Biobased biodegradable plastics, often referred to as bio-plastics, are a class of polymers derived from renewable resources such as cornstarch, sugarcane, potato, and various types of agricultural waste. Unlike conventional petroleum-based plastics, which can persist in the environment for hundreds of years, biobased biodegradable plastics are engineered to break down more rapidly, resulting in reduced pollution and a lesser burden on ecosystems.
Key Drivers of Growth: Several factors contribute to the rapid growth of the biobased biodegradable plastics market:
- Environmental Awareness: Increasing global awareness of plastic pollution and its adverse effects on marine life, ecosystems, and human health has driven consumers, industries, and governments to seek more sustainable alternatives.
- Regulatory Support: Governments around the world are implementing stricter regulations on single-use plastics and encouraging the adoption of eco-friendly alternatives. This has created a favorable environment for biobased biodegradable plastics.
- Corporate Initiatives: Many companies are making commitments to reduce their plastic waste footprint and are incorporating biobased biodegradable plastics into their packaging and product lines as part of their sustainability efforts.
- Consumer Demand: As consumers become more conscious of their choices, there is a growing demand for products that align with eco-friendly values. Biobased biodegradable plastics cater to this demand by providing greener options.
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Challenges and Opportunities: While the biobased biodegradable plastics market holds immense promise, it also faces challenges:
- Performance and Durability: Some biodegradable plastics may still need improvements in terms of strength, flexibility, and durability to match the performance of traditional plastics.
- Infrastructure and Composting Facilities: Effective biodegradation often requires specific conditions, such as industrial composting facilities. The lack of such facilities in many regions can hinder the widespread adoption of biodegradable plastics.
- Cost Competitiveness: Biobased biodegradable plastics can be more expensive to produce than conventional plastics due to the cost of raw materials and production processes. As technology advances and economies of scale are achieved, costs are expected to decrease.
- Awareness and Education: There’s a need to educate consumers and industries about the proper disposal methods for biodegradable plastics to ensure they end up in the right waste streams and can effectively biodegrade.
Regional Bio-based Biodegradable Plastics Markets to Demonstrate an Impressive CAGR
Europe leads the global bio-based biodegradable plastics market, followed by North America. The two major markets contributed approximately 70% to the global bio-based biodegradable plastics market revenue in 2014. The European bio-based biodegradable plastics market is relatively mature due to early adoption of these materials compared to other regions.
North America is the second-largest market and is estimated to demonstrate robust double-digit growth between 2014 and 2020. On the other hand, the bio-based biodegradable plastics market in Latin America is expected to demonstrate the highest growth rate at a CAGR of 22.6%, followed by Asia Pacific at a CAGR of 20.7% in terms of value. The cumulative market share of Latin America and Asia Pacific is anticipated to improve by around 400 basis points by the end of the forecast period.
Japan is another prominent market for bio-based biodegradable plastics, characterized by product innovation through substantial investments into R&D activities. “Manufacturers in the bio-based biodegradable plastics market in Japan are consistently introducing new products, and creating a trend that is being followed by manufacturers in developed markets such as the U.S., Germany and France. The bio-based biodegradable plastics market in Japan is projected to demonstrate a slightly sluggish growth rate as compared to other APAC countries during the forecast period”, said Essien Jae.
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Key Segment
On the basis of product type
- polyester
- starch blends
- poly lactic acid (PLA)
- cellulose
- polyhydroxyalkanoate (PHA)
- other biobased biodegradable plastics
On the basis of application
- packaging
- fibres
- healthcare
- agriculture
- others
On the basis of region
- Western Europe
- Asia Pacific
- Eastern Europe
- North America
- Middle East & Africa
- Japan
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