The global biodegradable plastic market was valued at $1.2 billion in 2018, and is anticipated to reach $6.0 billion by 2026. The biodegradable plastic market has a great opportunity in the present market scenario. The growing concern for excessive plastic waste and disposal of it has increased the need for the emergence of an alternative to replacing the commercial plastic that is environment-friendly. Biodegradable plastic is a plant-based plastic with least or no hazardous effects on the environment. The biodegradable plastic market will bloom due to its major advantage of less carbon emission as compared to conventional plastic. The biodegradable plastic market is expected to do considerably well as it naturally breaks down by the action of micro-organism and can be recycled to produce many different types of plastic materials. Biodegradable plastic has no adverse effect on the environment and has minimal toxicity.
The packaging industry is encouraging green packaging and biodegradable plastic has emerged as a boon for this industry with the development of an innovative and technically advanced product. The high cost of Biodegradable Plastic will have negative effect on the growth of the market. The biodegradable plastic market will expand due to its advancement in composting and plastic recycling. It is accounted for as the most preferred means of environment-friendly packaging. The biodegradable plastic market is expected to grow extensively by developing an advanced method for its recycling and composting. The environment has become a major concern in recent years and biodegradable plastic is gaining popularity in various sectors due to its advantages and is growing at a CAGR of 21.3% between 2019 and 2026, the forecast period.
The global biodegradable plastic market is segmented by type and application. By type, the report segments the market into PBAT, PHA, PLA, PBS, Starch Blends, and others. By application, the segment would include Agriculture, Packaging, Textile, Consumer Durables, and others. The Agriculture and Packaging sector has emerged as a major user of the biodegradable plastic. In the Packaging sector, Biodegradable Plastic is getting favors as an effective means of packaging. The textile industry is also including volumes of biodegradable plastic.
The global biodegradable plastic market is expected to do extensively well in recent years with its huge advantages. The Biodegradable Plastic Market is segmented regionally into North America, Europe, Asia Pacific, and LAMEA. The technological advancement in the development of Biodegradable Plastic will take the market further. Government intervention for reducing the use of conventional plastic will help in the growth of the Biodegradable Plastic Market. The Biodegradable Plastic Market of North America and Europe is forecasted to perform very well due to the presence of a large number of industries and due to the ability of biodegradable plastic to recycle and composite. The growing demand for an eco-friendly product is driving the biodegradable plastic market. People all over the world are getting concerned with the increasing amount of carbon emission and are getting more inclined towards environment-friendly products with least or no hazardous effects.
The presence of many market leaders across the world will experience a huge competition. The major key player in the Biodegradable Plastic Market includes Deutsche Telekom AG, Nokia, Ericsson, Huawei Technology, Qualcomm Inc., Intel Corporation, T-Mobile, Telstra, Orange S.A., and Telecom Italia.
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