Biodegradable Plastics Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Biodegradable Plastics Market


The global Biodegradable Plastics market size is projected to reach US$ 7.57 billion by 2026, from US$ 3.67 billion in 2020, at a CAGR of 12.8% during 2021-2026. Governments prohibiting the use of single-use plastic coupled with rising awareness among public regarding ill-effects of plastic waste are among the key trends stimulating market growth. Additionally, increasing use of biodegradable plastics in packaging and agriculture is anticipated to supplement the growth of the segment.

Non-decomposable plastics are a global issue. Governments around the world are tackling this problem by banning single-use plastics and promoting use of biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. The aforementioned factors, cummulatively, are providing a fillip to the market.

Despite environmental advantages, biodegradable plastics have some shortcoming too. Segregation of conventional plastics and biodegradable plastic is a big drawback as there is no distinct difference between them. Inclusion of conventional plastic in biodegradable plastic landfills can cause complications in decomposition process.

Moreover, not all biodegradable plastics readily decompose in the natural environment, as they require a specific environment in terms of moisture and temperature. Some of the biodegradable plastics release greenhouse gases during decomposition, which is counterproductive to the environmental cause. These factors are likely to act as stumbling stones in the upward climb of the market.

Market Segmentation, Outlook & Viewpoint: Global Biodegradable Plastics Market

Type Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Starch Based
  
PLA
  
PBS
  
PBAT
  
PHA
  
Others

End use Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Packaging
  
Agriculture
  
Consumer Goods
  
Others

Key Players, Recent Developments & Regional Insights: Global Biodegradable Plastics Market

Packaging is the leading end-use sector for biodegradable plastics. It is used in both rigid and flexible packaging. Replacement of conventional plastics by these plastics in food packaging such as boxes, wraps, cups, plates is gaining momentum, which is supporting the growth of the biodegradable plastics market.

The agriculture sector also holds a significant share in the market. Use of biodegradable mulch film ensures conservation of water in the soil, suppression of weed growth, and conducive soil temperature maintenance in order to facilitate faster crop development. Surging use of biodegradable plastics in consumer goods is also evident in developed economies.

Regional Insights

Europe was the largest regional market for biodegradable plastics in 2017. High awareness among people towards plastic waste coupled with European Union ban on single-use plastics is estimated to propel the regional market over the forecast period. On the other hand, Asia Pacific is expected to emerge as the fastest growing market in the global arena. Rising disposable income and improving standard of living in developing countries such as China and India are anticipated to augment the market in the region.

The Central & South America region also emerging as promising destination in the market. Availability of cheap raw materials is likely to augur well for the market in the region. The region is projected to register a CAGR of 12.8% during the forecast period.

Biodegradable Plastics Market Share Insights

Competition in the market varies from low to medium from region to region. Competition in Europe and North America is medium owing to a large number of players. On the flip side, competitive rivalry in Asia Pacific is low due to fewer market players. However, the demand for biodegradable plastic is poised to increase in both developed and developing markets. Key market players are pouring hefty funds into research & development to introduce novel biodegradable plastic products, which are strong and readily degradable in the natural environment. Major players in the industry include Cargill Incorporated, Biome Technologies Plc, BASF SE, and NatureWorks LLC.

Key Insights Covered: Global Biodegradable Plastics Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Biodegradable Plastics industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Biodegradable Plastics industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Biodegradable Plastics industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Biodegradable Plastics industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Biodegradable Plastics industry.

Research Methodology: Global Biodegradable Plastics Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other