Biodegradable Plastics Market Propelling by Creating Eco-Friendly Legacy!
Biodegradable plastics are produced or tainted by microbes into water, biomass and carbon dioxide under quantified conditions.
Short term applications of biodegradable plastic include:
- Food packaging
- Disposable tableware
- Horticulture sector
- Agriculture sector
- Collection and alteration of organic waste
The biodegradable plastic gets its highest amount of usage in the packaging industry because of its eco-friendly properties. Because of growing carbon emission in the environment and its harmful effects on human and environment, many countries has banned and imposed strict restrictions on the daily use of plastic bags. Apart from that, people are giving preference to things which are “green” and “eco-friendly”. The demand of disposable tableware has also been increased in recent years. These factors are definitely going to enhance the growth of the global market of the biodegradable plastic in upcoming years.
Recent Trends of the Market
According to a report published by Research Dive, the topmost players of the global biodegradable plastics market include Danimer Scientific, Mitsubishi Chemical Holdings Corporation, Dow, Total Corbion, BASF SE, Toray Industries, Inc., Biome Technologies plc, Novamont SpA, Eastman Chemical Company, among others.
These industry players are investing a lot of efforts on the research and development of smart and unique strategies to sustain the growth of the market. These strategies include product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.
Some of the recent developments of the market are as follows:
- As per a press release, in January 2021, Novamont, an Italy-based global leader in the development and production of biochemicals and compostable bioplastics, completed its acquisition of BioBag Group, a Norwegian low-impact waste collection and packaging solution provider.
The acquisition is expected to help Novamont take advantage of BioBag’s highly specialised independent distribution, expanding its global footprint.
- As per a report, in April 2020, Mitsubishi Chemical America, Inc. inked a conclusive agreement to acquire all of the issued and remaining shares of Gelest Intermediate Holdings, Inc., the parent company of Gelest, a world-leader and trendsetter in material science and technology.
- Biome, a polymer manufacturing company, signed the SME Climate Commitment in March 2021. This program has been designed for small and medium-sized enterprises in India to align their operations according to the latest climate science, as stated in the report.
Impact Analysis of Covid-19 on the Market
The Covid-19 pandemic has impacted almost all the manufacturing companies posing threat for the global economy. Many companies were temporarily shut down, while others were closed forever. Biodegradable plastics market was no exception. Because of year-long lockdown and restrictions on supply chain, the industry had to witness a drastic downfall. The manufacturing industries along with the end-use industries were also shut down resulting in revenue loss for the market. However, the pandemic effect on the industry was not all bad. As thousands of PPE kit equipment were disposed by the healthcare professional during the peak of the pandemic posed a threat to the environment. This aspect has created huge demand for biodegradable plastic for manufacturing the PPE kit. This will help the market to revive from the hit of the pandemic. Additionally, the top players of the market are relentlessly working on the development of newer strategies such as merger, acquisition, partnership, product development etc which will help the industry to flourish in no time once the pandemic is over.
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