New York, USA, Aug. 30, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global biodegradable plastics market is projected to register a revenue of $8,940.5 million at a CAGR of 9.5% during the forecast period, increasing from $4,276.9 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Impact Analysis of Covid-19 on the Market
This is because of the lockdown imposed around the world and supply chain halt. Apart from that, the manufacturing processes of the biodegradable plastics stopped temporarily as a result of the lockdown. However, there is also a positive aspect of the pandemic on the industry too. Thousands of plastic gloves and PPE kits were disposed after one use by the healthcare professionals after interacting and examining the Covid-19 patients. To reduce this plastic disposal to the environment, the PPE kits are being used for the production of PPE kits. Moreover, the key players of the market are also focusing on the research & development, merger and acquisition, partnership, and other strategies to recover the market from the pandemic hit.
Dynamics of the Market
Drivers: Biodegradable plastics is extensively used in the food packaging industry since the rising climate change concerns. As biodegradable plastic works as the best alternative to the traditional fossil fuel plastic increasing the demand among the end-use industries.
Another factor is likely to be the government restrictions on the usage of plastic for day to day needs. These factors are expected to drive the market growth during the forecast period.
Restraint: The biodegradable plastic products are very expensive which is expected to be the main restraint behind the growth of the market in upcoming years.
Opportunity: The implementation of innovative technology in the manufacturing of the biodegradable plastics is creating many opportunities for the market.
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Segments of the Market
The report has divided the market into different segments based on material type, application, and regional analysis.
Material Type: Starch Blends Sub-Segment Expected to be the Most Lucrative
The starch blends sub-segment is predicted to garner a revenue of $3,054.7 million by 2028 at a CAGR of 9.0% during the forecast period. Starch blends material help in reducing carbon footprint which is going to enhance the growth of the market segment.
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Application: Packaging & Bags Sub-Segment Expected to be the Most Profitable
The packaging & bags sub-segment is predicted to generate the highest revenue of $5,171.8 million by the end of 2028, with a CAGR of 9.8%. As biodegradable plastics are eco-friendly, they are considered as the best alternative for conventional plastics. This is the main factor behind the growth of the segment.
Regional Outlook: Asia-Pacific Expected to Lead
The Asia-Pacific regional market is expected to garner a revenue of $4,133.1 million by the end of 2028. Popularity and preference of biodegradable plastics to regular plastic for daily use in the regional countries is the main reason behind the growth of the market.
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Key Market Players
• NatureWorks LLC
• BASF SE
• Total Corbion
• Mitsubishi Chemical Holdings Corporation
• Danimer Scientific
• Novamont SpA
• Biome Technologies plc
• Dow
• TORAY INDUSTRIES, INC.
• Eastman Chemical Company
In March 2021, Biome, a global leader in biodegradable plastics industry, signed the SME Climate Commitment. This initiative has been custom-designed for small and medium-size enterprises to align all their functionalities with the most recent climate science.
The report also summarizes many important points including product portfolio, financial position of the market players, latest strategic developments, and SWOT analysis. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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