“Increasing use in packaging & bags end-use industry is one of the major factors driving the market.”
The market size of biodegradable plastics is expected to reach USD 6.12 billion by 2023 from USD 3.02 billion in 2018, at a CAGR of 15.1%. The growth of the packaging & bags industry is driving the market for biodegradable plastics. Consumer awareness toward sustainable plastic solutions and pervasive efforts to eliminate the use of non-biodegradable conventional plastics is contributing to the market growth of biodegradable plastics.
“Packaging & bags is projected to be the fastest-growing end-use industry of biodegradable plastics during the forecast period.”
Biodegradable plastics is widely used in the packaging & bags industry. It is expected to be the fastest-growing end-use industry segment of the biodegradable plastics market between 2018 and 2023. Biodegradable plastics are used for manufacturing bottles, loose-fill, cups, pots, bowls, flexible films, and other products. Thermoset plastics (soy polyurethanes and unsaturated polyester resins) and thermoplastics (PLA, starch blends, PBS, PHA, and cellulose) are the two types of biodegradable plastics mainly used in the packaging industry.
“Rising demand in APAC is the major driver for the biodegradable plastics market.”
APAC is expected to be the fastest-growing biodegradable plastics market during the forecast period. APAC is a rapidly emerging economy, and hence foreign investors and plastics manufacturers are establishing their production plants in this region. The growth of the market in this region can be attributed to the easy availability of raw materials and growing packaging & bags industry.
The breakdown of primary interviews is given below:
- By Company Type: Tier 1 - 30%, Tier 2 - 35%, and Tier 3 - 35%
- By Designation: C Level - 40%, D Level - 40%, and Others - 20%
- By Region: North America - 15%, Europe - 25%, APAC- 50%, RoW - 10%.
The report also provides company profiles and detailed competitive strategies adopted by major market players, such as NatureWorks (US), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Corporation (Japan), and Biome Bioplastics (UK).
The market is segmented based on type, end-use industry, and region. This report covers the biodegradable plastics market, in terms of value and volume, and forecasts its market size till 2023. The report also provides company profiles and competitive strategies adopted by key players in the biodegradable plastics market.
Reasons To Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
- The report segments the biodegradable plastics market comprehensively and provides the closest approximations of the revenue for the overall market and the subsegments and regions.
- The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, opportunities, and challenges.
- The report helps stakeholders understand their competitors better and gain additional insights into the business.
- The competitive landscape section includes expansions, new product launches, mergers, acquisitions & partnerships.