Compostable Plastics Market Analysis by Growth, Overview, Trends, Share, Demand & Size
The global?compostable plastics market ?is expected to grow at an impressive rate during the forecast period through 2027. Composite plastic is a biodegradable plastic that decomposes in a specific environment. These plastics are made up of renewable sources or materials such as starch of tapioca, corn, potato, cellulose, soya protein, and lactic acid. These types of plastic are non-toxic and break down into carbon dioxide, water, and other biomass, unlike conventical plastic. In the modern world, plastic is a significant issue in terms of health. Due to the extensive use of plastic, people face different problems like cancer, deficiency, endocrine disruption, and other issues. According to Statista, almost 367 million metric tons of plastic worldwide were produced in 2020, which is 0.3% less than last year. Nearly 32% of the overall production is accounted for in China. The above data indicate that, on average, more than 325 million tons of plastic are produced every year after 2010, which is not biodegradable. Thus, the government and people are worried about the situation and moving toward the best alternative. As plastic has become an essential product for many industries, business is switching toward composite and biodegradable plastic. Thus, we can expect a rise in the market share in the upcoming period.
The demand for plastic is increasing due to its properties and cheaper cost compared to the alternative. Due to its diverse uses in different industries like infrastructure, packaging and logistics, and various sector. Due to government policies on conventical plastic, the demand for plastic will switch to compostable plastic.
Therefore, it is going to robust the demand of the compostable market. Thus, we can expect a rise in growth and increasing demand in the market share of Global Compostable Plastics.
Rising Awareness About the Side Effects of Conventical Plastic?
The demand for the product is increasing around the globe as the population is increasing. In the last 20 years, we have extracted a lot of resources to fulfill the demand without any proper disposal management. All these scenarios led to creating difficult healthcare problem situations for people causing diseases. Plastic waste was one of the resources extracted at a large scale and aggressively used by the organization. Tearfund said that around one million to four hundred thousand people die directly and indirectly yearly because of the mismanagement of plastic and waste. Now people are getting aware of the drawback of traditional plastic and its non-biodegradable nature. They are shifting towards composite or biodegradable plastic and forcing organizations to use biodegradable plastic. Therefore, this shift will impact positively and is expected to cause significant market growth in the projected period.
After digitalization, the demand for plastic products has increased drastically for packaging. Due to its plastics nature and cost efficiency, it is highly demanded in the market for packaging purposes. Furthermore, the Demand for Plastic in packaging is increasing in the modern era. The different sectors like pharmaceutical, agriculture, textile, and others sector are some examples of the industry. Thus, the increasing trend is going to experience in the market share of the compostable plastic market.
Various community, government, and community initiatives are operating around the globe to abolish the use of single-use plastic. Governments worldwide are planning the alternative to save the earth as we have limited fossil fuels and resources. India has started the Prakriti initiative to stop using single plastic and reduce traditional plastic consumption. Apart from this, the US has funded 14.5 million to US Plastic Pact to Innovate, recycle and reduce the carbon footprint of plastic products. The market is shifting towards compostable and biodegradable products as a substitute for traditional plastic products eliminating the degradation problem. All the factors mentioned above are expected to drive the growth of the Global Compostable Plastics Market.
Fluctuation in the Cost of Raw Material is Restraint for the Market
The Continuous change in the price of petroleum led to volatility in the cost of the raw material of composite plastic. Apart from this, the manufacturing cost of composite plastic material is 80-20% costlier than conventical plastic. Thus, the economic viability of the substitute product is affecting the market growth of the compostable plastic market. Ongoing R&D is developing the alternative, which is going to hamper the growth.
Continuous R&D for Better Product is Driving Growth
Regulation is propelling the marketer towards research and development on the growing demand for eco-friendly plastic and favorable government. The organization is investing actively in eco-plastics to check various aspects that will lessen drawbacks. The main motto of companies is to make compostable plastic more effective than its substitute in terms of cost or performance.
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Market Segmentation
The global compostable plastics market is segmented?based on the compostable plastic-type and end-user type.?Based on compostable plastic type, the market is divided into PLA, starch blends, PHA, PBAT, and others. Based on end users, the market is divided into Packaging, Consumer Goods, Textiles, and Others, By company.
Market Players
The BASF SE, Novamont S.p.A., Corbion N.V., Biome Technologies plc, Total Corbion PLA, Dow Chemical Company, Natureworks LLC, Eastman Chemical Company, Danimer Scientific, Inc., Mitsubishi Chemical America, Inc are the major market player in global compostable plastics market.?
