Compostable plastics are the plastics that undergo degradation by the biological processes during composting to yield CO2, water, biomass, inorganic compounds, and at a rate consistent with other known compostable materials. Instead of using plastic made from petrochemicals and fossil fuels, compostable plastics are derived from renewable materials like corn, potato, tapioca starches, cellulose, soy protein, and lactic acid. Compostable plastics are non-toxic and decompose back into carbon dioxide, water, and biomass when composted.
MARKET DYNAMICS
Sustainability and material design for the environment, integration of product design with disposal infrastructure, and composting & sustainable agriculture are the key factors driving the compostable plastics market's growth. New environmental regulations, societal concerns, and growing ecological awareness have triggered the search for new products and processes compatible with the environment. Sustainability, industrial ecology, eco-efficiency, and green chemistry are the new principles guiding the development of the next generation of products and processes. Hence, this has opened up new market opportunities for developing compostable plastics as the next generation of sustainable materials that meet ecological and economic requirements. However, compostable plastics also present challenges and create uncertainty for a wide array of stakeholders. Inconsistencies in product labeling and a lack of accepted definitions for industry terms confuse consumers upon purchasing and discarding them, hence hampering the compostable plastics market's growth.
MARKET SCOPE
The "Global Compostable Plastics Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the compostable plastics market with detailed market segmentation by type and application. The global compostable plastics market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading compostable plastics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global compostable plastics market is segmented into type and application. By type, the compostable plastics market is classified into PLA, Starch Blends, Biodegradable Polyesters, PHA, Others . By application, the compostable plastics market is classified into packaging and bags, consumer goods, agriculture and horticulture, textile, others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global compostable plastics market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America. The compostable plastics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally, along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the compostable plastics market from both demand and supply side. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions, namely; North America, Europe, APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the compostable plastics market in these regions.
MARKET PLAYERS
The reports cover vital developments in the compostable plastics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market payers from the compostable plastics market are anticipated to lucrative growth opportunities in the future with the rising demand for compostable plastics in the global market. Below mentioned is the list of few companies engaged in the compostable plastics market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the compostable plastics market. Besides, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last three years, the critical development in the past five years.
- NatureWorks LLC
- Braskem
- BASF SE
- Total Corbion PLA
- Novamont S.p.A
- Biome Bioplastics
- Mitsubishi Chemical Holding Corporation
- Toray Industries, Inc.
- Plantic Technologies Limited
- Cardia Bioplastics
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the current study.