Pune, India -- (SBWire) -- 01/22/2020 --A recent report published by Infinium Global Research on Biodegradable Plastics Market (Type - Starch-Based, PLA, PBAT, PBS, PHA, and Other Types; Application - Packaging, Textile, Agriculture, Injection Molding, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025. According to the report, the global biodegradable plastics market is projected to grow at a CAGR of 12.82% over the forecast period of 2019-2025.
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Increase in the Disposable Income of the Population is Giving a Boost to the Growth of the Industry
The rise in the awareness among consumers regarding environmental protection is majorly driving the biodegradable plastics market. The conventional plastics are not degraded easily, they take a long time to be decomposed. They also release harmful chemicals that pollute land and water. While biodegradable plastics get degraded easily within a short period of time. Moreover, the stringent government regulations for environmental protection are expanding the demand for antimicrobial plastics.
Furthermore, the increase in the disposable income of the population is giving a boost to the growth of the biodegradable plastics market. Growing working-class population coupled with growing urbanization have changed the consumer preferences. People tend to act more eco-friendly in terms of buying products. However, the high cost of production is the major restraining factor for the growth of the biodegradable plastics market. Nevertheless, the growing adoption of biodegradable plastics in various applications is expected to offer lucrative opportunities for the key players in the Biodegradable Plastics market.
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Biodegradable Plastics Market: Segmentation
The biodegradable plastics market is segmented on the basis of type, and application. The type in stand-up pouches is classified into starch-based, PLA, PBAT, PBS, PHA, and other types. The starch-based segment held the largest market share among the type for biodegradable plastics owing to its application in various industries including packaging, automobiles, and agriculture. The application of the biodegradable plastics is categorized into packaging, textile, agriculture, injection molding, and other applications. The packaging segment dominated the biodegradable plastics market by the application owing to its better rigid and flexible packaging.
Biodegradable Plastics Market: Regional Insights
In terms of geography, Europe generated the highest revenue for biodegradable plastics, dominating the global market. The largest market share of Europe attributed to the high awareness among the population regarding the environment protection and growing challenge of waste management in this region. While the Asia Pacific is expected to witness the highest growth rate among the other regions owing to growing packaging and consumer goods industries in this region.
Biodegradable Plastics Market: Competitive Landscapes
The major plastics manufacturers including BASF SE, NatureWorks LLC, Mitsubishi Chemical Holdings Corporation, Cargill, Inc., Plantic Technologies Ltd, and others are spending heavily on research & development to develop novel biodegradable plastic products, which are strong and readily degradable in the natural environment.
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About Infinium Global Research
The Infinium Global Research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The biodegradable plastics market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the biodegradable plastics market.
