The biobased biodegradable plastic market is expected to rise exponentially with a 12.6% CAGR between the assessment period of 2014 and 2020. During the coronavirus crisis, plastic products have been critical in terms of operations in the healthcare and retail sectors for PPE and packaging applications. These factors will positively impact the biobased biodegradable plastics market. However, the temporary suspension of activities in other manufacturing verticals will adversely impact demand for the short term.
“Non-biodegradable plastics are facing strict restrictions by governments around the world, including bans on single-use plastics in addition to the promotion of biodegradable alternatives. Also, consumers are paying more driven by the awareness on the importance of sustainability, supporting market growth through and after the pandemic” states the FMI analyst.
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Biobased Biodegradable Plastic Market- Critical Takeaways
- Packaging applications of biobased biodegradable plastics account for most sales, driven by sustainable retailing applications.
- Polyester remains the leading material owing to cost, durability, and functionality advantages in end use verticals.
- Europe followed by North America are prominent biobased biodegradable plastic markets, supported by access to new technologies and products.
Biobased Biodegradable Plastic Market- Drivers
- Government investments towards greenhouse gas emission reductions is aiding market growth.
- Strict regulations against the production and use of single use non-degradable plastics creates lucrative opportunities.
- Extensive applications in agriculture and packaging sectors bolster the sales of biobased biodegradable plastics.
Biobased Biodegradable Plastic Market- Restraints
- Shortage of raw materials and high manufacturing cost for biobased plastics hurts market prospects.
- The dependence of biobased plastics on environmental factors for degradation holds back adoption rates.
Coronavirus Impact on Biobased Biodegradable Plastic Market
With the coronavirus outbreak, end user companies are forced to give up the use of biobased plastics in an effort to maintain their revenue and profit margins. In addition, the drop in petroleum prices has made traditional plastics cheaper, putting additional obstacles in the path of the biobased biodegradable plastics market. The market is likely to witness a gradual recovery, as the global economy will remain impacted for years to come.
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Competitive Landscape
Manufacturers of the biobased biodegradable plastic market are Investing in research for product development. For instance, CARBIOS has created a process to optimize the lifecycle of biobased plastics for packaging applications by leveraging select enzymes.
Biome Technologies, BASF, Corbion, Dow, Metabolix Inc., Novamont, and Natureworks are some of the leading biobased biodegradable plastic producers.
Key Segment
On the basis of product type
- polyester
- starch blends
- polylactic acid (PLA)
- cellulose
- polyhydroxyalkanoate (PHA)
- other biobased biodegradable plastics
On the basis of application
- packaging
- fibers
- healthcare
- agriculture
- others
On the basis of region
- Western Europe
- Asia Pacific
- Eastern Europe
- North America
- Middle East & Africa
- Japan.