Compostable Plastics Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Compostable Plastics Type (PLA, Starch Blends, PHA, PBAT, and Others), By End User Industry (Packaging, Consumer Goods, Textiles, and Others), By Company, By Region

November 2022 | 117 pages | ID: C562E0731103EN
TechSci Research

Abstracts

The global compostable plastics market is expected to grow at impressive rate during the forecast period through 2027. Composite plastic is a biodegradable plastic that decomposes in a specific environment. These plastics are made up of renewable sources or materials such as starch of tapioca, corn, potato, cellulose, soya protein, and lactic acid. These types of plastic are non-toxic and break down into carbon dioxide, water, and other biomass, unlike conventical plastic. In the modern world, plastic is a significant issue in terms of health. Due to the extensive use of plastic, people face different problems like cancer, deficiency, endocrine disruption, and other issues. According to Statista, almost 367 million metric tons of plastic worldwide were produced in 2020, which is 0.3% less than last year. Nearly 32% of the overall production is accounted for in China. The above data indicate that, on average, more than 325 million tons of plastic are produced every year after 2010, which is not biodegradable. Thus, government and peoples are worried about the situation and moving toward the best alternative. As plastic has become an essential product for many industries, business is switching toward composite and biodegradable plastic. Thus, we can expect a rise in the market share in the upcoming period.

The demand for plastic is increasing due to its properties and cheaper cost compared to the alternative. Due to its diverse uses in different industries like infrastructure, packaging and logistics, and various sector. Due to government policies on conventical plastic, the demand for plastic will switch to compostable plastic.

Therefore, it is going to robust the demand of the compostable market. Thus, we can expect a rise in growth and increasing demand in the market share of Global Compostable Plastics.

Rising Awareness About the Side Effect of Conventical Plastic

The demand for the product is increasing around the globe as the population is increasing. In the last 20 years, we have extracted a lot of resources to fulfill the demand without any proper disposal management. All these scenarios led to creating difficult healthcare problem situations for people causing diseases. Plastic waste was one of the resources extracted at a large scale and aggressively used by the organization. Tearfund said that around one million to four hundred thousand people die directly and indirectly yearly because of the mismanagement of plastic and waste. Now people are getting aware of the drawback of traditional plastic and its non-biodegradable nature. They are shifting towards composite or biodegradable plastic and force organizations to use biodegradable plastic. Therefore, this shift will impact positively and is expected to cause significant market growth in the projected period.

After digitalization, the demand for plastic products has increased drastically for packaging. Due to its plastics nature and cost efficiency, it is highly demanded in the market for packaging purposes. Furthermore, the Demand for Plastic in packaging is increasing in the modern era. The different sectors like pharmaceutical, agriculture, textile, and others sector are some examples of the industry. Thus, the increasing trend is going to experience in the market share of the compostable plastic market.

Various community, government, and community initiatives are operating around the globe to abolish the use of single-use plastic. Governments worldwide are planning the alternative to save the earth as we have limited fossil fuels and resources. India has started the Prakriti initiative to stop using single plastic and reduce traditional plastic consumption. Apart from this, the US has funded 14.5 million to US Plastic Pact to Innovate, recycle and reduce the carbon footprint of plastic products. The market is shifting towards compostable and biodegradable products as a substitute for traditional plastic products eliminating the degradation problem. All the factors mentioned above are expected to drive the growth of the Global Compostable Plastics Market.

Fluctuation in the Cost of Raw Material is Restraint for Market

The Continuous change in the price of petroleum led to volatility in the cost of the raw material of composite plastic. Apart from this, the manufacturing cost of composite plastic material is 80-20% costlier than conventical plastic. Thus, the economic viability of the substitute product is affecting the market growth of the compostable plastic market. Ongoing R&D is developing the alternative, which is going to hamper the growth.

Continuous R&D for Better Product is Driving Growth

Regulation is propelling the marketer towards research and development on the growing demand for eco-friendly plastic and favorable government. The organization is investing actively in eco-plastics to check various aspects that will lessen drawbacks. The main motto of companies is to make compostable plastic more effective than its substitute in terms of cost or performance.

Market Segmentation

The global compostable plastics market is segmented based on compostable plastic type and end user type. Based on compostable plastic type, market is divided into PLA, starch blends, PHA, PBAT, and others. Based on end user, market is divided into Packaging, Consumer Goods, Textiles, and Others, By company.

