Albany, New York, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) witnesses the global biodegradable plastics market has a highly fragmented vendor landscape. Some of the companies dominating the global biodegradable plastics market are BASF SE, NatureWorks LLC, Mitsubishi Chemical Corporation, Corbion, and Biome Bioplastics. In 2014, the three leading players such as Corbion, BASF SE, and NatureWorks LLC collectively accounted for a 33% share of the overall biodegradable plastics market. The market is the price-sensitive as the raw material ensures that they rise above the cutthroat competition. Thus, they are trying improving the product or introducing new products and maintaining their dominance in the global biodegradable plastics market.
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According to TMR, the global biodegradable plastics market pegged the value of US$9.10 bn in the year 2016 and is expected to attain a value of US$17.66 bn by the end of the year 2023. The market is anticipated to swell with a CAGR of 9.90% over the forecast period from 2015 and 2023.
Based on product type, the polylactic acid-based biodegradable plastics segment dominated the global biodegradable plastics market. However, the starch-based biodegradable plastics segment is expected to witness growth with higher CAGR and to account for the revenue of US$6.36 bn by the end of 2023. Based on region, Europe is expected to account for the higher revenue share of about US$6.08 bn by the end of 2023.
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Stringent Regulation to Encourage Adoption of Biodegradable Plastics and Propel Growth
Growing awareness about the protection of the environment coupled with growing government initiatives is encouraging adoption of the biodegradable plastics. Additionally, numerous governments are increasingly imposing stringent regulations and promoting usage of biodegradable plastics. The aforementioned factors are propelling the growth of the global biodegradable plastics market.
Numerous private and semi-private organizations are also taking numerous initiatives for lowering usage of plastics and improving the adoption of biodegradable alternatives. These initiatives are propelling the growth of the global biodegradable plastics market. Moreover, numerous government has imposed strict regulations on the usage of plastics at the industrial level. These regulations encourage the usage of biodegradable plastics and restrict production of the low quality of plastics. In order to fulfill the Corporate Social Responsibility (CSR), the industries are adopting the biodegradable plastics and likely to propel the growth of the global biodegradable plastics market.
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High Manufacturing Cost to Hamper Growth of the Market
Despite these growth prospects, the global biodegradable plastics market is facing a challenge due to its high cost of production. The high difference between the costs of normal plastics and biodegradable plastics is discouraging it's adopting across emerging economies. Additionally, the need for skilled labor is challenging the growth across the developing countries and restraining the growth of the global market for biodegradable plastics.
Nonetheless, high adoption and production from Europe for wide-ranging applications is offering numerous growth opportunities for key players in the global biodegradable plastics market.
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This information is encompassed in the new report by TMR, 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.”
For the study, the biodegradable plastics market has been segmented as follows:
By Product:
- Polylactic Acid
- Polyhydroxyalkanoates
- Polybutylene Succinate
- Polycaprolactone
- Starch-based
- Regenerated Cellulose
By Application
- Packaging
- Textile
- Agriculture
- Injection Molding
- Others (Electronic, Medical, and other.)
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