Medical Plastic Compounds Market Size to Surpass US$ 79.56

OTTAWA, June 10, 2021 (GLOBE NEWSWIRE) — The global biodegradable plastic market size is expected to be worth around US$ 7.06 billion by 2027 from US$ 3.39 billion in 2019, growing at a CAGR of 9.6% from 2020 to 2027. Biodegradable plasticare environment-friendly plastics and designed such that it breaks up when exposed to the microorganisms. They are generally made from natural byproducts, and follows strictly controlled conditions of humidity and temperature in the industrial environment. Most compostable and biodegradable plastics are called bio-plastic and they are usually made from plants (such as sugarcane or bamboo) instead of fossil fuels. For these bioplastics to be effectively and fairly biodegradable, their compostability needs to be confirmed as per the international standards to make sure that they can be used in industrial composting plants.

Regular plastics release carbon when decomposed and melted and that carbon is released in the atmosphere. Besides this, biodegradable plastics do not release carbon while decomposition process owing to no use of carbon material in their manufacturing process. Methane and other form of pollutants are also released during the decomposition process of traditional plastics.

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Growth Factors

As per the Plastic Oceans Organization, total production capacity of plastics per year is more than 300 Million Tons out of which 50% is single-use plastics. In addition, more than 8 Million tons of plastics are dumped into the oceans every year that causes water as well as environment pollution. Apart from its disadvantages, the proliferation of plastic materials is extraordinary in the last few decades. To overcome this problem, biodegradable plastics are the alternate solution. Their environment-friendly nature due to which governments of various regions support the adoption of bio-plastics expected to drive the market growth. Beside the fact that biodegradable plastics are in their introductory phase exhibits lucrative growth over the analysis period and expected to dominate the total plastics manufactured per year.

Report Highlights

  • In 2019, Europe is the front-runner in terms of revenue owing to increasing consumer awareness for the use of bio-based products.
  • The Asia Pacific exhibits lucrative growth over the forecast period due to large consumer base and escalating growth of agriculture and food & beverage industry in the region.
  • Starch-based plastics are predicted to dominate the global market for both revenue and volume and garnered nearly 10.5% of growth rate in terms of revenue during the forecast period.
  • Polyhydroxyalkanoate (PHA) is the fastest growing segment by type over the forecast period due to its increasing application in medical and other sectors.
  • Packaging is the global leader in the end-use segment due to the shifting consumer trend from synthetic to bio-based products.
  • Agriculture end-use segment witnesses the fastest growth in the global market because of increasing application of biodegradable mulch films in the agriculture application.

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Regional Snapshots

Europe garnered the major revenue share in the global biodegradable plastic market in the year 2019. Banned on the usage of single-use plastics by the government of Europe stimulates the demand of bio-based plastics in the region. Further, the government also strongly supports the bio-economy and the transitions of low-carbon in the environment that gain contribute as the prime factors to flourish the market growth in the region. Textile, packaging, and agricultural sectors of the region exhibit prominent rise in the demand of biodegradable plastics in the recent past.

On the contrary, the Asia Pacific encountered as the most opportunistic region in the global biodegradable plastic market during the analysis period. Flourishing demand of consumer goods and agricultural products in the region are the prime factors that drive the market growth. Large population has significantly stimulated the growth of packaging sector. Further, the availability of agricultural land in the region is insufficient to meet the rising demand of food. In the wake of same, consumers are shifting rapidly towards the packaged food that triggers the market growth of biodegradable plastics.

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Key Players & Strategies

The global biodegradable plastic market is highly fragmented and consists of large number of regional and global players operating in the market. This has forced industry participants to invest significantly in the research & development for the development of innovative products and maintain their competitive edge in the global market. They adopt new technologies for manufacturing plastic packaging material from different natural resources that are easily available in the nature.Apart from competition level, biodegradable plastics market offers numerous growth opportunities to the market players owing to shifting consumer preference towards environment-friendly products and strict government regulation on the usage of plastic materials.

Some of the key players operating in the market areBiome Technologies plc, Mitsubishi Chemical Corporation, BASF SE, Plantic Technologies Limited, Yield10 Bioscience, Inc., Corbion, Eastman Chemical Company, Dow Inc., NatureWorks LLC, Danimer Scientific, Toray Industries, Inc., NovamontS.p.A., and TianAn Biologic Materials Co., Ltd.among others.

Market Segmentation

By Type

  • Starch-based
  • PBS
  • PLA
  • PHA
  • PBAT
  • Others

By End-User

  • Consumer Goods
  • Agriculture
  • Packaging
  • Others

By Regional Outlook

  • North America
  • Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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