San Francisco,11
October 2018: The global biodegradable
plastics market size
is projected to reach USD 6.73 billion by 2025, according to a report by Grand
View Research, Inc., rising at a CAGR of 12.8% during the forecast period.
Increasing use of biodegradable plastics, owing to strict governmental laws for
prohibiting use of conventional plastics, coupled with growing awareness among
public towards ill-effects of plastic waste is stoking the growth of the
market. The above factors are expected to spur biodegradable plastics market
growth over the forecast period.
Biodegradable plastics are plastics which
decompose in the environment within a reasonable period of time. Biodegradable
plastics are made up of renewable raw materials. Many of these plastics require
biodegradable additives to enhance biodegradation process and some may require
a specific environment to disintegrate. Time taken by plastics to decompose
depends upon various factors such as raw material used and environmental
conditions such as moisture and temperature.
The starch based segment lead the global
biodegradable market. Starch based plastics are used in various applications
such as packaging, consumer electronics, agriculture, automotive and textiles.
PLA is also one of the most consumed biodegradable plastic type. It is used in
3D printing, mulch film, and packaging.
Packaging is the leading end use of
biodegradable plastics. Ban on plastics by European Commission is anticipated
to drive the segment over the forecast period. Novel applications of
biodegradable plastics in the medical sector for drug encapsulation and medical
surgeries are being increasingly practiced.
Around the world, people are facing grave
issues of plastic waste as conventional plastics take hundreds of years to
decompose. To tackle this issue several countries have banned use of single-use
plastic products and are promoting use of eco-friendly biodegradable plastics.
Ban of non-reusable conventional plastics in many regions around the globe,
especially in Europe and North America is estimated to propel the global
biodegradable plastics market. Additionally, improving standard of living
and increasing disposable income in developing countries are likely to augur
well for the market in Asia Pacific and Central & South America.
Key players are investing in research and
development activities in order to create improved products that are strong and
can be easily decomposed in natural environment. Many of the companies have
integrated through the value chain to serve customers better and improve profits
of the company.
Access
Research Report of Biodegradable Plastics
Market @ www.grandviewresearch.com/industry-analysis/biodegradable-plastics-market
Further key findings from the report suggest:
· The PHA segment is projected to expand at a
noteworthy CAGR of 13.5% in terms of revenue during the forecast period
· The packaging is the largest end-use
segment, followed by the agriculture sector
· Europe is the largest region in terms of
value and volume. However, Asia Pacific is expected to emerge as the fastest
growing region for biodegradable plastics.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/specialty-bio-based-and-water-soluble-polymers
Grand View Research has segmented the
global biodegradable plastics market on the basis of type, end use, and region:
Biodegradable Plastics Type Outlook
(Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
·
Starch Based
·
PLA
·
PBS
·
PBAT
·
PHA
·
Others
Biodegradable Plastics End-use Outlook
(Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
·
Packaging
·
Agriculture
·
Consumer Goods
·
Others
Biodegradable Plastics Regional Outlook
(Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
U.K.
o
France
o
Italy
o
Spain
·
Asia Pacific
o
China
o
Japan
o
India
o
South Korea
·
Central & South America
o
Brazil
·
Middle East & Africa
o Saudi Arabia
Access Press Release of
Biodegradable Plastics Market@ www.grandviewresearch.com/press-release/global-biodegradable-plastics-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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