Research Nester published a report titled “Biodegradable Plastics Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of theglobalbiodegradable plastics market in terms of market segmentation by type, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global biodegradable plastics market is expected to garner a large revenue by growing at a CAGR of ~14% throughout the forecast period, i.e., 2022 – 2030, owing to the increasing government initiatives to eliminate single use plastics, and rising awareness about the ill-effects of plastics globally. Furthermore, strict regulatory framework regarding the use of conventional plastic products is also estimated to fuel the expansion of market in the coming years.
The market is segmented on the basis of type and end user. On the basis of type, the starch-based segment is anticipated to gather the largest share during the forecast period in view of the rising use of the plastic in automobiles, agriculture and packaging industries. Additionally, based on end user, the packaging segment is expected to grab the largest market share during the forecast period owing to the growing use of biodegradable plastics to produce boxes, wraps and plates in food packaging sector.
to boost the market growth.
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Regionally, the global biodegradable plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to acquire the largest share and witness the highest growth in the market over the forecast period, which can be attributed to the escalating disposable income of the population and availability of cheap raw materials in the region.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Growing Efforts of Government to Eliminate Use of Single Plastics to Drive Market Growth
Several nations are becoming more conscious about the hazardous impact of plastic on the health of the people and the environment. This has resulted in the disposition of bans and formation of stringent regulatory framework by governments all around the world to curb the usage of single use plastics, which in turn is predicted to boost the market growth in the near future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, high cost of biodegradable plastics is expected to operate as key restraint to the growth of the global biodegradable plastics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global biodegradable plastics market which includes company profiling of BASF SE, Mitsubishi Chemical Corporation, Total Corbion PLA, NatureWorks LLC, Biome Technologies plc, Dow Inc., Novamont S.p.A, Corbion N.V., Eastman Chemical Company, Danimer Scientific, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biodegradable plastics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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