Allied Market Research published a report,
titled, "Compostable Plastic Market by Type (Home Compostable
Plastic [BioPBS FD92, BWC BF 90A, Ecopond Flex 162], and others), and by
Application (Compostable cutlery, Compostable bag, Compostable straw,
Compostable gloves, Compostable cup (cold cup), Compostable tray/dish):
Opportunity Analysis and Industry Forecast, 2020–2027." According
to the report, the global compostable plastic industry generated $991.2 million in
2019, and is expected to reach $3.10
billion by 2027, portraying a CAGR of 15.4% from 2020
to 2027.
Prime determinants of growth:
Surge in adoption of compostable plastics due to its
eco-friendly nature, increase in demand in food packaging applications, and
supportive government policies drive the growth of the global compostable
plastic market. However, expensive nature of compostable plastic hinders the
market growth. On the other hand, declining dependency on petroleum resources
and surge in corporate social responsibility (CSR) activities create new
opportunities in the coming years.
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COVID-19 Scenario
- With safety measures becoming
essential in sectors such as packaging and food & beverages in which
probability of transmission of COVID-19 is high, usage of compostable
plastic has been increased considerably.
- Consumers have been giving
preference to compostable plastic packaging over conventional plastic
packaging to maintain safety and save the environment.
- Retailers and physical store
owners have been offering compostable gloves to customers during shopping
as a preventive measure as the lockdown restrictions have been lifted off.
The home compostable plastic segment to grow the
fastest through 2027:
By type, the home compostable plastic segment is
estimated to witness the fastest CAGR of 17.5% from
2020 to 2027, owing to its non-toxic properties and rapid decomposition into
water, carbon dioxide, and biomass. However, the others segment contributed to
the highest share of the global compostable plastic market in 2019, holding
nearly four-fifths of the total share, and will continue its lead position
during the forecast period. This is due to high penetration of compostable
bioplastics over petroleum-based plastics in different industrial applications.
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Compostable Plastic Market @ https://www.alliedmarketresearch.com/request-for-customization/6943?reqfor=covid
The compostable bag segment to maintain the highest
revenue contribution by 2027:
By application, the compostable bag segment held the
largest market share of the global compostable plastic market in 2019,
contributing to nearly half of the total share, and is estimated to maintain
the highest contribution throughout the forecast period. This is due to
increase in demand for eco-friendly bags in supermarket and online shopping
stores. However, the compostable gloves segment would witness the largest CAGR
of 16.1% during the forecast period. This is due to rise in application of
compostable gloves in the food and bakery industries.
Europe,
followed by North America, to maintain its
leadership status during the forecast period:
Based on region, Europe,
followed by North America, accounted for
the largest share, contributing for nearly three-fifths of the total share of
the global compostable plastic market in 2019, and will maintain its lead
status during the forecast period. This is due to rise in application of
compostable plastics in packaging of vegetables and fruits in the region.
However, LAMEA is estimated to portray at the largest CAGR of 18.3% from 2020
to 2027, owing to huge number of imports from Asia-pacific and North America regions and expansion of
manufacturing facilities.
Market players grabbing largest pie
- BASF SE
- Novamont S.p.A.
- Dow Inc.
- Natureworks
- Plantic
- Biome Technologies plc
- Corbion N.V.
- Eastman Chemical Company
- Mitsubishi Chemical Holdings
- Danimer Scientific
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Allied Market Research (AMR) is a full-service
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