The Biodegradable Plastics Market is expected to grow at a CAGR of 6.2% during the forecast period 2017–2023 owing to the demand from emerging economies and increasing awareness regarding environment. The market has many players and is dominated by some major key vendors. The market has been analyzed on the basis of type – Starch-based, PHA, PLA, PBS, PBAT and Others. The report has also been segmented on the basis of end users – Packaging, Agriculture, Consumer Goods, and others. Report also includes regional segmentation – APAC, North America, Europe, ROW.
The packaging segment is leading the market and is expected to grow around 6.7%. The aesthetics of packaging is improving everyday and leading the biodegradable plastics market. The biodegradable plastics make it easier for the environment as it gets decomposed in the environment naturally.
Starch-based as a product type holds the highest market share. Starch-based are very convenient and thus, it is most commonly used across all industries. The increasing population along with rise in disposable income is leading the consumers to spend more and thus increasing the biodegradable plastics market.
Another major factor that is helping towards the growth of the biodegradable plastics market is the government regulations on usage of plastic that is not decomposable. Owing to these factors and the growing trend of going green and not affecting the environment is positively impacting the market. Emerging economies like China and India are expected to boost the Asia Pacific market of biodegradable plastics market.
The study conducted by Infoholic Research provides drivers, restraints, opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each product and each type along with forecasting and trends analysis in the global biodegradable plastics market. Major companies covered in the study include big multinational players like Corbion, Cargill, Arkema, DowDuPont, and BASF, which are offering different biodegradable plastics.
– Vasundhara Singh,