Attribute
Details
Base Year
2021
Historic Data
2017?– 2020
Estimated Year
2022
Forecast Period
2023 – 2027
Quantitative Units
Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
Report Coverage
Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered
·?????????Type
·?????????End User
Regional scope
North America; Asia Pacific; Europe & CIS; South America; Middle East & Africa
Country scope
United States; Canada; Mexico; China; India; Japan; Australia; South Korea; Germany; France; United Kingdom; Spain; Italy; Russia; Brazil; Argentina; Colombia; South Africa; UAE; Saudi Arabia.
Key companies profiled
BASF SE, Novamont S.p.A., Corbion N.V., Biome Technologies plc, Total Corbion PLA, Dow Chemical Company, Natureworks LLC,??Eastman Chemical Company, Danimer Scientific, Inc., Mitsubishi Chemical America, Inc
Customization scope
10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs.?Explore purchase options
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
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Report Scope:
In this report, global compostable plastics market has been segmented into following categories, in addition to the industry trends which have also been detailed below:?
Competitive Landscape
Company Profiles:?Detailed analysis of the major companies present in global compostable plastics market.
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Table of Content
??1. Product Overview
6.1.??Market Size & Forecast
6.1.1.?????By Value
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6.2.??Market Share & Forecast
6.2.1.?????By Type (PLA, Starch Blends, PHA, PBAT, Others)
6.2.2.?????By End User Industry (Packaging, Consumer Goods, Textiles, Others)
6.2.3.?????By Region
6.2.4.?????By Company (2021)
6.3.??Product Market Map
7.1.??Market Size & Forecast??????????
7.1.1.?????By Value
7.2.??Market Share & Forecast
7.2.1.?????By Type
7.2.2.?????By End User Industry
7.2.3.?????By Country
7.3.??North America: Country Analysis
7.3.1.?????United States Compostable Plastics Market?Outlook
7.3.1.1.?????????Market Size & Forecast
7.3.1.1.1.?????????????By Value
7.3.1.2.?????????Market Share & Forecast
7.3.1.2.1.?????????????By Type
7.3.1.2.2.?????????????By End User Industry
7.3.2.?????Mexico Compostable Plastics Market?Outlook
7.3.2.1.?????????Market Size & Forecast
7.3.2.1.1.?????????????By Value
7.3.2.2.?????????Market Share & Forecast
7.3.2.2.1.?????????????By Type
7.3.2.2.2.?????????????By End User Industry
7.3.3.?????Canada Compostable Plastics Market?Outlook
7.3.3.1.?????????Market Size & Forecast
7.3.3.1.1.?????????????By Value
7.3.3.2.?????????Market Share & Forecast
7.3.3.2.1.?????????????By Type
7.3.3.2.2.?????????????By End User Industry
8.1.??Market Size & Forecast??????????
8.1.1.?????By Value
8.2.??Market Share & Forecast
8.2.1.?????By Type
8.2.2.?????By End User Industry
8.2.3.?????By Country
8.3.??Europe: Country Analysis
8.3.1.?????France Compostable Plastics Market?Outlook
8.3.1.1.?????????Market Size & Forecast
8.3.1.1.1.?????????????By Value
8.3.1.2.?????????Market Share & Forecast
8.3.1.2.1.?????????????By Type
8.3.1.2.2.?????????????By End User Industry
8.3.2.?????Germany Compostable Plastics Market?Outlook
8.3.2.1.?????????Market Size & Forecast
8.3.2.1.1.?????????????By Value
8.3.2.2.?????????Market Share & Forecast
8.3.2.2.1.?????????????By Type
8.3.2.2.2.?????????????By End User Industry
8.3.3.?????United Kingdom Compostable Plastics Market?Outlook
8.3.3.1.?????????Market Size & Forecast
8.3.3.1.1.?????????????By Value
8.3.3.2.?????????Market Share & Forecast
8.3.3.2.1.?????????????By Type
8.3.3.2.2.?????????????By End User Industry
8.3.4.?????Italy Compostable Plastics Market?Outlook
8.3.4.1.?????????Market Size & Forecast
8.3.4.1.1.?????????????By Value
8.3.4.2.?????????Market Share & Forecast
8.3.4.2.1.?????????????By Type
8.3.4.2.2.?????????????By End User Industry
8.3.5.?????Spain Compostable Plastics Market?Outlook
8.3.5.1.?????????Market Size & Forecast
8.3.5.1.1.?????????????By Value
8.3.5.2.?????????Market Share & Forecast
8.3.5.2.1.?????????????By Type
8.3.5.2.2.?????????????By End User Industry
CEO at Rudholm Group International | Leading Sustainable Labeling & Packaging Manufacturer
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