Global biodegradable plastics market is expected to reach USD 8.57 Billion by 2025, at a CAGR of 15.64% from 2018 to 2025. Growing consumer preference for the eco-friendly plastic products and increasing regulations and prohibitions against the use of plastic bags and other plastic items are driving the global biodegradable plastics market.
Biodegradable plastic is plastic that decomposes naturally in the environment by the action of microorganisms in the environment that metabolize and break down the structure of biodegradable plastic. The end result is one which is relatively less harmful to the environment than the traditional plastics. Non-decomposable plastics are a global environmental problem. Governments around the world are dealing with this problem by banning single-use plastics and promoting biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. Moreover increasing use of biodegradable plastics in packaging and agriculture sectors is projected to drive the global biodegradable plastics market over the forecast period.
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- The base year for the study has been considered 2017, historic year 2015 and 2016 and, the forecast period considered is from 2018 to 2025. The global biodegradable plastics market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).
- The study delivers a comprehensive analysis of global biodegradable plastics market by type, end user industry and regions. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2018 to 2025.
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the global biodegradable plastics market. This report incorporates the industry analysis which is focused on providing an extensive view of the biodegradable plastics market.
- The study also includes attractiveness analysis of type, end user industry and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the biodegradable plastics market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
Market Dynamics: Drivers:
- Growing consumer preference towards eco-friendly plastic products
- Increasing government emphasis on the use of biodegradable plastics
- Higher cost of biodegradable plastics
- Shortcomings of biodegradable plastics
- Growing use in the food and beverages industry
- Rapid growth of packaging industry
- Requirement of ideal conditions for the decomposition of biodegradable plastics
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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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