A comprehensive overview of the global biodegradable plastics market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the biodegradable plastics market in the global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global biodegradable plastics market at the regional & country levels. The 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).
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Market Overview
Increasing demand of biodegradable plastics for both individual and institutional buyers due to strict government regulations like banning the use of single use plastics to lower potential for global warming, ozone depletion, and smog formation and increasing awareness among population regarding benefits associated with biodegradable plastics. Moreover, for green environment, consumers are willing to pay more for biodegradable plastics. Biodegradable plastics have desirable mechanical and physical properties such as good tensile strength, clear, homogeneous, flexible, and easily handled.
COVID-19 Impact
Biodegradable plastics are used in various industries, such as packaging, consumer goods, textiles and agriculture & horticulture. However, due to the pandemic, the industries had been affected throughout the world. Manpower shortage, logistical restrictions, material unavailability, and other restrictions had slowed the growth of the industry during the previous year. Due to the outbreak of the Covid-19 pandemic and its gradual spread, industries of essential needs, like getting foods and required supplies safely to the consumers are increasingly affected. Since biodegradable plastics are widely used in food packaging thereby with less demand of food, packaging demand for biodegradable decreased.
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Global biodegradable plastics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily categorized into:
· Polylactic Acid (PLA)
· Polybutylene Adipate Terephthalate (PBAT)
· Polyhydroxyalkanoates (PHA)
· Starch Blends
· Others
Currently, starch blends held considerable market share and PHA to grow at a significant growth rate. Polyhydroxyalkanoates (PHA) are polyesters biosynthesized by a bacterium fed by inexpensive oils derived from the seeds of plants such as canola and soy. They are sustainable, renewable, bio-based, and completely biodegradable, PHA holds enormous promise for replacing plastics made from petrochemicals. They are highly used in wide range of applications like straws, plates, bottles, cups, shopping bags, utensils, toys, wipes, seals, and trash bags.
By End Use, the market is primarily studied into:
· Packaging
· Agriculture
· Consumer Durable
· Textile
· Others
Based on end use, consumer durable held a lucrative market share due to rising demand of consumer durables where usage of biodegradable plastics can reduce environmental pollution to a great extend as degradation of conventional plastics take thousands of years which affects the environment. Furthermore, increasing environmental regulations and changing lifestyle of consumers have increased the demand for biodegradable plastics in the packaging industry. Plastics have high durability and impermeability to water, which has encouraged their use in packaging.
Global Biodegradable Plastics Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
Based on the estimation, Asia Pacific held considerable market share in 2020 and is expected to grow significantly during the forecast period (2021-2027). Increasing government initiatives and encouragement urging regional manufacturers to use sustainable materials in the production of products represent key driving factors that can help boost the market growth.
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The major players targeting the market includes:
· 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.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global biodegradable plastics market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global biodegradable plastics market?
· Which factors are influencing the global biodegradable plastics market over the forecast period?
· What are the global challenges, threats, and risks in the global biodegradable plastics market?
· Which factors are propelling and restraining the global biodegradable plastics market?
· What are the demanding global regions of the biodegradable plastics market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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