New York, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global biodegradable plastics market is expected to gather a revenue of $8,940.5 million by 2028, growing at a healthy CAGR of 9.5% in the 2021-2028 timeframe. This holistic report puts forward a brief overview of the biodegradable plastics market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
Dynamics of the market:
Drivers: Since the last few years, there has been a steady increase in the utilization of biodegradable plastic for packaging purposes, which is expected to boost the demand for biodegradable plastics and drive the biodegradable plastics market in the forecast period. Also, technological advancements fueled by massive investments in the research sector of biodegradable plastics is anticipated to push the market further.
Opportunities: Biodegradable plastics have seen a surge in demand recently due to the wide range of agricultural applications, which is predicted to create huge growth opportunities for the market in the analysis timeframe. Moreover, growing research in order to develop antimicrobial packaging is expected to augment the growth rate of the market further.
Restraints: The high cost associated with the production of biodegradable plastic may, however, prove to be a hurdle in the growth of the biodegradable plastics market during the forecast timeframe.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The biodegradable plastics market, too, has faced a similar fate. Shutting down of manufacturing factories of biodegradable plastic and irregular supply of raw materials required for its production are the two main reasons behind this fall in the growth rate of the market in the forecast years.
Segments of the Market:
The report has segmented the market into certain segments based on material type, application, and region.
Material Type: Starch Blends Sub-segment to be the Most Lucrative
By material type, the starch blends sub-segment is predicted to be the most dominating sub-segment of the biodegradable plastics market and is expected to gather a revenue $3,054.7 million by 2028. Starch blends are in heavy demand, as they are the perfect substitutes for petroleum-based polymers, which is why this sub-segment is expected to grow at such a handsome rate in the forecast period.
Application: Packaging & Bags Sub-segment to be the Most Profitable
By application, the packaging & bags sub-segment is projected to have a dominant market share and register a revenue of $5,171.8 million by 2028. Widespread use of biodegradable plastics for packaging products along with continuous research and product launches by various companies are some leading factors as to why this sub-segment is projected to grow at such a high rate.
Region: Market in Asia-Pacific Region to be the Most Dominant
By regional analysis, the biodegradable plastics market in Asia-Pacific region is expected to grow handsomely and is predicted to gather a revenue of $4,133.1 million by 2028. Growing usage of biodegradable plastics in packaging industries and strict governmental regulations on the use of conventional single-use plastics is expected to boost the market in this region.
Prominent Market Players:
Some of the prominent players in the biodegradable plastics market are
- Eastman Chemical Company
- Novamont SpA
- Mitsubishi Chemical Holdings Corporation
- TORAY INDUSTRIES, INC.
- Danimer Scientific
- Total Corbion
- Dow
- BASF SE
- Biome Technologies plc
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in January 2021, Novamont, a leading biodegradable bioplastics manufacturer, announced the acquisition of Biobag Group, a waste collection and packaging solutions provider. This acquisition by Novamont is aimed at increasing its market share by catering to the demands of a larger customer base.
Finally, the report also summarizes many crucial aspects of the market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Biodegradable Plastics Market:
- What is the Need for Biodegradable Plastics?
- 4 Unapprised Truths About Biodegradable Plastics You Should Know
- Biodegradable Plastics Market Propelling by Creating Eco-Friendly Legacy!
