Growing awareness of the adverse effects attributed to conventional plastics to escalate the Asia Pacific Biodegradable plastic market at a CAGR of 16.6%
Latest market study on “Asia Pacific Biodegradable Plastic Market to 2027 – Analysis and Forecasts by Type (PHA, PLA, Starch Blends, Biodegradable Polyesters, and Others), End User (Packaging & Bags, Agriculture & Horticulture, Consumer Goods, Textile, Others), and Country”. The Asia Pacific biodegradable plastic market is accounted to US$ 731.0 Mn in 2018 and is expected to grow at a CAGR of 16.6% during the forecast period 2019 – 2027, to account to US$ 2,916.1 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The customers in developed and developing countries have been educated of the ill effects of conventional plastics on their lifestyle and the environment. As a result, they demand more environmentally friendly products that leads to a decrease in the use of crude oil and natural gas, thus, reducing carbon footprints. Biodegradable plastic is an alternative for almost all conventional plastics used in a diverse range of applications. These plastics promise to offer innovative solutions with enriched properties, along with distinctive ability to lower emissions as well as to provide the same qualities and functionalities as that of conventional plastics. The biodegradable plastics are synthesized using renewable resources as well as fossil raw materials, such as cellulose ester, PLA, PHA, starch derivatives, and copolyesters (PBS, PBAT, etc.).
Various organizations are working to bringing transformation in the handling of plastics, through strategic planning, communication, consumer awareness campaigns, documentary films, education, cleanup campaigns, raising business awareness, scientific research, entrepreneurial innovation, legislation, and sustainability. The primary aim is to increase the understanding of users regarding plastic pollution, thereby encouraging the invention of more sustainable solutions, and empowerment of more people and business organizations to take action to stop plastic pollution. Therefore, the revolution in consumer demand on the basis of environmental awareness, packaging convenience, and sustainable plastic production systems is boosting the global biodegradable plastic market growth.
The market for Asia Pacific biodegradable plastic is concentrated with some very well-established players. Some of the key players in the Asia Pacific biodegradable plastic market include API SpA, BASF SE, FKuR Kunststoff GmbH, Blason Industries, Novamont S.p.A., Kingfa Sci. & Tech. Co., Ltd., GuangDong Huazhilu Biological Material Co., Ltd., Mitsubishi Chemical Corporation, Plantic Technologies Limited and Total Corbion PLA. amongst the others.
Asia Pacific Biodegradable plastic Market - By Country Breakdown, 2018
The report segments the Asia Pacific Biodegradable plastic market as follows:
Asia Pacific Biodegradable plastic Market – By Type
Asia Pacific Biodegradable plastic Market – By End User
Asia Pacific Biodegradable plastic Market – By Country
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