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.
The global Biodegradable plastics market is segmented on the basis of Product type, Application, and Geography:
Competition in developed countries like North America and Europe is medium owing to a high number of market players present in these regions. While in developing countries competitive rivalry are low due to the presence of less number of market players.The major parameter in the biodegradable plastics market is concentrating on plastics which can be recycled or degradable, additionally working on strategies which focused on decreasing carbon emissions during the manufacturing process. The increase in the application of biodegradable plastics with the whole environment approach is anticipated to offer growth opportunities for the Biodegradable plastics market.
Geographically, the global biodegradable plastics market is segmented into regions such as Latin America, Europe, North America, South Asia, East Asia Middle East & Africa and Oceania. Europe will show the high revenue for the biodegradable plastics market since the people are more concern about the environment safety coupled with the European Union ban on single-use plastics which will propel the biodegradable plastics market growth. After Europe, the North America region will show the robust growth for the biodegradable plastics market soon, due to increasing the awareness among users regarding plastic pollution, however it will encourage the invention in biodegradable plastics. Latin America region will show the significant demand for the biodegradable plastics, due to the regional government initiative towards environment safety in countries like Brazil and Mexico. In Asian countries like China and India, the rising disposable income and improving the standard of living may show the additional demand for the biodegradable plastics. The Middle East and Africa are expected to be the least lucrative region for biodegradable plastics market due to lack of awareness regarding biodegradable plastics.
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.
The report covers exhaustive analysis on:
Regional analysis includes