U.S (New York)– The “Biodegradable Plastic Market” 2023 research report appears to cover various aspects of the market, including the strategies of top players, market segments, competitive landscape, manufacturing, and pricing structures. In this report, we will provide an in-depth analysis of the current state of the global Biodegradable Plastic Market, its key drivers and challenges, and its future prospects. This study contains research on market dynamics, such as SWOT, PESTLE, and Porter’s Five Forces analysis, as well as details about drivers, constraints, trends, and opportunities. These studies may assist in providing a thorough overview of the worldwide industry. Additionally, the key segments of the industry are evaluated according to their performance.
The global biodegradable plastic market can achieve an impressive CAGR of 21.3% in between 2019 to 2026, which the report mentions as the forecast period. Biodegradable plastic is stirring up changes in how packaging is getting done across the world. This has the potential to emerge as a solution to the growing concerns regarding the environment. The biodegradable plastic market is witnessing a surge in the number of takers as it is easily percolating across various industries.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Plastic has this feature of protecting objects from moisture and abrasions, and as a package, it is lightweight, which is why a lot of companies prefer plastic as the choicest preference. However, its biodegradability is a huge issue. This has inspired developers into innovating biodegradable plastic that can be used without causing any hazards.
Growing awareness regarding the negative impacts of plastic has inspired both industrialists and governments into adopting biodegradable plastics and increase the amount of investment. However, a major restraining factor for the market can be the price of biodegradable plastic as it can put a dent on the profit margin. This is a hurdle that some of the companies are finding difficult to overcome. But stringent government regulations in many countries are going to make the percolation of the biodegradable plastic market easier.
Key Players:
Players profiled in the report for biodegradable plastics are Novamont S.p.A., BASF SE, DowDuPont Inc, Corbion N.V., Plantic, Natureworks, Eastman Chemical Company, Biome Technologies plc, and Danimer Scientific.
Other players operating in this biodegradable plastic market include Biotec Pvt. Ltd., BALSON INDUSTRIES, BioSphere Plastic LLC, BIOGREEN PACKAGING PRIVATE LIMITED, and Symphony Polymers Pvt. Ltd.
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Global Biodegradable Plastic Market By Region
The report has several North America described as a crucial market influencer. Several countries from the region can promote the intake capacity of the biodegradable plastic. The US and Canada would increase the intake with their robust infrastructure, better industrial setup, and high investment capacity. In addition, stringent regulations would play a better role in ensuring a hike in the intake. Europe is going to be strong as well with countries like Germany, France, the UK, and others taking measured steps to implement environment-friendly procedures. One such step would be the proper incorporation of biodegradable plastic.
The Asia Pacific market would find the growth quite impressive as several countries like India, China, Japan, South Korea, and Australia are taking steps to include biodegradable plastics in different fields.
Key Market Segments
By Type
- PLA
- PBAT
- PBS
- PHA
- Starch Blends
- Others
By Application
- Packaging
- Agriculture
- Consumer Durable
- Textile
- Others
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By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Spain
- Itlay
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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