Pune, India -- (SBWIRE) -- 05/09/2018 -- Application Insights
Packaging industry accounts for largest market segment in application of Biodegradable Plastics. Increasing demand of Biodegradable Plastics as major packaging applications in food & beverage, textiles, pharmaceuticals and consumer goods is augmented to market growth over the forecasted period. Growing electronic, medical and automobile industry has also boosted the demand of Biodegradable Plastics Market. Rise in consumer spending especially in textile and consumer goods sector has boosted the market growth. Agriculture sector in emerging economies is growing at faster pace owing to rise in population leading to less emission of pollutant gases through usage of conventional plastics. Countries in Europe and North America has put banned on checkout bags in retail stores.
BASF SE (Germany), Corbion (Netherland), NatureWorks LLC (U.S.) has dominated the Global Biodegradable Plastics Market share in 2016.
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The government is playing crucial role in promotion of biodegradable plastics in various regions. Along with strict regulations, government is supporting financial assistant to manufacturers in imposing Biodegradable Plastics. Owing to price sensitivity of raw materials, key players are adopting diverse pricing strategies. To keep moderate level of competition, prominent players are engaging in agreements, acquisitions and mergers in view that share of income can be diverse in range of industries. The key players are expected to exert pressure on exports especially in Middle East countries to increase the supply of bio-based chemicals.
APAC regions share a low market in Biodegradable Plastics Market. Relatively, manufactures are looking for cost effective, low production method for Biodegradable Plastics. Therefore, Investors have a good opportunity for having a profitable business in these regions over forecasted period. High production cost and lack of consumer awareness leading to use of low cost petroleum based conventional plastics has led the steady growth in these regions.
Europe and North America dominate the market segment. Germany and UK being largest consumer of Biodegradable Plastics owing to severe government regulations in developing bio-based chemicals and reduce greenhouse effect. Increase in consumer pressure for sustainable products and manufacturers shifting to eco-friendly products is anticipated to drive the market especially in North America and Europe.
U.S is also largest consumer and producer of Biodegradable Plastics. U.S government is also taking beneficial initiatives for shifting the industries demand for biodegradable plastics or bio-based chemicals over non-renewable resources such as loan guarantees to those manufacturers which are using high performance bio-based chemicals. Developing countries like china, India and Japan are steadily growing owing to lenient regulations of government. Existing manufacturers are shifting to eco-friendly products like Biodegradable Plastics. Many countries are growing infrastructure facility over the use of bio-based chemicals to run their daily activities.
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