Biodegradable Plastics Market:
Industry Overview:
Global Biodegradable Plastics Market is expected to reach 16.8 billion by 2022 with CAGR 8.4% between to 2016 - 2022.
Global Biodegradable nature of plastics is expected to be key factors driving the biodegradable plastic market over the forecasted horizon. Increase in awareness about eco-friendly products and strict regulations regarding usage of conventional plastics is anticipated to drive the global biodegradable plastics. The major factors for market growth is the key initiatives taken by several government to use biodegradable plastics over conventional plastics. The cost of producing biodegradable plastics is much more than conventional plastics. However, higher cost effectiveness and lack of technology can be key challenges to many manufacturers but can be overcome with technology advancement. Volatile prices of crude oil can be an opportunity for manufacturer to shift to biodegradable plastics over petroleum based conventional plastics.
Global Biodegradable Plastics is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Polylactic acid-based biodegradable plastics dominate the biodegradable plastics market. This is due to large scale application in packaging industry owing to superior properties such as high mechanical strength and low toxicity.
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Industry Application:
Global Biodegradable Plastics Increasing demand of biodegradable plastics as major packaging applications in food & beverage, textiles, pharmaceuticals and consumer goods is augmented to market growth over the forecasted period. Changing lifestyle of consumer along with increase in packaged food products demand in developed regions are boosting the demand for biodegradable plastics in packaging industries. Rising awareness among farmers to build green houses for production of fruits and vegetables has boosted the biodegradable plastics in agriculture application. Growing electronic, medical and automobile industry has also boosted the demand of biodegradable plastics market.
Industry Key Players:
BASF SE (Germany),
Corbion (Netherland),
Biome Technologies PLC (U.K.),
Mitsubishi Chemical Corporation (Japan),
NatureWorks LLC (U.S.),
BIO-ON (Italy),
FKuR Kunststoff GmbH (Germany),
Cardia Bioplastics Limited (Australia),
Cereplast Inc (U.S),
Plantic Technologies Ltd (Australia).
Industry Competitive Insights:
BASF SE (Germany),
Corbion (Netherland),
NatureWorks LLC (U.S.) has dominated the Global Biodegradable Plastics Market Share in 2016.
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