Biodegradable Plastics Market worth 3.4 Billion USD by 2020

Biodegradable plastics are defined as plastics that undergo decomposition in a specified period of time under composting conditions in industrial facilities. The global biodegradable plastics market is still in its infancy and accounts for less than 1% of the overall plastics market. However, with continuous R&D activities undertaken by the market players, the market is growing at a fast pace. The high cost of biodegradable plastics acts as a major restraint in the growth of the market. But with increasing environmental awareness, supporting government policies, and continuous R&D efforts by the market players to balance the economies of scale, the cost of biodegradable plastics may be reduced and made more  cost effective.

The major drivers contributing towards the growth of biodegradable plastics market are:

  • Use of renewable & bio-based raw material
  • Biodegradability
  • Positive attitude of government towards green procurement policies
  • Shift in consumer preferences towards ecofriendly packaging

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About the market

The global biodegradable plastics market is expected to grow at a rapid pace during the forecasted period (2015-2020). The market is mainly driven by increased environmental awareness and implementation of stringent environmental regulations.

Western Europe is the largest market for the biodegradable plastics. The region accounted for more than 45% of the global biodegradable plastics demand in 2014. The major driver for growth of biodegradable plastics market in Western European region is the growing environmental awareness among the general population. The growth is also boosted by the stringent  policies and regulations implemented by governments  in the region. Italy has banned the use of petroleum based plastic bags, whereas there is a tax levied on use of petroleum based plastic bags in countries like Ireland, Germany, and others.

This study estimates the global biodegradable plastics market for 2015 and projects the demand of the same by 2020. This market research study provides a detailed qualitative and quantitative analysis of the global biodegradable plastics market. It also includes a comprehensive review of the major market drivers, restraints, opportunities, winning imperatives, challenges, and key issues in the market. The market is segmented and forecasted based on major regions—Western Europe, North America, Asia-Pacific, and Rest of the World (RoW). Various secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information for this extensive commercial study of the biodegradable plastics market. The primary sources, experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as to assess the future prospects of the market.

PLA: Largest Segment, By Type

PLA is expected to be the largest segment, in terms of volume, in 2015 with a market share of more than 45.1% of the total biodegradable plastics market. PLA is also expected to grow at the second-fastest rate among all the types of biodegradable plastics. The growth of PLA is expected to be driven by its superior mechanical properties and ease of processability. In terms of value, starch blends are expected to account for the largest share in the market during the forecast period. This is due to the comparative high cost of starch blends to PLA.

To know about the assumptions considered for the study:

https://www.marketsandmarkets.com/Market-Reports/biodegradable-plastics-93.html

Competitive scenario of the top players in the biodegradable plastics market has been discussed in detail. The top players of the industry are profiled in detail with their recent developments and other strategic industry activities. The top players include Metabolix Inc. (U.S.), BASF SE (Germany), Corbion N.V. (Netherlands), Natureworks LLC (U.S.), Biome Technology Plc (U.K.), and others.

Packaging: Largest Segment, By Application

The packaging application is expected to be the largest segment, both in terms of value as well as volume, in 2015 with a market share of more than 60.3% of the total biodegradable plastics market. Biodegradable plastics are being increasingly used to manufacture single use packaging materials such as shopping bags, disposable cutlery, and others. The increased use of biodegradable plastics in this application is attributed to increasing environmental awareness.

On the basis of type: The biodegradable plastics market is segmented as follows:

  • PLA
  • Starch Blends
  • PCL
  • Regenerated Cellulose
  • PBS, and
  • PHA

On the basis of applications: The biodegradable plastics market is further segmented into the following categories:

  • Packaging
  • Fibers
  • Agriculture
  • Injection Molding, and
  • Others

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