Market Players

The BASF SE, Novamont S.p.A., Corbion N.V., Biome Technologies plc, Total Corbion PLA, Dow Chemical Company, Natureworks LLC, Eastman Chemical Company, Danimer Scientific, Inc., Mitsubishi Chemical America, Inc are the major market player in global compostable plastics market.

Report Scope:

In this report, global compostable plastics market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Global Compostable Plastics Market, by composite plastic type:
• PLA
• Starch Blends
• PHA
• PBAT
• Others
• Global Compostable Plastics Market, by end user type:
• Packaging
• Consumer Goods
• Textiles
• Others
• Global Compostable Plastics Market, By Region:
• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Europe & CIS
• Germany
• France
• United Kingdom
• Spain
• Italy
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Egypt
• Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global compostable plastics market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Contents

1. PRODUCT OVERVIEW

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. IMPACT OF COVID-19 ON GLOBAL COMPOSTABLE PLASTICS MARKET

5. VOICE OF CUSTOMER

6. GLOBAL COMPOSTABLE PLASTICS MARKET OUTLOOK

6.1. Market Size & Forecast
  6.1.1. By Value
6.2. Market Share & Forecast
  6.2.1. By Type (PLA, Starch Blends, PHA, PBAT, Others)
  6.2.2. By End User Industry (Packaging, Consumer Goods, Textiles, Others)
  6.2.3. By Region
  6.2.4. By Company (2021)
6.3. Product Market Map

7. NORTH AMERICA COMPOSTABLE PLASTICS MARKET OUTLOOK

7.1. Market Size & Forecast
  7.1.1. By Value
7.2. Market Share & Forecast
  7.2.1. By Type
  7.2.2. By End User Industry
  7.2.3. By Country
7.3. North America: Country Analysis
  7.3.1. United States Compostable Plastics Market Outlook
    7.3.1.1. Market Size & Forecast
      7.3.1.1.1. By Value
    7.3.1.2. Market Share & Forecast
      7.3.1.2.1. By Type
      7.3.1.2.2. By End User Industry
  7.3.2. Mexico Compostable Plastics Market Outlook
    7.3.2.1. Market Size & Forecast
      7.3.2.1.1. By Value
    7.3.2.2. Market Share & Forecast
      7.3.2.2.1. By Type
      7.3.2.2.2. By End User Industry
  7.3.3. Canada Compostable Plastics Market Outlook
    7.3.3.1. Market Size & Forecast
      7.3.3.1.1. By Value
    7.3.3.2. Market Share & Forecast
      7.3.3.2.1. By Type
      7.3.3.2.2. By End User Industry

8. EUROPE COMPOSTABLE PLASTICS MARKET OUTLOOK

8.1. Market Size & Forecast
  8.1.1. By Value
8.2. Market Share & Forecast
  8.2.1. By Type
  8.2.2. By End User Industry
  8.2.3. By Country
8.3. Europe: Country Analysis
  8.3.1. France Compostable Plastics Market Outlook
    8.3.1.1. Market Size & Forecast
      8.3.1.1.1. By Value
    8.3.1.2. Market Share & Forecast
      8.3.1.2.1. By Type
      8.3.1.2.2. By End User Industry
  8.3.2. Germany Compostable Plastics Market Outlook
    8.3.2.1. Market Size & Forecast
      8.3.2.1.1. By Value
    8.3.2.2. Market Share & Forecast
      8.3.2.2.1. By Type
      8.3.2.2.2. By End User Industry
  8.3.3. United Kingdom Compostable Plastics Market Outlook
    8.3.3.1. Market Size & Forecast
      8.3.3.1.1. By Value
    8.3.3.2. Market Share & Forecast
      8.3.3.2.1. By Type
      8.3.3.2.2. By End User Industry
  8.3.4. Italy Compostable Plastics Market Outlook
    8.3.4.1. Market Size & Forecast
      8.3.4.1.1. By Value
    8.3.4.2. Market Share & Forecast
      8.3.4.2.1. By Type
      8.3.4.2.2. By End User Industry
  8.3.5. Spain Compostable Plastics Market Outlook
    8.3.5.1. Market Size & Forecast
      8.3.5.1.1. By Value
    8.3.5.2. Market Share & Forecast
      8.3.5.2.1. By Type
      8.3.5.2.2. By End User Industry

