Clean Up Efforts Taken Up By The Governments Drives Global Biodegradable Plastics Market
According to our latest market study on “Biodegradable Plastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, and End User,” the biodegradable plastics market size is expected to grow from US$ 7,331.11 million in 2022 to US$ 20,840.29 million by 2028; it is estimated to register a CAGR of 19.0% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Biodegradable plastic is used as an effective alternative to conventional single-use plastics. These plastics deliver similar technical characteristics and functionalities as that of conventional plastics, along with the reduction of greenhouse gas emissions. Additionally, the biodegradable plastic industry has involved in the research and development of novel materials with improved properties, which has helped the companies to enhance their production efficiency and reduce environmental footprints. The supportive government policies for biodegradable plastics have further propelled the use of these plastics. For instance, the ASTM D6400 is the North American standard specifying that all the plastic products falling under the category of biodegradable or compostable should completely decompose in a composting setting in a specified time frame and should leave no harmful residues afterwards.
Biodegradable Plastics Market Size, by Region, during 2022–2028
Biodegradable Plastics Market Size and Forecasts (2022 - 2028), Global and Regional Growth Opportunity Analysis
Biodegradable Plastics Market Size and Global Growth Analysis by 2028
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Furthermore, the government of Saudi Arabia introduced new regulatory requirement form December 2017, majorly affecting the packaging material. According to the regulations of the responsible Saudi organization (SASO), plastic products must be made of an approved oxo-biodegradable material. Such government measures have fuelled the growth of the biodegradable plastics market. The jurisdictions globally have been successful in instituting bans and fees on different types of plastics like carryout containers, bags, straws and polystyrene. In 2021, Maine became the first US state to introduce a revolutionary law to put the responsibility of packaging waste on companies. The Extended Producer Responsibility program aims to shift cardboard, plastic containers, and non-recyclable packaging recycling and disposal costs to the manufacturers. Thus, such initiatives bans on the use of plastics that has resulted in an upsurge for the consumption of biodegradable plastic.
Nichias Corporation, BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics Inc, Novamont SpA, Kingfa Science and Technology Co Ltd, NatureWorks LLC, Mitsubishi Chemical Holdings Corp, Plantic Technologies Ltd, TotalEnergies Corbion BV, and API SpA are the key players operating in the global biodegradable plastics market.
Impact of COVID-19 Pandemic on Global Biodegradable Plastics Market Growth
The COVID-19 pandemic adversely impacted the global economy and slowed down the growth of various industries in 2020. The shutdown of manufacturing plants and factories in major regions, such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa, adversely affected the global supply chains and hampered the manufacturing operations, delivery schedules, and goods sales. Further, various companies announced possible delays in product deliveries and a slump in sales of their products. Various end-use industries, such as automotive and transportation, textiles, and building & construction were hardly hit hard by the pandemic. In addition, the global travel bans imposed by countries in Europe, Asia Pacific, and North America affected business collaborations and partnership opportunities. The decelerated growth of the consumer goods, and automotive industry amid these unfavorable conditions restrained the growth of various markets related to this industry. Logistics constraints, manpower shortages, low demand, and government restrictions caused a temporary shutdown of businesses in the biodegradable plastics market.
However, the resurgence of various industries after the gradual resolution of supply constraints resulted in the revival of the demand for biodegradable plastics. In 2021, the increase in COVID-19 vaccination efforts and economic recovery reflected in the rise in industrial activities worldwide. Further, a rise in demand for single use plastics along with supportive government policies is supporting the growth of the biodegradable plastics market worldwide.
The "Global Biodegradable Plastics Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global biodegradable plastics market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global biodegradable plastics market is divided on the basis of type, and end user. Based on type, the market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. Based on end user, the market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. In 2022, the packaging and bags segment dominated the global biodegradable plastics market, whereas chemical and consumer goods segment is expected to be the fastest-growing segment during the forecast period.
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