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Biodegradable Plastics Market to prosper with the increasing government support

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Market Overview:

Biodegradable Plastics decompose to carbon dioxide and water under the influence of microorganisms. They are produced by fermentation of sugar or canola oil to provide polylactic acid (PLA) or polyhydroxyalkanoates (PHA), which in turn are converted into biodegradable products. The global biodegradable plastics market size was around USD 11.9 billion in 2019 and is estimated to grow at a CAGR of 10.60% to reach USD 19.8 billion by 2024.

Market drivers and restraints:

Biodegradable nature of plastics is estimated to be significant factors driving the global market over the recent period. The rise in awareness about eco-friendly products and strict regulations relating to the usage of traditional plastics is expected to drive the biodegradable plastics business. The critical factors for market growth are the significant initiatives taken by many governments to use biodegradable plastics over traditional plastics.

The price of producing biodegradable plastics is much more than conventional plastics. The higher cost-effectiveness and lack of technology can be significant challenges to many manufacturers, but they can be overcome with technology advancement. Volatile prices of crude oil can be an opportunity for the manufacturer to shift to biodegradable plastics over petroleum-based conventional plastics.

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Report segmented as:

By type:

polyhydroxyalkanoates (PHA)
polylactic acid (PLA)
polybutylene succinate (PBS)
polycaprolactone (PCL)
starch-based plastics
regenerated cellulose
By end-user:

injection moulding
Geographical analysis:

Based on geography, Europe is the biggest consumer of Biodegradable Plastics followed by North America. North America is in the second position due to the high demand for such plastics in retail stores. The Asia-Pacific witnessed steady growth in the overall market.

Important market players:

Major players operating in the global Biodegradable Plastics market are BASF SE (Germany), Corbion (Netherland), Biome Technologies PLC (U.K.), Mitsubishi Chemical Corporation (Japan), NatureWorks LLC (U.S.), Cardia Bioplastics Limited (Australia), Cereplast Inc (U.S), Plantic Technologies Ltd (Australia) and others.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

About Us:

Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

For more information:
Abhishek Shukla
Sales Manager at Market Data Forecast
Tel: +1-888-702-9626

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