Few Diverse Regional Players Dominate the Market despite the Presence of about ~300 Competitors Comprising a Large Number of Country-Niche Players and Global Players, finds a recent market study on the Global Biodegradable Plastics Market by Ken Research
Biodegradable plastics are the type of plastics that can be broken down into water, carbon dioxide, and biomass by the action of living organisms, usually micro-organisms. Biodegradable plastics are typically made from renewable sources, microbes, petrochemicals, or a combination of all three. Some biodegradable plastics are compostable, which means they decompose under controlled conditions such as those found in compost or anaerobic digestion locations.
Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
Global Players Constitute ~15% of the Total Number of Competitors, While Regional Players Dominate Representing ~45% of Total Competitors.
A comprehensive competitive analysis conducted during the Research Study found that the Global Biodegradable Plastics Market is competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. The regional players comprise about 45% in terms of the number of companies followed by country-niche players with 40% of the total competitors.
Growing Acceptance of Biodegradable Plastics Consumption in the Automotive Industry and the Shift of the Packaging Industry towards Bio-based Materials are Expected to be the Primary Drivers of this Market
Detailed comparative analysis of key competitors available within the Research Study shows that major players such as BASF SE, Eastman Chemical Company,Mitsubishi Chemical Corporation, TotalEnergies Corbion, and others are highly focused on providing a significant number of biodegradable plastics products that can be used across multiple end-user industries, including building & construction, packaging, electrical & electronics, automotive, and more. Furthermore, several companies and organizations are aggressively focusing on acquisitions and mergers with specialized players for the development of techniques used in the manufacture of biodegradable plastic materials.
- In July 2021, Solvay acquired the global coating business of Bayer AG, having facilities in France, Brazil, and the U.S. The acquisition strengthened the sustainable and bio-based solutions in the company’s portfolio. The whole product portfolio and research & development projects from Bayer AG have been shifted to Solvay.
- In April 2021, NatureWorks announced a new strategic partnership with IMA Coffee, which is a market leader in coffee handling processing and packaging. The partnership aimed at increasing the market reach for high-performing compostable K-cup in North America.
- In February 2020, BASF and Fabbri Group (Italy) formed a joint venture for the development of a sustainable solution for cling film used in fresh-food packaging. The film is used in wrapping meat, seafood, and fresh fruits & vegetables. The product is made by the Fabbri group with BASF's Ecovio bioplastic, which boosted the demand for biodegradable plastics in packaging applications.
Increased Government Initiatives and New Strategical Investments in the Polymers Industry Promoted Biodegradable Plastics Products Which Led to Major Industry-Wide Developments, Acquisitions, and Deal-Wins.
The Governments of many developed countries are committed to achieving zero plastic waste by establishing regulations and policies that drive the demand for biodegradable plastics. For instance,
- In January 2022, the U.S. Department of Energy (DOE) announced USD 13.4 million in funding for next-generation plastics technologies that reduce the energy consumption and carbon emissions of single-use plastics.
- In March 2022, the European Commission announced a suite of new proposals under the European Green Deal to make sustainable products the norm in the EU. Ecodesign for sustainable products regulation (ESPR) is one of the proposals, which is applicable to food contact articles and packaging.
Governments started providing funding to the companies involved in developing biodegradable plastics for reducing plastic waste in the country. For Instance, in August 2022, the Indian Union Government approved a Startup loan of USD 0.14 million to M/s TGP Bioplastics, a manufacturer of commercially viable biodegradable plastic grade for commercializing compostable plastics.
For More Information, refer to below link:-
Global Biodegradable Plastics Market Revenue
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