New York, NY, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters, and Others) and by End-Use (Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2024’’. According to the report, the global biodegradable plastics market was valued at around USD 10.01 billion in 2017 and is expected to reach approximately USD 18.05 billion in 2024, growing at a CAGR of slightly above 9.10% between 2018 and 2024.
Biodegradable plastics are made from different natural materials, such as corn starch, corn oil, etc. These biodegradable plastics are majorly made from traditional plastics that are engineered to break down easily. The two major types of biodegradable plastics are OXO-biodegradable plastics and hydro-biodegradable plastics. Both these plastics are degraded via the chemical method.
Browse through 55 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Biodegradable Plastics Market: Industry Type, Size, Share, Trends and Forecast, 2018-2024”.
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There is a sudden shift in consumers’ preference regarding the use of eco-friendly products. The governments in various regions and the environmentalist have started to emphasize the urgent need to put an end to the activities leading to environmental degradation. Various governments across the world are encouraging the use of biodegradable plastics by imposing strict regulations on plastic use. Moreover, the consumers are also willing to pay more for biodegradable plastics, as they are eco-friendly in nature. Among the major types of biodegradable plastics is polylactic acid, as it is largely used in the food packaging, textile, and tissue engineering industries. The key market players are investing in product developments to make them eco-friendly and fulfill consumer needs. However, the high costs of biodegradable plastics than that of conventional plastics might be a major restraint for this market. On the other hand, emerging end-user industries of biodegradable plastics analysis is further expected to provide numerous opportunities for the key players working in the global biodegradable plastics market.
The biodegradable plastics market can be fragmented based on type and end-use. Based on the type, this market is segmented into PLA, starch blends, PHA, biodegradable polyesters, and others. The end-user segment includes packaging and bags, consumer goods, agriculture and horticulture, textile, and others. The packaging and bags segment is likely to lead the biodegradable plastic market in the upcoming period, due to the increasing demand for packed food items in various regions across the globe. Growing textile industry is also contributing toward the expansion of the biodegradable plastics market.
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The Asia Pacific biodegradable plastics market is projected to witness a high rate of growth in the upcoming years. This is due to the fact that this region leads in the manufacturing and consumption of biodegradable plastics. Moreover, the region is anticipating a high demand in the packaging materials, due to substantial developments in the food and beverage industry. The biodegradable plastics are environment-friendly and hence they are largely developed and used in the region. Moreover, increasing demand by the end-users is also contributing toward the expansion of the biodegradable plastics market.
North America is likely to witness a substantial rate of growth in the biodegradable plastics market and is expected to grow at a higher rate in the years to come. In the U.S., the demand for biodegradable plastics is growing at 15.5% annually. This is mainly due to the various technological developments that are taking place in the region. The polyester-based and polylactic acid resins are anticipated to have the fastest growth rate in this market. The starch-based biodegradable plastics are to remain the most popular segment, as they have applications across various industries, such as food packaging and textile, among others. The plastic industry in the U.S. has a net worth of USD 350 million and is likely to grow in the upcoming time period. This, in turn, will increase the demand for biodegradable plastics in the region.
Browse the full "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters, and Others) and by End-Use (Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2024" report at https://www.zionmarketresearch.com/toc/biodegradable-plastics-market
Europe is likely to witness a sluggish rate of growth in the biodegradable plastics market during the forecast time period. The European government is making various amendments to promote biodegradable plastics. The key market players are also making various product developments to enhance their market presence in the region. Various key developments are being made in the manufacturing of biodegradable plastics by the key market players so that they are easily decomposable and do not lead to any sort of environmental hazards.
Some major players operating in the global biodegradable plastics market are NatureWorks, BASF SE, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Plantic Technologies, Bio-On, Danimer Scientific, Novamont S.P.A., and Toray Industries, among others.
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The report segments global biodegradable plastics market as follows:
Biodegradable Plastics Market: Type Segment Analysis
- PLA
- Starch Blends
- PHA
- Biodegradable Polyesters
- Others
Biodegradable Plastics Market: End-Use Segment Analysis
- Packaging & Bags
- Consumer Goods
- Agriculture & Horticulture
- Textile
- Others
Biodegradable Plastics Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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