Portland, OR, Aug. 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global compostable plastic market generated $991.2 million in 2019, and is estimated to reach $3.10 billion by 2027, registering a CAGR of 15.4% from 2020 to 2027. The report offers an extensive analysis of current market dynamics, top winning strategies, business performance, major key players’ analysis, and competitive scenario.
Rise in adoption of compostable plastic due to its eco-friendly nature, increase in demand in food and beverage sector, and government initiatives for promoting eco-friendly plastic drive the growth of the global compostable plastic market. However, high price of compostable plastic hinder the market growth. On the other hand, surge in corporate social responsibility (CSR) activities creates new opportunities in the coming years.
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Covid-19 scenario:
- The demand for compostable plastic in various applications such as food & beverages, packaging, and others has been increased to enhance safety during months of coronavirus pandemic.
- However, the manufacturing and supply chain has been impacted negatively due to the restrictions during the active lockdown across the globe.
- The demand for compostable plastic gloves have been increased in applications such hospitals, retail stores, and healthcare centers.
The report offers a detailed segmentation of the global compostable plastic market based on type, application, and region.
Based on type, the home compostable plastic segment is expected to register the highest CAGR of 17.5% from 2020 to 2027. However, the others segment contributed to the largest share in 2019, accounting for nearly four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period.
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Based on application, the compostable bag segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the compostable gloves segment is estimated to portray the highest CAGR of 16.1% during the forecast period.
Based on region, Europe contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 18.3% from 2020 to 2027.
Leading market players analyzed in the research include BASF SE, Novamont S.p.A., Dow Inc., Natureworks, Plantic, Biome Technologies plc, Corbion N.V., Eastman Chemical Company, Mitsubishi Chemical Holdings, and Danimer Scientific.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.