Zion Market Research has published a new report titled “Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters, and Others) and by End-Use (Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2024’’. According to the report, the global biodegradable plastics market was valued at around USD 10.01 billion in 2017 and is expected to reach approximately USD 18.05 billion in 2024, growing at a CAGR of slightly above 9.10% between 2018 and 2024.
Biodegradable plastics are made from different natural materials, such as corn starch, corn oil, etc. These biodegradable plastics are majorly made from traditional plastics that are engineered to break down easily. The two major types of biodegradable plastics are OXO-biodegradable plastics and hydro-biodegradable plastics. Both these plastics are degraded via the chemical method.
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There is a sudden shift in consumers’ preference regarding the use of eco-friendly products. The governments in various regions and the environmentalist have started to emphasize the urgent need to put an end to the activities leading to environmental degradation. Various governments across the world are encouraging the use of biodegradable plastics by imposing strict regulations on plastic use. Moreover, the consumers are also willing to pay more for biodegradable plastics, as they are eco-friendly in nature. Among the major types of biodegradable plastics is polylactic acid, as it is largely used in the food packaging, textile, and tissue engineering industries. The key market players are investing in product developments to make them eco-friendly and fulfill consumer needs. However, the high costs of biodegradable plastics than that of conventional plastics might be a major restraint for this market. On the other hand, emerging end-user industries of biodegradable plastics analysis is further expected to provide numerous opportunities for the key players working in the global biodegradable plastics market.
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The biodegradable plastics market can be fragmented based on type and end-use. Based on type, this market is segmented into PLA, starch blends, PHA, biodegradable polyesters, and others. The end-use segment includes packaging and bags, consumer goods, agriculture and horticulture, textile, and others. The packaging and bags segment is likely to lead the biodegradable plastic market in the upcoming period, due to the increasing demand for packed food items in various regions across the globe. Growing textile industry is also contributing toward the expansion of the biodegradable plastics market.
By region, this market is segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Asia Pacific is anticipated to hold a significant share of the biodegradable plastics market in terms of volume during the forecast time period, due to the huge demand for packaging bags in the region. The North American biodegradable plastics market is likely to witness noteworthy growth during the forecast time period.
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Some major players operating in the global biodegradable plastics market are NatureWorks, BASF SE, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Plantic Technologies, Bio-On, Danimer Scientific, Novamont S.P.A., and Toray Industries, among others.
The report segments global biodegradable plastics market as follows:
Biodegradable Plastics Market: Type Segment Analysis
- Starch Blends
- Biodegradable Polyesters
Biodegradable Plastics Market: End-Use Segment Analysis
- Packaging & Bags
- Consumer Goods
- Agriculture & Horticulture
Biodegradable Plastics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Browse the full “Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters, and Others) and by End-Use (Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2024” report at https://www.zionmarketresearch.com/toc/biodegradable-plastics-market