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IN THE NEWS· May 6, 2021: BASF increased the prices for its certified biodegradable plastic named ecovio in the European region. The material is mainly used for cling films, organic waste of vegetables or fruits and agricultural mulch films.
The global biodegradable plastics market is estimated to garner a large revenue by recording a CAGR of ~14% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising governmental initiatives to eliminate single use plastic, growing awareness about the hazardous effects of plastic waste around the world, and stringent regulatory framework against the usage of conventional plastic products. For instance, the European Commission launched the single-use plastics EU directive in 2019, which is aimed at tackling 10 single use plastic items found most commonly on European beaches, and promote sustainable alternatives. Furthermore, surge in the use of biodegradable packaging in agriculture and food & beverage sectors is also projected to accelerate the growth of the market in the forthcoming years. Along with these, rise in consumer willingness to pay more for biodegradable materials as a result of their environment friendliness is also evaluated to offer ample growth opportunities to the market in the near future.
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The market is segmented by type into starch-based, PBAT, PBS, PLA, and PHA, out of which, the starch-based segment is anticipated to hold the largest share in the global biodegradable plastics market on account of the increasing usage of this plastic in industries such as automobiles, packaging and agriculture. In addition, the PHA segment is predicted to witness the highest growth by the end of 2030 ascribing to the growing applications of PHA in pharmaceutical industry for medical implants and drug encapsulation. Moreover, on the basis of end user, the packaging & bags segment is assessed to grab the largest share over the forecast period owing to the rising replacement of conventional plastics by biodegradable ones in food packaging for the production of boxes, plates and wraps.
On the basis of geographical analysis, the global biodegradable plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing disposable income of the people and high availability of cheap raw materials in the region. According to the Organization for Economic Cooperation and Development or OECD, the household disposable income in Australia witnessed an annual growth by 4.4 percent in the year 2019. Apart from these, improvements in the standards of living, especially in countries such as China and India, is also expected to drive the region’s market growth in the future. Additionally, the market in Europe is anticipated to acquire the largest share during the forecast period, which can be credited to the high awareness levels among the population regarding the ill-effects of plastic waste and imposition of ban on the usage of single-use plastics in the region.
The global biodegradable plastics market is further classified on the basis of region as follows:
Our in-depth analysis of the global biodegradable plastics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing governmental initiatives to eliminate single use plastic and rising awareness about harmful effects of plastic.
The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2030.
Higher cost of biodegradable plastics is estimated to hamper the market growth.
Asia Pacific will provide more opportunities for market growth owing to the increasing disposable income of the people and high availability of cheap raw materials in the region.
The major players in the market are BASF SE, Mitsubishi Chemical Corporation, Total Corbion PLA, NatureWorks LLC, Biome Technologies plc, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end user, and by region.
The starch-based segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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