Compostable Plastic Market to Grow at a CAGR of 7.50% by 2035
According to ChemAnalyst report, “Compostable Plastic Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, The compostable plastic market has witnessed significant growth as its demand reached 2.45 million tonnes in 2020 and is expected to achieve an impressive CAGR of 7.50% by 2035. Rapidly increasing demand for high-quality biodegradable plastic by various end-user industries, including consumer goods, agriculture, and horticulture, medical, automotive, electronics, and others, is likely to boost the Compostable plastic market across the globe over the next ten years. Rising demand from the packaging industry coupled with the ascending consumption of packed food and beverages will further propel the Compostable plastic market in the future. The expensive cost of Compostable plastic can somehow hinder the market growth in the forecast period.
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Compostable Plastics, also known as bioplastics, hold the potential to reduce dependence on fossil fuels and petroleum-based products, foster the development of more sustainable products, and increase the diversion of food waste from landfills. These plastics are derived from natural and renewable resources like corn, potato, cellulose, lactic acid, etc., rather than from petrochemicals. Compostable plastic is non-toxic in nature and can be decomposed into carbon dioxide, water, and biomass when composted. However, bioplastics also present challenges and create uncertainty for several stakeholders in the market. Compostable plastic comprises less than 1% of the plastics in use today, but the plastic industry’s aim to reduce its dependency on fossil fuels and petroleum-based products, combined with consumers’ increasing demand for environmentally kind disposable products, are expected to boost growth in the production of bioplastics. As compostable plastics surge in the marketplace, effective end-of-life management has become increasingly important. Compostable plastic is usually defined by the standards association ASTM International (ASTM) as “a plastic that undergoes degradation by biological processes during composting to yield inorganic compounds, carbon dioxide, water, and biomass at a rate consistent with other is known as compostable plastic. Compostable plastic or Bioplastic leaves no visible, distinguishable, or toxic residue. There are twenty-three operational standards for testing the biobased content or biodegradability of plastics listed on the ASTM website. For identification purposes, these test methods and pass/fail standards are assigned numbers, e.g., D5338, D6400, D7081, and others.
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The Compostable plastic Market is segmented on the basis of type, end-use, sales channel, and region. Based on different types, the market is divided into home compostable plastic and others. The rising demand for compostable plastic for various industrial applications is projected to accelerate the others segment in the forecast period. Depending on various end-use applications, the market is segregated into bags, agriculture, and horticulture, medical devices, automotive, consumer electronics, disposable housewares, among others. The segment of compostable bags holds the major share in the Compostable plastic market. Rapidly growing demand for eco-friendly bags for shopping and other purposes in the market is likely to boost the Compostable plastic demand in the next few years.
Due to the spread of COVID-19 in 2020, the Compostable Plastic market witnessed a significant impact across the world. Consistently increasing demand for packaged food for safety purposes due to coronavirus in the food and beverage sector has driven the demand for compostable plastics around the globe. Surged demand for Compostable gloves in the medical sector to curb the spread of covid has also increased the demand for Compostable Plastic, which bolstered its market value during the first half of 2020.
Among different regions, Europe, followed by North America, dominates the Compostable plastic market around the globe and is anticipated to maintain its dominance in the forecast period as well. Increasing demand for Compostable plastic for food packaging applications in the European region is likely to dominate the market in the upcoming years. Gradually rising demand for compostable plastic in the automotive and other downstream sectors is further augmenting its demand growth in Europe.
Compostable Plastic Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Compostable plastic market include BASF SE, Mitsubishi Chemical Holdings, Novamont S.p.A., Dow Inc., Natureworks LLC, Biome Technologies plc, Corbion N.V., Eastman Chemical Company, Danimer Scientific, Plantic, and Others.
“Rapidly increasing demand for Compostable plastic from the blooming packaging, medical, agriculture, automotive, and other industries around the world others is expected to boost the market in the forecast period. Rising consumer demand for compostable plastics rather than conventional plastics due to their eco-friendly properties is likely to accelerate the Compostable plastic market over the next few years. “Said Mr. Karan Chechi, Research Director with TechSci Research a research-based management consulting firm promoting ChemAnalyst worldwide.
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