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Biodegradable Plastics Market Segmented By Product type such as Starch Based plastics, Polyhydroxyalkanoates (PHA), Polylactic Acid (PLA), Cellulose Based Plastics, Other Plastic Types
Biodegradable plastics can be decomposed by the activity of usual microbes, carbon dioxide, living organisms, into the water, and biomass. Biodegradable plastics are manufactured with microorganisms, renewable raw materials, and petrochemicals.
Currently, disposal plastic and its huge waste have become a major environmental issue globally also with rising issues related to petroleum-based plastics such as disposal management encourage development in biodegradable plastics market.
The approach of using biodegradable plastics as an alternative in various applications for instance hospital, FMCG, which escalate the biodegradable plastics market. Biodegradable plastics are utilized as an environment-friendly and effective alternative to commercial plastic.
The major driving factor for biodegradable plastics market is growing inclination towards a reduction in carbon emissions during the manufacturing process of biodegradable plastics. The emerging demand for biodegradable plastics is largely arising from the increased awareness among the people towards biodegradable plastics over conventional plastics.
Additionally, biodegradable plastics can also be recycled to produce more plastic products such as in packaging material as well as it takes lesser time to break down as compared to conventional plastic which will propel the growth of the biodegradable plastic market.
Moreover, support by huge population and action was taken by business organizations to stop plastic pollution will increase the probabilities for adopting biodegradable plastics consequently increasing demand for the biodegradable plastics market. However, the expensive cost associated with manufacturing is anticipated to restrain the growth of the biodegradable plastics market.
Some of the major key players competing in the global biodegradable plastics Market are Tetra Pak International SA, NatureWorks LLC, Total Corbion PLA, BASF SE, Mitsubishi Chemical Corporation, Biome Bioplastics, Toray Industries, Inc., Novamont S.p.A., Danimer Scientific, Kingfa Sci. & Tech. Co., Ltd and Green Dot Bioplastics among others.