Market Segmentation
Increasing concerns regarding toxic issues about petrochemicals along with depleting crude oil reserves have been driving bio-based polymer development. Government regulations restricting petrochemical use in certain applications such as food packaging and medical devices are expected to further incentivize biodegradable plastics production in the plastic industry. The global production of biodegradable plastic materials is mainly from North America, Europe, and Asia Pacific. The increasing usage of environment-friendly plastics in many industries such as food and pharmaceuticals is anticipated to increase the demand for biodegradable plastics all around the globe.
With rising concerns over the use of plastics, an increase in demand for alternatives for plastics has been observed in the market. With the pace of innovation and new product development, manufacturers in the market are shifting their focus toward the development of biodegradable plastics. Companies are continuously developing product lines using biodegradable and recycled materials to address the concerns regarding the toxic effects of plastic waste. A large number of small and medium-scale businesses have committed to using recycled or sustainably sourced materials by a specific time frame.
Unlike conventional plastics, biodegradable plastics do not take several hundred years to degrade in the environment. Rising plastic accumulation, it's recycling and reuse are major concerns for governments across the globe. The non-recycled plastic accumulates over time and results in severe impacts on native organisms. It has been found that a significant portion of the plastics remains in the fields. This accumulation of plastic in the area negatively affects the soil quality. To curb and prevent these adverse effects caused by plastic waste accumulation, the European Union and many countries are formulating laws to promote biodegradable plastics. In countries such as Italy and France, regulations related to biodegradable plastics already exist. Following suit, the European Committee for Standardization (CEN) is in the process of developing standards related to biodegradation, toxicology, and characteristics of biodegradable plastics.
These trends are expected to benefit the overall market growth over the forecast period. Biodegradable plastics help reduce the microplastic content in the soil. Efforts have been taken by associations, such as the European Bioplastics, to clarify further the definition of biodegradable plastics in the regulations prescribed by the government. The European regulation is positively impacting the biodegradable plastic market. One such regulation is a European Commission (EC) landfill directive, which orders the diversion of 65% of organic waste from landfills.
Although biodegradable plastics have several advantages over conventional plastics, they cannot be used to completely replace petroleum- owing to the low durability of biodegradable plastics. The cost of machinery and molds needed for the production of biodegradable plastic products is high. The manufacturing of biodegradable plastic products requires advanced technology with highly skilled labor to handle the same. The high initial investment is projected to hamper growth over the forecast period. Some of the biodegradable plastics can be harmful to the environment as when these plastics are buried in a landfill for decomposition, they release methane gas which is a greenhouse gas and thus adds to the global warming problem.
Moreover, these biodegradable plastics do not readily degrade into the environment. The biodegradable plastics need a special environment to decompose in the soil, still, it takes years to break down completely. The breakdown can also leave some toxic residues behind. One of the arguments made by environmentalists against biodegradable plastics is that it takes land to produce biodegradable plastics which instead can be used to grow food for the population. The biodegradable plastics are made from plants such as maize and corn, which requires agricultural land. The use of land to grow biodegradable plastic plants instead of food can increase the cost of food which can significantly affect society.
This section will provide insights into the contents included in this biodegradable plastic market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance