The global Biodegradable Plastic Market size is projected to
reach USD 10.0 billion by 2030, according to a report by Grand View Research,
Inc., rising at a CAGR of 9.7% during the forecast period. The increasing use
of biodegradable plastics, owing to strict governmental laws prohibiting the
use of conventional plastics, coupled with growing awareness among the public
towards the ill effects of plastic waste is stoking the growth of the
market. The above factors are expected to spur market growth during the
forecast period.
Biodegradable plastics are plastics that decompose in
the environment within a reasonable period. Biodegradable plastics are made up
of renewable raw materials. Many of these plastics require biodegradable
additives to enhance the biodegradation process and some may require a specific
environment to disintegrate. Time taken by plastics to decompose depends upon
various factors such as raw materials used and environmental conditions such as
moisture and temperature.
The starch-based segment leads the global market.
Starch-based plastics are used in various applications such as packaging,
consumer electronics, agriculture, automotive, and textiles. PLA is also one of
the most consumed biodegradable plastic-type. It is used in 3D printing, mulch
film, and packaging.
Packaging is the leading application of biodegradable
plastics. A ban on plastics by European Commission is anticipated to drive the
segment during the forecast period. Novel applications of biodegradable
plastics in the medical sector for drug encapsulation and medical surgeries are
being increasingly practiced.
Around the world, people are facing grave issues of
plastic waste as conventional plastics take hundreds of years to decompose. To
tackle this, issue several countries have banned the use of single-use plastic
products and are promoting the use of eco-friendly biodegradable plastics. Ban
of non-reusable conventional plastics in many regions around the globe,
especially in Europe and North America is estimated to propel the market.
Additionally, improving the standard of living and increasing disposable income
in developing countries are likely to augur well for the market in the Asia
Pacific and Central & South America.
Key players are investing in research and development
activities to create improved products that are strong and can be easily
decomposed in the natural environment. Many the companies have integrated the
value chain to serve customers better and improve the profits of the company
Related Press Release@ Biodegradable Plastic Market Report
Biodegradable Plastic Market
Report Highlights
- The PHA segment is projected to expand at a noteworthy CAGR of
10.2% in terms of revenue during the forecast period
- Packaging is the largest application segment that accounted for
more than 60.0% of revenue in 2021, followed by the agriculture sector
- Europe is the largest region in terms of value and volume. However,
Asia Pacific is expected to emerge as the fastest-growing region for
biodegradable plastics
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment