Biodegradable Plastics Market supplants Conventional Plastic:
In principle, biodegradable plastics can replace the value chain associated with conventional plastic substances. It serves as a lucrative and environmentally sustainable alternative as compared to plastic. The increased use of this technology brings the population closer to a circular economy.
Several regions have enforced norms in order to control the plastic-based waste generation. Such practices promote the use of ecologically sustainable material. The increasing environmental awareness amongst the general population is one of the key factors that has been driving the growth associated with Biodegradable Plastics Market.
Chemical Market forecast forms a compilation of technology and market-based innovation in order to derive the potential trends associated with an industry. The supplier margins and the logistics associated with chemical manufacturing industries have been covered within this domain. Therefore, the Biodegradable Plastics Market demand is anticipated to increase in the coming years.
The data relevance and continuously expanding trends associated with a market are some of the key factors that are focused on. The supply chain as well as the value chain for an industrial segment have been studied via this platform. Chemical Market Forecast studies the high growth markets and the opportunities offered by upcoming segments hence providing a comprehensive view of the chemical sector.
World Plastic Production and Consumption:
As of 1950, the values for global plastic production had a value of 2.3 million tonnes. The production surged by the year 2015 to attain a signified amount worth 448 million tonnes. If the rate of global plastic consumption is to stay steady with respect to this compounded growth rate, the value would double by the year 2050 tentatively. On a yearly basis, 8 million tonnes worth of plastic bags escapes into oceans from coastlines of nations.
With respect to plastic consumption, it is determined that a person makes use of a single plastic carrier for roughly 12 minutes. On average, one out of 200 plastic bags is recycled on a quantitative basis. Consequently, according to survey-based calculations, the consumption of plastic ranges to a value of 500 billion to 1 trillion on a global scale.
The increased use of this material has been degrading both the environment as well as the habitation surrounding an area. Additionally, the production concerns associated with plastic and industrial waste disposal is another factor that promotes the Biodegradable Plastics Market. On performing a trade-off study it is seen that the new technology is more cost cumbersome on a relative basis, though it offers more advantages as compared to conventional plastics. Increased research in this segment is owing to the rapid growth rate associated with the Biodegradable Plastics Market.
New British Standards for biodegradable plastics:
As of 1st October 2020, A new British Standard has been introduced for biodegradable plastics. According to scientists, these norms should eradicate the confusion amongst classes with respect to the different classifications for plastic.
British Standard institution states that plastics that prove to breakdown into harmless wax in the design stage will be graded as biodegradable. The residual substances should not contain microplastics or nano plastics to make the grade.
The benchmark for the new standard was attained by a British Company Polymateria. The company has created a formula to turn plastic material like bottles and cups into sludge. Once the breakdown of the material commences, the component substances breakdown to yield carbon dioxide and sludge within two years. The degradation process is accelerated by sunlight, air, and water. These materials can hence be recycled to other plastic-based items after degradation like food cartons, etc.
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