Biodegradable plastics market worth $3,476.87 million by 2019
According to the new research report "Biodegradable Plastics Market by Type (PLA, PHA, PBS, Starch Based Plastics, Regenerated Cellulose, PCL), by Application (Packaging, Fibers, Agriculture, Injection Molding) - Global Trends and Forecasts to 2019" from Markets And Markets (marketsandmarkets.com), defines and segments the global biodegradable plastics market with an analysis and forecast of its global volume and value.
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The report also defines driving and restraining factors for the global biodegradable plastics market with the analysis of trends, opportunities, burning issues, winning imperatives, and challenges. Some of the drivers include use of renewable and bio-based materials, increasing awareness regarding packaging waste, and landfill which is currently having high impact in the market. However, in the near future, efficient composting facilities and proper waste management will lower down the impact. There are some opportunities which will change the dynamics of biodegradable plastics industry in the years to come, which include increased applications of biodegradable plastics in end-use sectors such as electronics, transport and medical. The market is forecasted on the basis of major regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) by both value and volume. The regional biodegradable plastics market is further segmented on the basis of major application.
"North America: The biggest market of biodegradable plastics"
The North America region is the world's largest market for biodegradable plastics in 2013. The U.S. is the key consumer of biodegradable plastics in North America. Rising environmental concerns coupled with waste management issues have shifted consumer focus towards sustainable and environment-friendly plastics, especially for packaging. This has resulted in a push towards biodegradable plastics from regulatory bodies such as the EPA (Environment Protection Agency).Various product launches, developments, and expansions in different industries have in turn made the region a potential growth market for biodegradable plastics.
"PHA-the fastest-growing type; while injection molding-the biggest biodegradable plastics application"
Polyhydroxyalkanoate (PHA) is aliphatic polyester produced via fermentation of carbon substrate within a microorganism. Polyhydroxyalkanoate is the fastest-growing biodegradable plastic driven by its high use in tissue engineering, wound healing, and drug delivery. The packaging market for biodegradable plastics has a wide scope for its expansion, which in turn would help in increasing the consumption for biodegradable plastics. Packaging is the biggest application of biodegradable plastics and is projected to be worth $2,007.94 million by 2019.