants. Biodegradable plastics such as PLA and bio-PBS are used for manufacturing medical devices & equipment. Biodegradable plastics are used in tires with starch-based materials in the automotive industry to reduce fuel consumption. They are also used for making electrical equipment more efficient and cost-effective. The packaging application is also expected to witness significant growth. Biodegradable mulch films have an extensive application in the agriculture industry. Catering to the food products segment is a highly demanded and important application of biodegradable plastics, including trays, cutleries, and cups.Initially, biodegradable plastics were used for niche products. The development of newer applications of biodegradable plastics is providing opportunities to its manufacturers.
However,low barrier properties to air, water, and oxygen and low resistance to heat are some of the major performance issues related to biodegradable plastics. This restricts its penetration in various industries, including electronics and automotive. In addition, poor mechanical properties such as low impact & tensile strength and process capabilities are restricting the penetration of biodegradable plastics in various applications. These performance limitations of biodegradable plastics act as a major challenge for the growth of the market.
In April 2021, NatureWorks announced a new strategic partnership with IMA Coffee, which is a market leader in coffee handling processing and packaging. This partnership aims at increasing the market reach for high-performing compostable K-cup in North America.
In February 2020, BASF and Fabbri Group (Italy) formed a joint venture to develop a sustainable solution for cling film used in fresh-food packaging. The film will be used in wrapping meat, seafood, and fresh fruits & vegetables. It will be made by the Fabbri group with BASF’s Ecovio bioplastic and will boost the demand for biodegradable plastics in packaging applications.
This WKI market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Completely Biodegradable Plastic companies that include:BASF, NatureWorks, Total Corbion, Novamont, Biome Bioplastics, Mitsubishi Chemical Holding Corporation, Toray Industries, Plantic Technologies, Danimer Scientific, and Fkur Kunstsoff.
Segmentation of Completely Biodegradable Plastic Market:
On the basis of type, the market is divided into starch-based,Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoate (PHA), and others. The starch-based segment is projected to dominate the market in terms of revenue as well as volume throughout the forecast period. Starch-based plastics are used in end-use industries such as packaging, automobiles, and agriculture.The PLA type plastics are also rapidly gaining their ground in the arena. Inexpensive cost of PLA compared to any other type is a major factor driving the segment growth.PHA is projected to register significant growth during the forecast period owing to the increasing use of PHA in medical and other applications. PHA is majorly used in medical applications such as drug encapsulation and medical implants. Other medical uses include tissue engineering, bone marrow scaffolds, and bone plates. Other than medical, PHA is also used in the production of compost bags, agriculture foil and films, packaging for food and beverages, and consumer products, thereby fueling the growth of PHA globally.
According to the final application, it can be divided into Packaging,Agriculture,Consumer Goods and Others.Among them, packaging occupies the main market.Packaging is one of the leading end-use segments for biodegradable plastics and is used in both rigid packaging and flexible packaging. Replacement of conventional plastics by these products in food packagings such as boxes, wraps, cups, and plates is gaining momentum, which is supporting the growth of the biodegradable plastic market.
Completely Biodegradable Plastic Market: Regional Analysis
In terms of geography, the global Completely Biodegradable Plastic market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.Europe was the largest regional market for biodegradable plastics. High awareness among people toward plastic waste coupled with European Union ban on single-use plastics is estimated to propel the market over the forecast period. On the other hand, Asia Pacific is expected to emerge as the fastest growing market in the global arena. Rising disposable income and improving the standard of living in developing countries such as China and India are anticipated to augment the market growth in the region. Central America and South America are expected to achieve a higher compound annual growth rate during the forecast period and are becoming a promising region due to the supply of cheap raw materials.
Largest share area：Europe
Largest share country：Germany