9. ASIA-PACIFIC COMPOSTABLE PLASTICS MARKET OUTLOOK

9.1. Market Size & Forecast
  9.1.1. By Value
9.2. Market Share & Forecast
  9.2.1. By Type
  9.2.2. By End User Industry
  9.2.3. By Country
9.3. Asia-Pacific: Country Analysis
  9.3.1. China Compostable Plastics Market Outlook
    9.3.1.1. Market Size & Forecast
      9.3.1.1.1. By Value
    9.3.1.2. Market Share & Forecast
      9.3.1.2.1. By Type
      9.3.1.2.2. By End User Industry
  9.3.2. India Compostable Plastics Market Outlook
    9.3.2.1. Market Size & Forecast
      9.3.2.1.1. By Value
    9.3.2.2. Market Share & Forecast
      9.3.2.2.1. By Type
      9.3.2.2.2. By End User Industry
  9.3.3. South Korea Compostable Plastics Market Outlook
    9.3.3.1. Market Size & Forecast
      9.3.3.1.1. By Value
    9.3.3.2. Market Share & Forecast
      9.3.3.2.1. By Type
      9.3.3.2.2. By End User Industry
  9.3.4. Japan Compostable Plastics Market Outlook
    9.3.4.1. Market Size & Forecast
      9.3.4.1.1. By Value
    9.3.4.2. Market Share & Forecast
      9.3.4.2.1. By Type
      9.3.4.2.2. By End User Industry
  9.3.5. Australia Compostable Plastics Market Outlook
    9.3.5.1. Market Size & Forecast
      9.3.5.1.1. By Value
    9.3.5.2. Market Share & Forecast
      9.3.5.2.1. By Type
      9.3.5.2.2. By End User Industry

10. SOUTH AMERICA COMPOSTABLE PLASTICS MARKET OUTLOOK

10.1. Market Size & Forecast
  10.1.1. By Value
10.2. Market Share & Forecast
  10.2.1. By Type
  10.2.2. By End User Industry
  10.2.3. By Country
10.3. South America: Country Analysis
  10.3.1. Brazil Compostable Plastics Market Outlook
    10.3.1.1. Market Size & Forecast
      10.3.1.1.1. By Value
    10.3.1.2. Market Share & Forecast
      10.3.1.2.1. By Type
      10.3.1.2.2. By End User Industry
  10.3.2. Argentina Compostable Plastics Market Outlook
    10.3.2.1. Market Size & Forecast
      10.3.2.1.1. By Value
    10.3.2.2. Market Share & Forecast
      10.3.2.2.1. By Type
      10.3.2.2.2. By End User Industry
  10.3.3. Colombia Compostable Plastics Market Outlook
    10.3.3.1. Market Size & Forecast
      10.3.3.1.1. By Value
    10.3.3.2. Market Share & Forecast
      10.3.3.2.1. By Type
      10.3.3.2.2. By End User Industry

11. MIDDLE EAST AND AFRICA COMPOSTABLE PLASTICS MARKET OUTLOOK

11.1. Market Size & Forecast
  11.1.1. By Value
11.2. Market Share & Forecast
  11.2.1. By Type
  11.2.2. By End User Industry
  11.2.3. By Country
11.3. MEA: Country Analysis
  11.3.1. South Africa Compostable Plastics Market Outlook
    11.3.1.1. Market Size & Forecast
      11.3.1.1.1. By Value
    11.3.1.2. Market Share & Forecast
      11.3.1.2.1. By Type
      11.3.1.2.2. By End User Industry
  11.3.2. Saudi Arabia Compostable Plastics Market Outlook
    11.3.2.1. Market Size & Forecast
      11.3.2.1.1. By Value
    11.3.2.2. Market Share & Forecast
      11.3.2.2.1. By Type
      11.3.2.2.2. By End User Industry
  11.3.3. UAE Compostable Plastics Market Outlook
    11.3.3.1. Market Size & Forecast
      11.3.3.1.1. By Value
    11.3.3.2. Market Share & Forecast
      11.3.3.2.1. By Type
      11.3.3.2.2. By End User Industry

12. MARKET DYNAMICS

12.1. Drivers
12.2. Challenges

13. MARKET TRENDS & DEVELOPMENTS

14. COMPETITIVE LANDSCAPE

14.1. BASF SE
14.2. Novamont S.p.A.
14.3. Corbion N.V.
14.4. Biome Technologies plc
14.5. Total Corbion PLA
14.6. Dow Chemical Company
14.7. Natureworks LLC
14.8. Eastman Chemical Company
14.9. Danimer Scientific, Inc.
14.10. Mitsubishi Chemical America, Inc

15. STRATEGIC RECOMMENDATIONS