New York, NY -- (SBWire) -- 02/04/2020 --The global biodegradable plastic market was valued at $1.2 billion in 2018, and is projected to reach $6.0 billion by 2026, growing at a CAGR of 21.3% from 2019 to 2026.
Biodegradable plastic is a plant based plastic with no hazardous effects on the environment. It composed of petrochemical, renewable material, and micro-organisms. The idea of biodegradable plastic reveals little or no degradation of plastic material over the period, causing least hazards to environment. Hence, plastic that is 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 the biodegradable plastic includes, Poly(lactic Acid (PLA), Polybutylene adipate terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and Starch Blends.
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Some of the major manufacturers studied and profiled in the global biodegradable plastic market are BASF SE, DowDuPont Inc, Novamont S.p.A., Plantic, Natureworks, Corbion N.V., Biome Technologies plc, Eastman Chemical Company, and Danimer Scientific.
KEY MARKET SEGMENTS
By Type
- PLA
- PBAT
- PBS
- PHA
- Starch Blends
- Others
By Application
- Packaging
- Agriculture
- Consumer Durable
- Textile
- Others
The global biodegradable plastic market is in introductory phase of industry life cycle and is expected to explore new growth opportunities during the coming years. Some of the basic factors driving the demand for biodegradable plastic include governmental initiatives to eliminate single use plastic and strict regulatory outlook against the use of conventional plastic products. Industry trends are shifting toward bio based products to reduce dependence on conventional plastics. Biobased and biodegradable plastic is least toxic and causes no adverse effects environments. Hence, its demand is on the rise at significant pace. Moreover, most of manufacturers from each industry vertical are shifting toward use of biobased plastic due to pressure from regulatory bodies. Packaging textile, and agriculture industries are being some of them. Such factors are largely impacting the growth of the global biodegradable market. On the other hand, the growth of the market is restrained by high cost of biodegradable plastic over its conventional counterparts. Growth opportunities in this market are promising which is projected to come from concept like corporate social responsibility and decreased dependence on synthetic resources.
The global biodegradable plastic market is segmented on the basis of type, application, and region. Based on type, the market is bifurcated into includes (Poly(lactic Acid) (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Starch Blends, and others. On the basis of application, the global biodegradable plastic market is categorized into packaging, agriculture, textile, consumer durable and others. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
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Few Points Of TOC :
Chapter 8: Company Profiles:
8.1. Basf Se
8.1.1. Company Overview
8.1.2. Company Snapshot
8.1.3. Operating Business Segments
8.1.4. Product Portfolio
8.1.5. R&D Expenditure
8.1.6. Business Performance
8.1.7. Key Strategic Moves And Developments
8.2. Biome Technologies Plc
8.2.1. Company Overview
8.2.2. Company Snapshot
8.2.3. Operating Business Segments
8.2.4. Product Portfolio
8.2.5. Business Performance
8.2.6. Key Strategic Moves And Developments
8.3. Corbion N.V.
8.3.1. Company Overview
8.3.2. Company Snapshot
8.3.3. Operating Business Segments
8.3.4. Product Portfolio
8.3.5. R&D Expenditure
8.3.6. Business Performance
8.3.7. Key Strategic Moves And Developments
8.4. Danimer Scientific
8.4.1. Company Overview
8.4.2. Company Snapshot
8.4.3. Product Portfolio
8.4.4. Key Strategic Moves And Developments
8.5. Dow, Inc.
8.5.1. Company Overview
8.5.2. Company Snapshot
8.5.3. Operating Business Segments
8.5.4. Product Portfolio
8.5.5. Business Performance
8.6. Eastman Chemical Company
8.6.1. Company Overview
8.6.2. Company Snapshot
8.6.3. Operating Business Segments
8.6.4. Product Portfolio
8.6.5. R&D Expenditure
8.6.6. Business Performance
8.7. Kuraray Co., Ltd.
8.7.1. Company Overview
8.7.2. Company Snapshot
8.7.3. Operating Business Segments
8.7.4. Product Portfolio
8.7.5. Business Performance
8.8. Mitsubishi Chemical Holdings
8.8.1. Company Overview
8.8.2. Company Snapshot
8.8.3. Operating Business Segments
8.8.4. Product Portfolio
8.8.5. Business Performance
8.8.6. Key Strategic Moves And Developments
8.9. Novamont S.P.A
8.9.1. Company Overview
8.9.2. Company Snapshot
8.9.3. Operating Business Segments
8.9.4. Product Portfolio
8.9.5. Key Strategic Moves And Developments
8.10. Ptt Global Chemical Company Limited
8.10.1. Company Overview
8.10.2. Company Snapshot
8.10.3. Operating Business Segments
8.10.4. Product Portfolio
8.10.5. Business Performance
Objectives of the Study:
- To define, describe, and forecast the biodegradable plastics market, in terms of value and volume
- To provide detailed information regarding the main factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To forecast the market size on the basis of type and end-use industry
- To forecast the size of the market with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To strategically analyze the micromarkets with respect to individual growth trends, future prospects, and contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
- To analyze the competitive developments such as mergers, acquisitions & partnerships; new product launches; and expansions in the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies in the market
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Key Market Trends:
Use of Bioplastics is Stimulating the Market Growth.
- The overarching problem of climate change and the expected future shortage of fossil resources have accelerated the search for better concepts for plastics packaging. Bioplastics packaging offers the same qualities as conventional packaging. It also offers greater sustainability.
- There is a high demand for bioplastic packaging for wrapping organic food, as well as premium and branded products with specific requirements. A combination of recycling components from conventional plastics, such as rPET with bioplastics (bio-based PET), provides high-performance processing of bioplastics packaging. Biodegradable food packaging, certified as industrially compostable, was the first successfully commercialized bioplastic product.
- Bioplastic's applications are increasing for cosmetics packaging of compact powders, creams, and lipsticks, as well as beverage bottles. The materials, such as PLA, bio-based PE, or bio-based PET, are used in this section. The high percentage of bio-based material in these products, as well as the ability to combine them with recyclates from conventional PE and PET, resulted in a decisive increase in resource efficiency and the reduction of CO2 emissions. These factors are expected to boost the market's growth in the future.
- The retailers in Europe, such as Rossmann, Aldi, Coop, and Carrefour, use single or multi-use carrier bags made from bioplastics, with the add-on bonus of biodegradability. The certified biodegradable/compostable cups are also used at big events, or in major football stadiums throughout Europe.
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Biodegradable Plastic Market Worldwide Industry Analysis and New Market Opportunities Explored, Forecast to 2026
Biodegradable plastics is mainly segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS) and polycaprolactone (PCL). Further analysis of the application segment indicates the packaging industry to be the lead employer of biodegradable plastics. Increasing demand of biodegradable plastics owing to stringent regulations as a major packaging equipment in food & beverage, fabrics, pharmaceuticals and consumer products is all set to stroke the market with abundant demand.