Market Overview
Market Research Future (MRFR) estimates that the biodegradable plastics market would reach USD 16.8 billion by 2022. According to MRFR study, the biodegradable market in 2020 is expected to grow at an annual rate of 8.4% between 2016 and 2022. Plastic garbage discharge into seas has been steadily increasing, posing a serious threat to marine life. The United Nations has launched a campaign called #Cleanses with the goal of eliminating marine litter by 2022, in response to the growing concern for sea life as a result of increased pollution. Other reputable organizations dedicated to environmental conservation have recently taken up similar projects It appears that the active usage of biodegradable plastic is the unifying goal of these programmed to reduce carbon footprint and marine trash burden. At the same time, rising consumer awareness of global warming and its impact on marine life is prompting governments all over the world to prohibit the use of plastic bags. As a result, there has been an increase in the use of biodegradable plastics. These variables have been identified as strong growth inducers for the biodegradable plastic market, with the potential to generate significant income.
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Market Challenges
The high cost of biodegradable plastics, owing to the complexities of its engineering processes and the volatility of raw materials needed in the effective manufacture of biodegradable plastics packaging market may limit market expansion. Governments in various economies, on the other hand, are motivated to rid the environment of non-biodegradable plastics. As a result, many organizations are putting in place systems to recycle plastic garbage and aid in its proper disposal in the environment.
Market Segmentation
The Biodegradable Plastic Packaging Market is segmented based on product type and application. Polylactic acid (PLA), polyhydroxyalkanoates (PHA), polycaprolactone (PCL), polybutylene succinate (PBS), starch-based plastics, and regenerated cellulose are among the product type-based categories of the biodegradable plastics industry. The increased usability of PBS due to its production feasibility and cost can help biodegradable plastic companies stock acquire traction and so enhance the market throughout the assessment phase. Packaging, industry food beverage, pharmaceuticals, textiles, and consumer products are the application-based categories of the biodegradable plastics market.
Regional Analysis
Plastics are being used as a replacement for metal and other heavy materials due to the rising trend of light weight automobiles to reduce carbon footprints. The automobile industry is known for producing lightweight transportation solutions in order to reduce carbon emissions and promote environmental conservation. As a result, biodegradable polymers are becoming more popular than petroleum plastics. Because of the strong automotive manufacturing bases in Asia Pacific and Europe, automotive giants such as Toyota and Tech Mahindra, among others, are adopting bioplastics, which can help the regional market grow.
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The rapid launch of innovative bioplastic-based automotive solutions in North America could help the market expand soon. The thriving packaging industry, which caters to the environmental needs of the
food and beverage and pharmaceuticals industries, may contribute to the regional market's expansion soon. Packaging as a vital aspect of developing sectors can help the regional market grow exponentially.
Competitive analysis
BASF SE (Germany), Biome Technologies PLC (U.K.), Corbion (Netherland), Mitsubishi Chemical Corporation (Japan), BIO-ON (Italy), NatureWorks LLC (U.S.), FKuR Kunststoff GmbH (Germany), Cardia Bioplastics Limited (Australia), Plantic Technologies Ltd (Australia), and Cereplast Inc (U.S) among other companies are studied by MRFR that are mentioned in the biodegradable plastics market report.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
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