Biodegradable Plastics Market

Biodegradable Plastics Market Introduction:
Biodegradable Plastics Market is expected to reach USD $ 16.8 Billion Dollar by 2022 with CAGR 8.4% between by 2016-2022.

Biodegradable Plastics are produced by fermentation of sugar or canola oil to produce polylactic acid (PLA) or polyhydroxyalkanoates (PHA) which in turn converted into biodegradable plastics. Initiatives taken by government in order to promote biodegradable plastics along with financial assistance to manufacturer has boosted the demand of biodegradable plastics across North America, Europe and Asia-Pacific. Polymers that decompose with effect of microorganism at right temperature and humidity is known as biodegradable plastics. Fluctuation in crude oil prices and complexity of manufacturing process has slow down the growth of biodegradable plastics in emerging economies. Extensive research is being conduct to improve the process of manufacturing in lower down the cost. These could open opportunities for prominent players in global market.

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.

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Biodegradable Plastics Market Opportunities:
Biodegradable Plastics is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, regenerated cellulose. Starch based and polylactic acid (PLA) accounts for largest market share owing to properties such as high tensile and mechanical strength. Polylactic acid based biodegradable plastics is used majority in packaging industry. These plastics provide good appearance due to produce from fermentation of both wheat starch and corn starch. Later on, starch based biodegradable plastics are expected to overtake polylactic acid based biodegradable plastics over the forecasted period owing to high tensile strength and impact resistance in packaging and consumer goods.
The market witnessed a potential growth over the forecasted period owing to initiatives taken by government in increasing use of lightweight plastic bags over conventional plastics. Fluctuating in crude oil prices has led to significant growth of biodegradable plastics industry players. The various factors that drive the biodegradable plastics market are its superior properties and ecofriendly nature coupled with renewable bio-based materials. The global pressure on supply and scarcity of crude oil has increased the need for biodegradable plastics across end user industries over conventional plastics. Many producers of biodegradable plastics employ organic wastes products such as biomass to produces biodegradable plastics. However, the biodegradable market is growing in order to reduce carbon emission and greenhouse effect. The high cost of production and lack of technology can hinder the market growth in coming years.

Packaging application dominates the biodegradable plastics market growth. Increase in consumer spending along with changing lifestyle is predicted to increase biodegradable plastics in BRICS economies over the forecasted period. Growing food & beverage, pharmaceuticals, packaging and agriculture industries in developing regions like China and India is expected to drive the market growth.

Biodegradable Plastics Market Key Players:
Biodegradable Plastics market are 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) and others.

Biodegradable Plastics Market Competitive Insights:
BASF SE (Germany), Corbion (Netherland), NatureWorks LLC (U.S.) has dominated the global Biodegradable Plastics market share in 2016.
The government is playing crucial role in promotion of biodegradable plastics in various regions. Along with strict regulations, government is supporting financial assistant to manufacturers in imposing biodegradable plastics. Owing to price sensitivity of raw materials, key players are adopting diverse pricing strategies. To keep moderate level of competition, prominent players are engaging in agreements, acquisitions and mergers in view that share of income can be diverse in range of industries.

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Biodegradable Plastics Market Application Insights:
Packaging industry accounts for largest market segment in application of 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. Growing electronic, medical and automobile industry has also boosted the demand of biodegradable plastics market. Rise in consumer spending especially in textile and consumer goods sector has boosted the market growth. Agriculture sector in emerging economies is growing at faster pace owing to rise in population leading to less emission of pollutant gases through usage of conventional plastics. Countries in Europe and North America has put banned on checkout bags in retail stores.

Biodegradable Plastics Market Regional Analysis:
Geographically, Europe being largest consumer of Biodegradable Plastics followed by North America. These is attributed owing to high pressure by government regarding usage of biodegradable plastics in order to control disposable of garbage of conventional plastics which leads to deteriorating the quality of soil. Growing packed food products along with increasing electronic and pharmaceutical industry is anticipated to drive the biodegradable plastics market in coming years.

North America is second leading segment owing to high demand of biodegradable plastics in retail stores. Rising consumer pressure and favorable regulations by government in various industries such as textile, automobile, medical and electrical & electronic industries has propelled the demand of biodegradable plastics in US market. U.S held second position owing to government regulations in supporting loan guarantees to those manufacturers that are using high performance bio-based chemicals for production.

Asia-Pacific witnessed steady growth in biodegradable plastics market. High production cost and lack of consumer awareness leading to use of low cost petroleum based conventional plastics has led the steady growth in these regions. Other developing regions like China and India are expected to witness a stable growth owing to lenient regulations in using non-conventional resources.

Biodegradable Plastics Market Segmentation:
Biodegradable plastics Market is majorly segmented on the basis of product types and application. Based on product type of biodegradable plastics the market is segmented into polyhydroxyalkanoates (PHA), polylactic acid (PLA), polybutylene succinate (PBS), polycaprolactone (PCL), starch-based plastics, and regenerated cellulose. Based on application of biodegradable plastics the market is segmented into packaging, agriculture, injection molding, textile, others.

Biodegradable Plastics Market Table of Content:
1. Executive Summary
2. Cope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model

Biodegradable Plastics Market Table of Content to be Continue…….,

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