Widening Applications Is Propelling The Biodegradable Plastics Market At A Growth Rate Of 10.84% Amid 2019-2027

Triton Market Research presents the Global Biodegradable Plastics Market report, which is segmented by product (PLA, Starch Blends, PCL, Regenerated Cellulose, PBS, PHA, Other Types), and applications (Packaging, Fibers, Agriculture, Injection Molding, Other Applications).

Triton Market Research depicts that the Global Biodegradable Plastics Market is estimated to evolve at 10.84% of CAGR during the forecast period 2019-2027. The rise in the raw materials production, efficiency in plastic waste management or disposal, supportive government policy, rising interest for eco-friendly packaging solutions and widening applications in industrial sectors are the key factors proliferating the growth of the market across the globe. However, non-durability, the cost-effectiveness of petroleum-based plastics, availability of substitutes, performance issues are the prominent challenges that are restraining the growth of the biodegradable plastics market.

The Triton’s Biodegradable Plastics Market report is geographically categorized into North America, Europe, Asia Pacific and rest of world. Amongst all, Europe is leading the global biodegradable plastics market by contributing colossal share in the year 2018. This growth of the market is attributed to the government initiatives to encourage funding for research and development in biodegradable plastics. Furthermore, a long-lasting goal of recycling all plastic packaging utilized in European Union by 2030 was established by “EU Action Plan for a circular economy”.

The Asia Pacific region is evolving at a rapid pace over the forecasting years. The key drivers such as the government support in banning the use of conventional plastic bags and growing acceptance of biodegradable plastic bags by private companies are surging the market growth in the region. In addition, the government of China has passed a rule to include bio-based materials in the leading material research in the “made in China 2025 policy”.

The biodegradable plastics market is fragmented with many large and myriad of small companies. The increasing government regulations to ban the use of petroleum-based biodegradable plastics has ultimately forced the companies operating in the plastics industry to shift their production to biodegradable plastics, which is intensifying the competition in the biodegradable plastics market. Also, the rising number of players entering the market is expected to fortify the competitive rivalry in the global biodegradable plastics market over the forecast period. 

The major key players involved in the biodegradable plastics market are Zhejiang Hisun Biomaterials Co., Ltd (China), Corbion (Netherlands), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), and Natureworks LLC (U.S.). Amid all, Natureworks LLC (U.S.) held the largest market share, followed by BASF SE (Germany). The companies are adopting varied strategies such as partnership, merger & acquisition, new product launch, contracts and agreements to increase their presence globally and sustain their position in the market.