Biodegradable Plastic Market by Biodegradable Plastic Type (Polylactic Acid [PLA], Polybutylene Adipate Terephthalate [PBAT], Polybutylene Succinate [PBS], Polyhydroxyalkanoates [PHA], Starch Blends, and Others), and Biodegradable Plastic Application (Packaging, Agriculture, Consumer Durable, Textile, and Others) : Opportunity Analysis and Industry Forecast, 2020–2027
New York, Sept. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biodegradable Plastic Market by Biodegradable Plastic Type, and Biodegradable Plastic Application : Opportunity Analysis and Industry Forecast, 2020–2027" - https://www.reportlinker.com/p05955114/?utm_source=GNW
Biodegradable plastic market was valued at $1.6 billion in 2019 is expected to reach $4.2 billion by 2027, growing at a CAGR of 13.3% from 2020 to 2027.
Biodegradable plastic is a plant-based plastic with no hazardous effects on the environment. It degrades naturally in base compounds in a reasonable amount of time. Hence, plastic, defined as biodegradable, is made of molecule that can break down naturally by the action of micro-organisms. Some of the major known types of biodegradable plastic include, Polylactic Acid) (PLA), Polybutylene adipate terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and Starch Blends.
Industry trends are shifting toward biobased products to reduce dependence on conventional plastics. Biodegradable plastics degrade naturally unlike fossil fuel based plastic products, which may take more than 500 years to degrade completely.
On the other hand, the growth of the market is restrained by high cost of biodegradable plastic over its conventional counterparts. For instance, polylactic acid based bioplastics are at least eight times as expensive as the petroleum-based plastics.
The global biodegradable plastic market is segmented on the basis of type, application, and region. Based on type, the market is bifurcated into Polylactic Acid(PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Starch Blends, and others. Starch and PLA are the major type of biodegradable bioplastic preferred largely as it is relatively cost effective and suitable for large number of packaging needs. It is emerged as an alternative to traditional fossil based plastic more specifically polyethylene terephthalate (PET) and to other plastic as well. Additionally, Polyhydroxyalkanoates (PHA) has excellent barrier properties similar to those of PET (Polyethylene Terephthalate) and PP (polypropylene). Currently, it is not commercialized due to its high price. Its material properties are promising but its high cost is a barrier in its commercialization. However, at present, several manufacturers are opting for new production facilities for commercialization of Polyhydroxyalkanoates (PHA). On the basis of application, the global biodegradable plastic market is categorized into packaging, agriculture, textile, consumer durable and others. Packaging industry is the major consumer of global biodegradable plastic market which acquired more than 50% of the global share in 2019. Packaging companies are increasingly using biodegradable plastic to manufacture large number of products. Additionally, regulatory bodies are enforcing manufacturers to come up with innovative substantial prepackaging solutions. As a result, manufacturers are adopting biobased and biodegradable plastics in both flexible and rigid packaging applications. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe emerged as the global leader in biodegradable plastic market. The major countries involved in the development and production of bioplastic in Europe are Germany, Italy, France, Spain, and the UK. European association is promoting government and environmental policies, regarding sustainability and bio-degradability, which is a significant factor that drives the growth of the biodegradable plastic market in Europe. LAMEA exhibits highest growth in biodegradable plastic market. Large number of imports from North America and Asia-Pacific countries is expected to drive the market demand in LAMEA. However, at present the market in LAMEA is highly fragmented due to the presence of few key players in the market.
Some of the major manufacturers studied and profiled in the global biodegradable plastic market are BASF SE, DowInc., Novamont S.p.A., Plantic, Natureworks, Corbion N.V., Biome Technologies plc, Mitsubishi Chemical Holdings, Eastman Chemical Company, and Danimer Scientific.
COVID-19 Scenario Analysis:
• The suspended movement of vehicles across the globe is expected to disrupt the logistics of different companies, thus affecting the market growth in the forecast timeframe.
• Complete shutdown in the downstream operations lead to high inventory cost. Additionally, delay in upcoming projects and investment cuts will negatively impact the growth.
• Rapid growth of single use plastics in mask and gloves industry will further affect the market growth for biodegradable plastics.
• Delay in key approvals, such as delay in new plant resolution due to travel advisory, currency risks, and subdued demand in emerging countries may hinder the growth.
KEY MARKET SEGMENTS FOR BIODEGRDABLE PLASTICS
• By Type
• PLA (POLYLACTIC ACID)
• PBAT (POLYBUTYLENE ADIPATE TEREPHTHALATE)
• PBS (POLYBUTYLENE SUCCINATE)
• PHA (POLYHYDROXYALKANOATES)
• Starch Blends
• By Application
• Consumer Durable
• By Region
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
Read the full report: https://www.reportlinker.com/p05955114/?utm_source=GNW
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