Biodegradable Plastics Market to Reach US$17.66 bn by 2023, Driven by Growing Emphasis on Ecofriendly Materials: TMR

16 Jun, 2016, 04:45 ET from Transparency Market Research

ALBANY, New York, June 16, 2016 /PRNewswire/ --

Transparency Market Research has published a new market report titled "Biodegradable Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global biodegradable plastics market was valued at US$ 7.59 Bn in 2014 and is anticipated to reach US$ 17.66 Bn by 2023, expanding at a CAGR of 9.9% from 2015 to 2023.

Plastics that decompose in nature by the action of microorganisms are known as biodegradable plastics. Intermediate raw materials such as polylactic acid, polyhydroxyalkanoates, polybutylene succinate (PBS), polycaprolactone (PCL), starch, and regenerated cellulose are used to manufacture biodegradable plastics. Manufacture of biodegradable plastics entails fermentation of sugar to produce polylactic acid (PLA) or polyhydroxyalkanoates (PHA), which in turn is converted into biodegradable plastics. Biodegradable plastics require suitable environmental conditions to biodegrade.

Biodegradable nature of these plastics is expected to be the major factor driving the demand for biodegradable plastics in the near future. Increase in consumer awareness about ecofriendly products and strict legislative regulations are anticipated to drive the global market for biodegradable plastics in the near future. High production cost is anticipated to be the one of the key challenges for the biodegradable plastic market. The cost of producing biodegradable plastics is six times higher than that of conventional plastics. This has led to low acceptance rate in developing economies.

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Polylactic acid based biodegradable plastics is one of the major product types that accounts for major share of the global market. Polylactic acid based biodegradable plastics are generally employed in applications such as packaging, due to their properties such as good appearance, high mechanical strength, and low toxicity. Polylactic acid are generally manufactured by the fermentation of renewable materials such as wheat starch and corn starch.

Based on end-use application, the global biodegradable plastics market has been segmented into packaging, textile, agriculture, injection molding, and others. Packaging and agriculture applications held major share of biodegradable plastics market in 2014. Packaging segment comprises food packaging, beverage packaging, and industrial packaging. Biodegradable plastics are used as mulch plastics in farming and horticulture in the agriculture industry.

Europe constituted the largest share of the biodegradable plastics market in 2014. It was followed by North America. Europe is projected to maintain its dominance in the biodegradable plastics market, due to favorable regulations and higher acceptance rate from consumers. In terms of demand, Asia Pacific is anticipated to be one the fastest growing regions of the biodegradable plastics market during the forecast period.  

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Key companies operating in the biodegradable plastics market include BASF SE, BIO-ON, Biome Bioplastics, Corbion, FKuR, Nature Works LLC, Mitsubishi Chemical Corporation, Plantic, and Natur -Tec India Private Limited.

This report segments the global biodegradable plastics market as follows:

  • Biodegradable Plastics Market - Product Analysis 
    • Polylactic Acid
    • Polyhydroxyalkanoates
    • Polybutylene Succinate
    • Polycaprolactone
    • Starch-based
    • Regenerated Cellulose
  • Biodegradable Plastics Market - Application Analysis 
    • Packaging
    • Textile
    • Agriculture
    • Injection Molding
    • Others (Including Electronic, Medical, etc.)

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