“In recent years, biodegradable plastics have found wide acceptance in various industries because of its properties such as low carbon footprints and compostability. These properties can help in limiting the degradation of the enviorment caused by the use of petroleum based plastics. On the basis of applications, the market for biodegradable plastics can be broadly segmented into packaging, fibers, agriculture, injection molding, and others. Of these, plastics packaging is the most important application of biodegradable plastic and is projected to grow at a rapid pace. Injection molding is an emerging application which is expected to witnessis the fastest growth.
Players in the biodegradable plastics market invest heavily in R&D to develop new products, technologies, manufacturing processes, and to address various challenges present in the market. This helps in development of the overall biodegradable plastics market. The biodegradable plastics market is projected to be worth more than USD 3.4 billion by 2020.
This report provides a comprehensive analysis of the biodegradable plastics market. It categorizes the biodegradable plastics market based on type, application, and region. On the basis of type, PLA was the largest segment in 2014 and is projected to grow further. The increased use of biodegradable plastics due to implementation of strict enviormental regulations, especially, the regulations limiting/prohibiting the use of petroleum based plastic bags, is one of the key drivers of the global biodegradable plastics market. The growth in the market is also influenced by the increased enviormental awareness and concerns among the general population in developing countries. The fastest growing applicaiton in the biodegradable plastics market is injection molding application. The high growth in this application is due to the improving mechanical and thermal properties of various biodegradable plastics. PLA is one of the most important type of biodegradable plastic and it is estimated to have the largest share in the overall biodegradable plastics market in 2014. Western Europe is estimated to be the largest consumer of biodegradable plastics in 2014, Western Europe is followed by North America.
The leading players in the biodegradable plastics market such as Metabolix Inc. (U.S.), BASF SE (Germany), Corbion N.V. (Netherlands), Natureworks LLC (U.S.), Biome Technologies Plc (U.K.), and others are profiled in the report. The key players in this market have adopted various strategies to strengthen their market position and increase their market shares. Partnership, agreement & collaboration, and new product launch are some of the major strategies adopted by the market players to achieve growth in the biodegradable plastics market.
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