DUBLIN, Feb. 21, 2020 /PRNewswire/ -- The "Biodegradable Plastic Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global biodegradable plastic market was valued at $1.2 billion in 2018, and is projected to reach $6 billion by 2026, growing at a CAGR of 21.3% from 2019 to 2026.
Biobased and biodegradable plastic are a perfect substitute to conventional plastic, although, currently cost intensive due to use of renewable sources.
The biodegradable plastic market is still developing; and growth opportunities are widening with growing awareness for bio based products. PHA, one of the biodegradable plastic types is not commercialized yet in response to its high price issues. At present, several manufacturers are opting different routes to lower the cost of the PHA and support ongoing demand.
Currently, there are only 15-20 manufacturers operating in this market and primary processing of raw material is predominantly done by these players itself. Owing to high demand for biodegradable plastic, the production capacities of these producers is changing rapidly and the similar trends are expected during the forecast period.
Most bio-based/biodegradable plastics are produced in Asia-Pacific; however, there is also production in South America, India, America, and Brazil. With consistent expansion in the production capacities each year, the global biodegradable market represents enormous growth potential for the coming years. There would be large number of players expected to enter during forecast period due to rising demand for bio based products. Hence, global biodegradable plastic market size is expected to be influenced by this factor.
The packaging industry is the major consumer of global biodegradable plastic market which acquired almost more than 60% of the global share in 2018. Packaging companies are increasingly using biodegradable plastic to manufacture large number of products including dried snacks & candy, bakery goods, water & juice bottles, and meat trays, and coatings for beverages cups, films & card stock, and others.
Regulatory bodies are enforcing manufacturers to come up with innovative substantial prepackaging solutions. As a result manufacturers are adopting bio based and biodegradable plastics in both flexible and rigid packaging applications. Therefore, demand for biodegradable plastic is on the rise and similar trend is anticipated during the forecast period as well. Rise in dependence on the packaged food is further expected to fuel the demand for packaging needs.
On the basis of type, starch blends are the promising type of biodegradable plastic as compared to other types. Starch blends segment emerged as the global leader with 40% of the market share in 2018. Starch blend can be modified to any desirable properties during production so that it can be used as per the convenience. Starch is popularly known to reduce the carbon footprint of traditional resins as they can replace petroleum-based polymers with natural ones.
On the basis of application, the packaging industry dominated the global market with majority of the global market share. Biodegradable plastic products are largely used in the packaging application more specifically in flexible and rigid packaging. As per the EU Packaging and Packaging Waste Directive (PPWD) and Waste Framework Directive, Europe region is offering biodegradable plastic as a substitution to single use plastic.
Consequently, Europe is the largest consumer of biodegradable plastic in this market and further it is expected to remain the largest one due to eliminating single use plastic across the major countries in Europe. Therefore, demand for biodegradable plastic is anticipated to be relatively large for the packaging segment during the forecast period.
Key manufacturers profiled in the global biodegradable plastic market include BASF SE, DowDuPont Inc., Novamont S.p.A., Plantic, Natureworks, Corbion N.V., Biome Technologies plc, Eastman Chemical Company, and Danimer Scientific.
- The Europe biodegradable plastic market is predicted to account for a share of over 50% by 2026
- The starch blends segment is expected to dominate the market, garnering a biodegradable plastic market share of around 40% during the projected period
- The packaging application segment is projected to hold a share of over 60% by 2026
- Since Asia-Pacific has the largest production facilities, advancement in the production processes may help this region to progress in terms of market share at relatively greater speed
Key Topics Covered
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top Investment Pockets
3.3. Porter's Five Forces Analysis
3.4. Market Dynamics
18.104.22.168. Environmentally Friendly Nature and Growing Consumer Adoption of Biodegradable Plastics
22.214.171.124. High Demand of Biodegradable Plastic in Food Packaging Applications
126.96.36.199. Favorable Government Policy Towards Bioplastic
188.8.131.52. High Cost of Biodegradable Plastic
184.108.40.206. Growing CSR Activities and Decreasing Dependence on Petroleum Resources
3.5. Impact of Government Rules and Regulations
3.5.1. Regulations on Single Use Plastic Bags
3.6. Patent Analysis (2015-2018)
3.7. Pricing Analysis
Chapter 4: Global Biodegradable Plastic Market, By Type
4.2. PLA (Poly-Lactic Acid)
4.3. PBAT (Polybutylene Adipate Terephthalate)
4.4. PBS (Polybutylene Succinate)
4.5. PHA (Polyhydroxyalkanoates)
4.6. Starch Blends
Chapter 5: Biodegradable Plastic Market, By Application
5.4. Consumer Durables
Chapter 6: Global Biodegradable Plastic Market, By Region
6.2. North America
Chapter 7: Competitive Landscape
7.2. Market Share Analysis of Top Players, 2018 (%)
7.3. Top Winning Strategies
7.4. Product Mapping of Top 10 Player
7.5. Competitive Heatmap
7.6. Key Developments
Chapter 8: Company Profiles
8.1. BASF SE
8.2. Biome Technologies PLC
8.3. Corbion N.V.
8.4. Danimer Scientific
8.5. Dow, Inc.
8.6. Eastman Chemical Company
8.7. Kuraray Co. Ltd.
8.8. Mitsubishi Chemical Holdings
8.9. Novamont S.p.A.
8.10. PTT Global Chemical Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/1staa9
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets