Published on: May 2022
The market for PHA Degradable Plastic is being investigated
Over the projection period, the worldwide biodegradable plastic market is expected to rise at a revenue-based CAGR of 9.4%, reaching USD 3.27 billion in 2019. Two major trends fueling market expansion are government restrictions on using single-use plastics and increased public knowledge of the harmful implications of plastic waste. Biodegradable plastics' increased use in packing and horticulture is also predicted to boost industry growth.
A conscious planet with PHA Degradable Plastic, one step at a time
Plastics that do not decompose are a worldwide problem. Governments all across the world are addressing this issue by prohibiting the use of single-use plastics and encouraging the usage of biodegradable polymers. Furthermore, because of their environmentally beneficial character, people are willing to pay more for biodegradable plastics. The aforementioned elements, when taken together, are delivering a significant boost to market growth.
Boon or Bane?
Despite their environmental benefits, biodegradable plastics have certain drawbacks. Because there is no discernible distinction between conventional and biodegradable plastics, segregation is a major disadvantage. The presence of conventional plastic in biodegradable plastic landfills can cause breakdown problems. Furthermore, not all biodegradable polymers break down rapidly in the natural environment, as they demand a specific moisture and temperature setting. Some biodegradable polymers emit greenhouse gases during decomposition, which is harmful to the environment and limits market expansion.
Breakdown by type:
The market is split into starch-based, Polybutylene Succinate (PBS), Polybutylene Adipate Terephthalate (PBAT), Polylactic Acid (PLA), Polyhydroxyalkanoate (PHA), and others, depending on the kind. Throughout the forecast period, the starch-based segment is expected to lead the market in terms of revenue and volume. End-use sectors such as packaging, vehicles, and agriculture employ starch-based polymers. In terms of revenue, the segment is expected to grow at a CAGR of 10.4 percent during the same time period. PLA-type plastics are also quickly gaining traction in the market. PLA's lower cost than any other type is a primary reason driving the segment's growth.
Breakdown by application:
Due to the rising use of PHA in medical and other applications, the market for PHA is expected to rise significantly over the forecast period. PHA is mostly used in the medical field for medication encapsulation and medical implants. Tissue engineering, bone marrow scaffolds, and bone plates are some of the other medical applications. PHA is utilized in the creation of compost bags, agriculture foil and films, food and beverage packaging, and consumer items, among other things, fuelling its global growth.
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