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Biodegradable Plastic Market Trend
By region, the market across Europe, followed by North America, held the largest share in 2019, contributing to more than half of the market.
OREGON, PORTLAND, UNITED STATES, August 18, 2022 /EINPresswire.com / -- High demand for biodegradable plastic in food packaging applications, environmentally friendly nature & growing consumer adoption of biodegradable plastics, and favorable government policy toward bioplastic have boosted the growth of the global biodegradable plastic market . The market across Europe held the lion's share in 2018, accounting for more than half of the market. However, the starch blend segment held the largest share in 2018, accounted for two-fifths of the market.
Allied Market Research recently published a report,“Biodegradable Plastic Market by Biodegradable Plastic Type (Polylactic Acid [PLA], Polybutylene Adipate Terephthalate [PBAT], Polybutylene Succinate [PBS], Polyhydroxyalkanoates [PHA], Starch Blends, and Others), and Biodegradable Plastic Application (Packaging, Agriculture, Consumer Durable, Textile, and Others) : Opportunity Analysis and Industry Forecast, 2020–2027”. According to the report, the global biodegradable plastic industry was pegged at $1.6 billion in 2019, and is projected to reach $4.2 billion by 2027, growing at a CAGR of 13.3% from 2020 to 2027.
To know about the assumptions considered for the study download the pdf brochure:
COVID-19 impact analysis:
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The biodegradable plastic market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the biodegradable plastic market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the biodegradable plastic market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
The global biodegradable plastic market is divided on the basis of type, application, and geography. Based on type, the market is categorized into PLA, PBAT, PBS, PHA, starch blends, and others. The PLA segment is expected to manifest the fastest CAGR of 22.0% during the forecast period. However, the starch blend segment held the largest share in 2018, accounted for two-fifths of the market.
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Some ruling enterprises in the global biodegradable plastic market are examined in the report along with the citation of innovative product launches by them, their collaborative undertakings & endeavors, several merges & acquisitions, and many more. The frontrunners operating in the global biodegradable plastic industry include DowDuPont Inc., Plantic, Eastman Chemical Company, Biome Technologies plc., Natureworks, Corbion N.V., Novamont S.p.A., Danimer Scientific, and BASF SE.
The packaging segment held the largest share in 2019, accounting for more than two-thirds of the global biodegradable plastic market. This is attributed to the shifting trend of consumers from synthetic to bio-based products in response to the growing environmental awareness. However, the agriculture segment is expected to manifest the highest CAGR of 14.1% during the study period, owing to growing application of biodegradable mulch films in agriculture.
Major Inclusions-
•Qualitative as well as quantitative assessment of the market on the basis of the detailed categorization involving both the economic and non-economic factors.
•Analysis at country and regional level, which portrays the share of the product or service in different regions.
•Elaborative company profiles section, which provides different pointers such as key executives, business enactment, company overview, product/service portfolio, R&D expenditure, current scenario, and prime strategies of the key market players.
•The forecasted market outlook of the biodegradable plastic market based on recent developments, which incorporate the analysis of drivers, market trends, and growth opportunities.
•The COVID-19 impact on the biodegradable plastic market
•Post-sales support and free customization
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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