Biodegradable Plastic Bags and Sacks Market is projected to clock a CAGR of 6.9% during 2017- 2022; market is projected to reach US$2,052.2 Mn by the end of the assessment period
Albany, NY -- (SBWIRE) -- 01/04/2018 -- The significant problem of non-recyclable waste caused by the disposal of traditional plastics world over attributed to their detrimental effects on the ecology is a primary factor that has largely triggered the demand for biodegradable plastics. The decomposition of these plastics possible through natural processes during composting, with the help of microorganisms, is a notable aspect leading to a wide acceptance of biodegradable bags and sacks worldwide. A number of environmental benefits associated with biodegradable plastic bags and sacks, mainly because they are made from all-natural plant materials, is boosting the demand for these plastics among various users, including retail and consumer, institutional, and industrial ones. As communities become aware of the adverse effects of pollution from traditional plastics, these plastic bags and sacks will witness a rapid adoption in various parts of the world.
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The global biodegradable plastic bags and sacks market is projected to rise from a worth of US$1,470.5 Mn in 2017 to reach a valuation of US$2,052.2 Mn by end of 2022. The market is forecast to rise at a CAGR of 6.9% from 2017 to 2022.
A critical assessment of key factors influencing the growth of the global biodegradable plastic bags and sacks market is offered here:
The burgeoning problem of inadequate degradability of vast traditional plastics lying in landfills in various parts of the world and their consequent effect on environment, especially in high-income countries, are key factors driving the demand for various biodegradable plastic products, such as biodegradable bags and sacks. The rising focus of governments in numerous developed and developed nations on minimizing the effect of plastic pollution on marine life is a notable factor boosting the demand for these bags and sacks. The stringent implementation of various regional norms that prohibits the use of traditional plastics for consumer and institutional uses in these countries is a key trend bolstering the uptake. The rising demand for greener plastic products, coupled with the demand for manufacturing process with low carbon footprint, in various regions is a key factor accentuating the demand for biodegradable plastic bags & sacks.
Recent advancements in manufacturing technologies has led to the production of high-quality and cost-effective biodegradable plastics, which bodes well for the global market. In addition, advances in material sciences has enabled manufacturers to engineer biodegradable bags and sacks for a variety of applications, including rigorous ones and meet global specifications for biodegradability and compostability.
Despite vast recyclable efforts by governments and private players in various countries, the inadequate disposal of biodegradable plastics in landfills along with other trash is a striking aspect that has hampered the demand for these bags and plastics in some regions. The strict competition from the availability of compostable trash bags is another prominent factor likely to hinder the growth of the market to an extent. Nevertheless, for several end users, the potential benefits of adoption of biodegradable bags and sacks seem to outweigh the drawbacks, which augurs well for the overall market.
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Geographically, Europe holds the major revenue share of the global biodegradable plastic bags and sacks market and is anticipated to retain its dominance throughout the forecast period. The Europe market is projected to be worth US$660.8 Mn by the end of 2022. The dominance of this regional market is primarily attributed to the vastly rising demand for environmental-friendly plastic bags and sacks for various end-users. Of all the material type, biodegradable plastic bags and sacks made from polyhydroxyalkanoates (PHA) leads and is estimated to be worth US$788.7 Mn by the end of the assessment period.
Several prominent players are focused on offering high-quality and versatile products with the help of advanced biodegradable additives in order to gain a competitive edge over others. In addition, a number of players opt for strategic mergers and acquisitions, in a move to consolidate their shares in various regions. Key players operating in the global biodegradable plastic bags and sacks market include Novolex, Shabra Group, Xtex Polythene Ltd., International Plastics Inc., Ampac Holdings LLC, Bulldog Bag Ltd., Abbey Polyethene, Sahachit Watana Plastic Industry Co.,Ltd., Sarah Bio Plast, and Symphony Polymers Pvt Ltd.