Kenneth Research recently added a report on ‘Biodegradable Plastics Market’ which offers a complete evaluation of the market and its growth prospects along with new business opportunities in the industry. The report contains the market size and annual growth rate for a forecast period between 2022 and 2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Biodegradable Plastics Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Biodegradable plastics are produced from natural resources and can be easily disposed or recycled. The market for biodegradable plastics is growing rapidly with the increase in applications and advance technologies are expanding with high rate. Key driving factors for this market is government regularities for waste dispose and its management, environment concern and its initiative taken by government. It helps in reducing dependency on crude oil and other synthetic raw materials.
Some of the challenges in the market are low awareness among the consumer and low durability as compared to conventional plastics. In commercial biodegradable plastics two types of plastics are very important (1) PLA (polylactic acid) and (2) starch based plastics. Starch based plastics widely include potatoes, corns, sugar beet and cassava. For starch based plastics, largest consumer market across the globe is Europe. In APAC region biodegradable market is growing due to strict government regulations which includes ban on conventional plastic bags and environmental saving initiatives, also government and non-profit organizations are promoting their use.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Biodegradable plastics are used in packaging, bottles, bowls, cutlery, food service, disposal items etc. Packaging application is the largest application segment for biodegradable plastics. Second largest application segment is fibers, followed by agriculture. Since the demand of eco-friendly packaging is high, therefore the market for biodegradable plastics is growing rapidly. Geographical analysis of biodegradable plastics market includes North America, Europe, APAC and ROW.
According to geography, European market is the largest market for biodegradable plastics. In terms of consumption, North America is the highest consuming market for biodegradable plastics. North American consumption of biodegradable plastics has grown in recent times, due to factors like: biodegradable plastics is more cost competitive as compared to petroleum-based products. Key players of the market are BASF, NatureWorks, Novamont, DuPont, Biome, Plantic technologies ltd, Meredian Inc, Bio-on SRL, etc.
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Companies profiled include
1. Novamont S.p.a
2. BASF SE
3. Rodenburg Biopolymers
4. Biome Bioplastics Limited
5. Innovia Films Limited
6. BioBag International AS
7. BIOP Biopolymers Technologies GmbH
8. BIOTEC GmbH & Co.
9. FKuR Kunststoff GmbH
11. Metabolix Inc.
12. Corbion NV
13. Natureworks LLC
14. Biome Technologies PLC
15. Mitsubishi Chemical Corp.
16. Bio-On SRL
17. Tianan biologic material co Ltd
19. Yifan xinfu
30. Shanghai hongrui
This Research Report covers
1. Historical data
2.Revenue forecasts, growth rates and CAGR up to 2028
5. Key geographic growth data
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