Fior Markets launched a study titled “Biodegradable Plastics Market by Type (PLA, Starch Blends, Biodegradable Polyesters, PHA, Others), End User Industry, Regions”,and Global Forecast 2018-2025.
The global biodegradable plastics market is expected to grow from USD 2.68 Billion in 2017 to USD 8.57 Billion by 2025, at a CAGR of 15.64% during the forecast period from 2018-2025. Increasing consumer preference for the environmentally sustainable plastic products and growing regulations and prohibitions against the use of plastic bags and other plastic items are propelling the global biodegradable plastics market.
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PLA segment had a market value of USD 1.01 billion in 2017
Type segment is divided into PLA, starch blends, biodegradable polyesters, PHA, PCL, PBAT, PBS, and others. Owing to their widespread use in the production of drink cups, takeaway food trays, containers, and planter boxes, the PLA segment led the global biodegradable plastics market with USD 1.01 billion revenue in 2017. PLA is derived from the natural ingredients such as corn starch, tapioca roots, or sugarcane, and are non-toxic, environmentally friendly and degrade within the 3–6 months in an industrial composting system.
Packaging & bags segment had a market value of USD 1.07 billion in 2017
End user industry is segmented into packaging & bags, consumer goods, agriculture & horticulture, textiles, and others. Owing to increasing demand for the eco-friendly packaging materials for the purpose of packaging fresh food, dried snacks & candy, bakery goods, water & juice bottles, and meat products, the packaging & bags segment emerged as the leader in the global demand for the biodegradable plastics with USD 1.07 billion revenue in 2017.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. On account of the imposition of strict environmental restrictions on the use of non-biodegradable plastics, increased awareness among the consumers regarding the environmental impacts of the non-biodegradable plastic, as well as the presence of well-developed food and beverages industry, the Europe emerged as the leader in the global biodegradable plastics market with USD 1.06 billion in 2017.
Even though the factors such as growing consumer preference toward eco-friendly plastic products as well as increasing government emphasis on the use of biodegradable plastics are driving the global biodegradable plastics market, the higher cost of biodegradable plastics and shortcomings of biodegradable plastics are anticipated to dampen the market growth.
Major players in the global biodegradable plastics market are BASF SE, BIO-ON, Biome Bioplastics, Total Corbion PLA, FKuR, MHG, Natur -Tec India Private Limited., Nature Works LLC, Mitsubishi Chemical Corporation, PlanticTechnologies, Danimer Scientific, Novamont S.P.A., Toray Industries, Succinity GmbH, Tianan Biologic Materials Co., Synbra Technology Bv, Carbiolice, and among others.
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