Biodegradable Plastics Market shall touch US$17.66 bn by 2023
The demand within the global biodegradable plastics market is growing on account of advancements in green packaging. Plastic manufacturing has witnessed a downfall post the turn of the 21st century. Several countries and regions have banned the use of plastics in green zones, and this has placed a toll on plastic manufacturers. However, near irreplaceability of plastics across multiple industries such as packaging and retail has shifted the focus towards biodegradable plastics. This factor, coupled with the development of eco-friendly standards across the globe, has driven market demand.
Transparency Market Research (TMR) finds that the global biodegradable plastic market shall expand at a whopping CAGR of 9.9% over the period between 2015 and 2023. Furthermore, the total revenues within the global biodegradable plastics market shall touch US$17.66 bn by 2023-end, rising up from a value of US$9.10 bn in 2016. Growing inclination of industrial and residentials units towards the use of biodegradable plastic shall aid market growth.
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Biodegradable plastic can be disposed through the process of composting. Several cases of improper composting have landed biodegradable plastics in landfills. This factor has led energy scientists to develop errorless methods for composting and plastic recycling. Hence, the global biodegradable plastics market is expected to grow with advancements in the domains of composting, calcination, and incineration.
Several researchers assert that the use of biodegradable plastics is a pragmatic solution to inhibit plastic pollution. Furthermore, the need for smooth transition from plastic usage to biodegradable alternatives mandates the use of biodegradable plastics at this intermediate stage. However, researchers are on the lookout to find the right mix of methods for manufacturing and using biodegradable plastics. The revenue index of the global biodegradable plastics market is expected to improve in the years to follow.
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Use of Biodegradable Plastics in the Packaging Industry
The packaging industry has emerged as a forerunner to innovative and sustainable technologies. Green packaging standards have reflected on the portfolio of packaging companies. Moreover, packaging units have earned a rapport of being responsive and accountable towards the environment. Therefore, the biodegradable plastics market is expected to reach a threshold value of revenues in the years to follow.
Biodegradable plastics are termed as one of the most favoured means of packaging by scientist. Unlike normal plastics, biodegradable plastic does not contribute to the growing toll of degenerate waste. Besides, the process of incineration can work for biodegradable plastics. Despite the proven efficiency of biodegradable plastics, end-users have legal obligations to emblazon warning for consumers. Several plastic manufacturers claim to manufacture biodegradable plastics. However, other vendors and research institutes often contest such assertions on grounds of core research.
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Industries of National Significance as Key Users of Biodegradable Plastics
The demand within the global biodegradable plastics market is slated to reach new heights in the years to follow. Industries of national importance have become sound consumers of biodegradable plastics. The agriculture sector has emerged as a prominent user of biodegradable plastics in recent times. Moreover, biodegradable plastics are also used in large volumes across the textile industry. The aforementioned factors are a key consideration for vendors operating in the global market. The leading vendors are likely to expand their reigns to new and unexplored territories and industries.
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Some of the leading players in the global biodegradable plastics market are Mitsubishi Chemical Corporation, BASF SE, NatureWorks LLC, and Biome Bioplastics.
The review is based on TMR’s report titled, “Biodegradable Plastics (Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Polybutylene Succinate (PBS), Polycaprolactone (PCL), Starch-based, and Regenerated Cellulose) Market for Packaging, Textile, Agriculture, Injection Molding, and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”.
