Plastic-eating Bacteria Market Value to Reach US$ 771.5 Thousand by 2031, states Transparency Market Research, Inc.

• Rise in awareness about plastic pollution is driving the global plastic-eating bacteria market
  
  
• Increase in research & development activities to produce new plastic-eating enzymes is propelling the market
  
  
• Europe is likely to account for dominant market share during the forecast period due to strict waste regulations imposed in the U.K. and Germany

WILMINGTON, Del., Jan. 17, 2023 /PRNewswire/ -- According to a study published by Transparency Market Research, the global plastic-eating bacteria market is anticipated to advance at a CAGR of 15.1% during the forecast period from 2022 to 2031. 

Plastic production has increased at a rapid pace in the past few years due to usage in different end-use industries. Key product features that make plastic suitable for use in these industries include durability, high strength, and ease of synthesis.

However, excessive utilization of plastics has led to plastic pollution, which has caused harm to marine wildlife such as fish, turtles, and whales. This has increased the demand for plastic-eating bacteria. Plastic-eating bacteria have proven beneficial in the recycling process, which has helped decrease plastic pollution. Rise in demand for plastic-eating bacteria to lower plastic pollution is likely to fuel market growth during the forecast period. 

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Few products consumed by plastic-eating bacteria include PUR and PET. Key application areas for plastic-eating bacteria include oceans, lakes, ponds, and landfills.

Researchers are striving to develop new bacteria, which would help eliminate plastic pollution with greater efficiency than conventional bacteria. In October 2021, researchers at the Department of Energy's National Renewable Energy Laboratory in the U.S. informed the development of a new bacterium with the ability to transform deconstructed PET into raw materials, suitable for use in producing nylon products.

Well-established market players are adopting strategies such as collaboration agreements with other players to expand market presence and increase revenue.

Key Findings of Market Study

• Growing Awareness about Plastic Pollution: Awareness about plastic pollution and its impact on landfills and oceans has increased in the past few years. Restaurants across the world are increasingly reducing plastic usage and authorities are investing significantly in waste management. Increase in the number of initiatives to lower plastic usage is expected to trigger the demand for plastic-eating bacteria. This in turn is expected to propel the market.
  
  
• Research & Development Activities to Produce Improved Products: Leading market players are investing in research & development activities in order to develop an improved understanding of plastic-eating bacteria and develop plastic-eating enzymes that would help plastic pollution globally. Supportive government measures for research & development on plastic-eating bacteria are augmenting market growth. Genetically-engineered bacteria are more efficient in enzyme production. Increase in demand for this type of bacteria is likely to trigger market growth during the forecast period.

Plastic-eating Bacteria Market - Key Drivers

• The need for reducing pollution caused due to increased accumulation in landfills and oceans is driving the plastic-eating bacteria market
• Rise in adoption of PET bottles manufactured using recycled plastic is projected to boost market development during the forecast period

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Plastic-eating Bacteria Market - Regional Insights

• Europe is anticipated to account for significant market share during the forecast period. Growing implementation of strict waste regulations in the U.K. and Germany is projected to drive business growth in the region.
• The market in North America is projected to witness robust growth during the forecast period due to rise in investment in research & development activities in the U.S. and Canada

Plastic-eating Bacteria Market - Key Players

The global market has small number of players and the competition is less intense. Entry of new players is likely to intensify the competition during the forecast period. Key players in the market are Sidel Group, Carbios, and Pyroware.

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The global plastic-eating bacteria market is segmented as follows: 

Resin

• Polyethylene Terephthalate (PET)
• Polyurethane (PUR)
• Others (polylactic acid [PLA], polyhydroxyalkanoate [PHA])

Application

• Landfills
• Oceans
• Lakes
• Ponds
• Others (lands)

Regions Covered

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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SOURCE Transparency Market Research