Crystal Market Research details out informative data related to Biodegradable Plastics Market which anticipated to garner major market share. This Research Report provides the newest realistic data useful for future worldwide business trend.
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Industry Outlook and Trend Analysis
The Biodegradable Plastic Market was worth USD 7.67 billion in 2014 and is expected to reach approximately USD 17.82 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 9.82% during the forecast period. Plastics that deteriorate in the nature by the activity of microorganisms are for the most part known as biodegradable plastics. These plastics are partitioned into various classifications, for example, bio-based and petro-based biodegradable plastics. The most widely recognized process used in the assembling of biodegradable plastics incorporates fermentation of sugar or canola oil to deliver polylactic acid (PLA) or polyhydroxyalkanoates (PHA), which thus is changed over into biodegradable plastics. The strict regulatory norms by several governments across the globe insist on the reduction of plastic usage has pushed the demand for biodegradable plastics.
The major players in the market are Corbion, BASF, Mitsubishi Chemical Corporation, Bio-On SpA, Plantic, Biome Bioplastics, FKuR and NatureWorks. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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The Biodegradable Plastic Market is segmented by product into polylactic acid, polybutylene succinate, polyhydroxyalkanoates, starch-based, regenerated cellulose and polycaprolactone. Based on application the market is segmented into packaging, agriculture, textile, injection molding and others out of which the packaging segment is anticipated to be the major consumer of biodegradable plastics in the upcoming years. The demand for biodegradable plastic packaging material will be particularly high in the food and beverages sector.
Europe is anticipated to stand out as the regional market is assessed to grow tremendously over the forecast period based on revenue. The expanding pressure on the regulatory bodies to diminish carbon emanations, landfills, and issues associated with mounting plastic waste have expanded the usage of biodegradable plastics in the area. Besides, solid existence of producers is additionally anticipated that would reinforce the district’s position in the worldwide market over the gauge time frame. North America is foreseen to encounter significant development over the forecast period owing to risisng focus on reducing its carbon emissions.
Middle East And Africa (Saudi Arabia, UAE, Egypt, Nigeria And South Africa)
North America (U.S, Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest Of Europe)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest Of Asia-Pacific)
Rest Of The World (Brazil, South Africa, Saudi Arabia, Turkey, United Arab Emirates, Others)
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Table of Contents
1.1. Report Description
2. Executive Summary
2.1. Key Highlights
3. Market Overview
3.1.1. Market Definition
3.1.2. Market Segmentation
3.2. Market Dynamics
4. Market Analysis by Regions
4.1. North America (United States, Canada and Mexico
4.2. Europe (Germany, France, UK, Russia, Italy and Rest of Europe)
4.3. Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Rest of Asia-Pacific)
4.4. south America (Brazil, Argentina, Columbia and Rest of South America)
4.5. Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa and Rest of MEA)
Drivers and Restraints
The stringent administrative changes by numerous governments over that demand lessening usage of plastic has increased the requirement for biodegradable plastics. This new sort of plastic adjusts to the rules as well as being eco-friendly in more courses than one. Hence, the usage of customary plastic is slowly being supplanted by biodegradable plastic, expanding the income of its worldwide market by leaps and bounds. However, the worldwide biodegradable plastics market is contrarily influenced by the staggering expense of manufacturing of biodegradable plastics. The immense distinction between the costs of ordinary plastics and biodegradable plastics has inhibited many developing economies to stay away from making use of the product.
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