(EMAILWIRE.COM, August 14, 2018 ) Industry Outlook and Trend Analysis
The Biodegradable Plastic Market was worth USD 7.67 billion in 2014 and is expected to reach approximately USD 17.82 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 9.82% during the forecast period. Plastics that deteriorate in the nature by the activity of microorganisms are for the most part known as biodegradable plastics. These plastics are partitioned into various classifications, for example, bio-based and petro-based biodegradable plastics. The most widely recognized process used in the assembling of biodegradable plastics incorporates fermentation of sugar or canola oil to deliver polylactic acid (PLA) or polyhydroxyalkanoates (PHA), which thus is changed over into biodegradable plastics. The strict regulatory norms by several governments across the globe insist on the reduction of plastic usage has pushed the demand for biodegradable plastics.

Drivers and Restraints
The stringent administrative changes by numerous governments over that demand lessening usage of plastic has increased the requirement for biodegradable plastics. This new sort of plastic adjusts to the rules as well as being eco-friendly in more courses than one. Hence, the usage of customary plastic is slowly being supplanted by biodegradable plastic, expanding the income of its worldwide market by leaps and bounds. However, the worldwide biodegradable plastics market is contrarily influenced by the staggering expense of manufacturing of biodegradable plastics. The immense distinction between the costs of ordinary plastics and biodegradable plastics has inhibited many developing economies to stay away from making use of the product.

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Market Segmentation
The Biodegradable Plastic Market is segmented by product into polylactic acid, polybutylene succinate, polyhydroxyalkanoates, starch-based, regenerated cellulose and polycaprolactone. Based on application the market is segmented into packaging, agriculture, textile, injection molding and others out of which the packaging segment is anticipated to be the major consumer of biodegradable plastics in the upcoming years. The demand for biodegradable plastic packaging material will be particularly high in the food and beverages sector.

Regional Outlook and Trend Analysis
Europe is anticipated to stand out as the regional market is assessed to grow tremendously over the forecast period based on revenue. The expanding pressure on the regulatory bodies to diminish carbon emanations, landfills, and issues associated with mounting plastic waste have expanded the usage of biodegradable plastics in the area. Besides, solid existence of producers is additionally anticipated that would reinforce the district's position in the worldwide market over the gauge time frame. North America is foreseen to encounter significant development over the forecast period owing to risisng focus on reducing its carbon emissions.

Competitive Insights
The major players in the market are Corbion, BASF, Mitsubishi Chemical Corporation, Bio-On SpA, Plantic, Biome Bioplastics, FKuR and NatureWorks. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.

The Biodegradable Plastic Market is segmented by regions as follows-
By Region
North America

U.S.
Canada
Mexico


Europe

Germany
UK
France
Russia
Italy
Rest of Europe

Asia-Pacific

China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific


South America

Brazil
Argentina
Columbia
South Africa
Rest of South America


Middle East and Africa

Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA

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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

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