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
Related Report
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
