A recent report published by Infinium Global Research on biodegradable plastics market provides in-depth analysis of segments and sub-segments in the global as well as regional biodegradable plastics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biodegradable plastics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global biodegradable plastics market. According to the report, the global biodegradable plastics market is projected to grow at a CAGR of 12.82% over the forecast period of 2019-2025.
The plastics industry is facing challenges of environmental pollution, which is forcing the major players in the industry to come up with innovative products to tackle the challenge. Biodegradable plastics get degraded easily in a short span of time, which makes it an eco-friendly alternative for the conventional plastics. The biodegradable plastics market is a relatively new market and it is highly fragmented with a number of small-cap companies introducing new products in the market. The major plastics manufacturers including BASF SE, NatureWorks LLC, Mitsubishi Chemical Holdings Corporation, Cargill, Inc., Plantic Technologies Ltd, and others are spending heavily on research & development to develop novel biodegradable plastic products, which are strong and readily degradable in the natural environment.
The rise in the awareness among consumers regarding environment protection is majorly driving the biodegradable plastics market. The conventional plastics are not degraded easily, they take a long time to be decomposed. They also release harmful chemicals that pollute land and water. While the biodegradable plastics get degraded easily within a short period of time. Moreover, the stringent government regulations for environmental protection are expanding the demand for antimicrobial plastics. Furthermore, the increase in the disposable income of the population is giving a boost to the growth of the biodegradable plastics market. Growing working class population coupled with growing urbanization have changed the consumer preferences. People tend to act more eco-friendly in terms of buying products. However, the high cost of production is the major restraining factor for the growth of the biodegradable plastics market. Nevertheless, the growing adoption of biodegradable plastics in various applications is expected to offer lucrative opportunities for the key players in the biodegradable plastics market.
In terms of geography, Europe generated the highest revenue for biodegradable plastics, dominating the global market. The largest market share of Europe attributed to the high awareness among the population regarding environment protection and the growing challenge of waste management in this region. While the Asia-Pacific is expected to witness the highest growth rate among the other regions owing to the growing packaging and consumer goods industries in this region.
The report on global biodegradable plastics market covers segments such as type, and application. On the basis of type, the sub-markets include starch based, PLA, PBAT, PBS, PHA, and other types. On the basis of application, the sub-markets include packaging, textile, agriculture, injection molding, and other applications.
The report provides profiles of the companies in the market such as BASF SE, NatureWorks LLC, Total Corbion PLA, Biome Bioplastics Ltd, Mitsubishi Chemical Holdings Corporation, Cargill, Inc., Plantic Technologies Ltd, Corbion N.V., FKuR Kunststoff GmbH, MH Group of Companies, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of biodegradable plastics market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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