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.
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
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.
For More
Information: www.grandviewresearch.com
