Key players adopted the strategy of new product launches and expansions to increase their product portfolio in Biodegradable Plastics Market: Latest Update

 The biodegradable plastics market size is expected to reach USD 6.12 billion by 2023 from USD 3.02 billion in 2018, at a CAGR of 15.1%. The increasing consumer demand for eco-friendly food packaging is shifting the focus of major plastic manufacturers and packaging companies on biodegradable plastics.

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New product launches and mergers, acquisitions & partnerships were key strategies adopted by industry players to gain traction in the biodegradable plastics market. Both the strategies accounted for a share of 92% of all growth strategies adopted by the market players from 2013 to 2018. Leading market players have adopted mergers, acquisitions & partnerships as their primary growth strategy. Companies operating in this market also adopted the strategy of new product launches and expansions to increase their product portfolio.

APAC, North America, and Europe were the most active regions, in terms of strategic initiatives undertaken from 2013 to 2018. Mergers, acquisitions & partnerships was the most adopted strategy in APAC and Europe. Companies such as NatureWorks (US), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Corporation (Japan), and Biome Bioplastics (UK) made several partnerships to serve customers more efficiently and increase their market shares. These companies have adopted both organic and inorganic growth strategies such as expansions, mergers, acquisitions & partnerships, and new product launches to strengthen their foothold in the biodegradable plastics market.

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NatureWorks is among the leading advanced materials companies and offers a broad portfolio of renewably-sourced polymers and chemicals for the packaging and chemical industries. The company offers Ingeo Biopolymer, which is used in 3D printing, beauty and household, building & construction, food & beverage packaging, medical & hygiene, and other applications. It operates in North America, Europe, and APAC with manufacturing facilities in the US. NatureWorks focuses on organic growth strategies to achieve a competitive advantage over other manufacturers. For instance, in 2017, the company signed a contract to license Planica’s Opt pure (UK) chemical processing technology for the production of D-lactic acid. This helped the company produce D-lactic acid at lower costs, for a further range of performance Ingeo PLA grades. This investment is a long-term strategy of the company to lead the market with cost-effective and functional biopolymers. This expansion helped NatureWorks strengthen its biodegradable plastics product portfolio and maintain its leading position in the biodegradable plastics market.

BASF SE is a diversified chemical company. Its portfolio includes chemicals, functional & material solutions, performance products, agricultural solutions, and oil & gas, among others. The company operates in six business segments, namely, oil & gas, performance products, chemicals, functional materials & solutions, agricultural solutions, and others. It offers biodegradable plastics through the performance products business segment. The company focusses on organic growth strategies such as new product launches to meet the growing demand for biodegradable plastics. For instance, in 2013, BASF SE expanded its range of compostable and partially bio-based plastic, Ecovio by adding two new variants, namely, Ecovio T2308 and Ecovio IS1335. Ecovio T2308 can be processed through thermoforming, whereas, Ecovio IS1335 grade can be injection molded. These new biodegradable plastics helped the company expand its product used in the packaging & bags industry.

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Biodegradable Plastics Market Worth $12.4 Billion By 2027 - MarketsandMarkets (Rising Demand Growth Trend Insights for Next 5 Years)

 The biodegradable plastics market is projected to reach USD 12.4 billion by 2027, at a CAGR of 15.1%.

The report “Biodegradable Plastics Market by Type (PLA, Starch Blends, Biodegradable Polyesters, PHA), End-use Industry (Packaging & Bags, Consumer Goods, Agriculture & Horticulture), and Region (APAC, Europe, North America, Row) - Global Forecast to 2027”.

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The growth of the market is attributed to the increasing demand for biodegradable plastics in various end-use industries in emerging economies such as India, China, and Brazil. The increasing adoption of strategies such as new product launches and mergers, acquisitions & partnerships by the key players is also fueling the market.

On the basis of end-use industry, the packaging & bag segment is estimated to lead the biodegradable plastics market during the forecast period.

Packaging & bags is the largest end-use industry of biodegradable plastics. Thermoset plastics (soy polyurethanes and unsaturated polyester resins) and thermoplastics (PLA, starch blends, PBS, PHA, and cellulose) are the two types of biodegradable plastics mainly used in the packaging industry. Packaging products made from these plastics are mainly used in the packaging of fresh food, dried snacks & candy, bakery goods, water & juice bottles, and meat trays. Biodegradable plastics are also used as coatings for beverages cups and films & card stock.

Increasing use of PLA in the packaging & bags and consumer goods industry is projected to lead the biodegradable plastics market during the forecast period.

PLA is the largest type segment of the biodegradable plastics market, as it is used in various end-use industries such as packaging & bags and consumer goods. PLA is made from renewable resources, and it is compostable as well as biodegradable. It is derived from corn starch (in the US and Canada), tapioca roots, chips, or starch (mostly in Asia), or sugarcane (in RoW). This makes PLA non-toxic and an environmentally friendly material. Plastic products may take up to thousand years to degrade while PLA products biodegrade within 3–6 months in an industrial composting system. The key applications of PLA are thermoformed products, namely, drink cups, takeaway food trays, containers, and planter boxes. It has good rigidity and allows for replacement of polystyrene and PET in such applications. PLA is being adopted rapidly as it is more economical to manufacture PLA as compared with the synthesis of other biodegradable plastics.

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The increasing use of biodegradable plastics in end-use industries including packaging & bags, consumer goods and agriculture & horticulture is driving the biodegradable plastics market in APAC.

APAC is expected to be the fastest-growing biodegradable plastics market during the forecast period. The growing packaging & bags industry in APAC has offered significant opportunities for the growth of the biodegradable plastics market in the region. The increasing use of biodegradable plastics in various end-use industries, such as packaging & bags, consumer goods, agriculture & horticulture, and textile, is driving the biodegradable plastics market in APAC.

Major players such as NatureWorks (US), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Corporation (Japan), and Biome Bioplastics (UK) have adopted development strategies such as expansions, mergers, acquisitions & partnerships, and new product launches to achieve growth in the biodegradable plastics market.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : +1-888-600-6441
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