Industry Background:
Biodegradable plastic is a plant-based plastic with no hazardous effects on the environment. It degrades naturally in base compounds in a reasonable amount of time. Hence, plastic, defined as biodegradable, is made of molecules that can break down naturally by the action of micro-organism. Despite environmental advantages, biodegradable plastics also have some shortcomings. Segregation of conventional plastics and biodegradable plastic is a big drawback as there is no distinct difference between them. The inclusion of conventional plastic in biodegradable plastic landfills can cause complications in the decomposition process.
According to AMA, the market for Biodegradable Plastics is expected to register a CAGR of 13.3% during the forecast period to 2026. This growth is primarily driven by Increasing Use in Food Packaging & Compostable Bags Applications and The shift in Consumer Preference Toward Eco-Friendly Plastic Products.
Globally, a noticeable market trend is evident The increasing the use of biodegradable plastics in packaging and agriculture
. The Specialty Chemicals sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as NatureWorks (United States), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical (Japan), Biome Bioplastics (United Kingdom), Plantic Technologies (Australia), Bio-On (Italy), Danimer Scientific (Georgia), Novamont S.p.A (Italy) and Toray Industries (Japan) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Market Drivers
- Increasing Use in Food Packaging & Compostable Bags Applications
- The shift in Consumer Preference Toward Eco-Friendly Plastic Products
Market Trend
- The increasing the use of biodegradable plastics in packaging and agriculture
- Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding ill-effects of plastic waste
Restraints
- Higher Cost of Biodegradable Plastics Than That of Conventional Plastics
Opportunities
Emerging End-Use Industries of Biodegradable Plastics and The consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature
Challenges
Performance Issues Related to Biodegradable Plastic
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Biodegradable Plastics Study Sheds Light on
The Biodegradable Plastics Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Biodegradable Plastics industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Biodegradable Plastics industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.