The demand within the global biodegradable plastics market is growing on account of advancements in green packaging. Plastic manufacturing has witnessed a downfall post the turn of the 21st century. Several countries and regions have banned the use of plastics in green zones, and this has placed a toll on plastic manufacturers. However, near irreplaceability of plastics across multiple industries such as packaging and retail has shifted the focus towards biodegradable plastics. This factor, coupled with the development of eco-friendly standards across the globe, has driven market demand.
Transparency
Market Research (TMR) finds that the global biodegradable plastic market shall
expand at a whopping CAGR of 9.9% over the period between 2015 and 2023.
Furthermore, the total revenues within the global biodegradable plastics market
shall touch US$17.66 bn by 2023-end, rising up from a value of US$9.10 bn in
2016. Growing inclination of industrial and residentials units towards the use
of biodegradable plastic shall aid market growth.
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Biodegradable
plastic can be disposed through the process of composting. Several cases of
improper composting have landed biodegradable plastics in landfills. This
factor has led energy scientists to develop errorless methods for composting
and plastic recycling. Hence, the global biodegradable plastics market is
expected to grow with advancements in the domains of composting, calcination, and
incineration.
Several
researchers assert that the use of biodegradable plastics is a pragmatic
solution to inhibit plastic pollution. Furthermore, the need for smooth
transition from plastic usage to biodegradable alternatives mandates the use of
biodegradable plastics at this intermediate stage. However, researchers are on
the lookout to find the right mix of methods for manufacturing and using
biodegradable plastics. The revenue index of the global biodegradable plastics
market is expected to improve in the years to follow.
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Use of Biodegradable Plastics in
the Packaging Industry
The
packaging industry has emerged as a forerunner to innovative and sustainable
technologies. Green packaging standards have reflected on the portfolio of
packaging companies. Moreover, packaging units have earned a rapport of being
responsive and accountable towards the environment. Therefore, the
biodegradable plastics market is expected to reach a threshold value of
revenues in the years to follow.
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Biodegradable
plastics are termed as one of the most favoured means of packaging by
scientist. Unlike normal plastics, biodegradable plastic does not contribute to
the growing toll of degenerate waste. Besides, the process of incineration can
work for biodegradable plastics. Despite the proven efficiency of biodegradable
plastics, end-users have legal obligations to emblazon warning for consumers.
Several plastic manufacturers claim to manufacture biodegradable plastics.
However, other vendors and research institutes often contest such assertions on
grounds of core research.
Industries of National Significance
as Key Users of Biodegradable Plastics
The demand
within the global biodegradable plastics market is slated to reach new heights
in the years to follow. Industries of national importance have become sound
consumers of biodegradable plastics. The agriculture sector has emerged as a
prominent user of biodegradable plastics in recent times. Moreover,
biodegradable plastics are also used in large volumes across the textile
industry. The aforementioned factors are a key consideration for vendors
operating in the global market. The leading vendors are likely to expand their
reigns to new and unexplored territories and industries.
Some of the
leading players in the global biodegradable plastics market are Mitsubishi
Chemical Corporation, BASF SE, NatureWorks LLC, and Biome Bioplastics.
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