Biodegradable Plastics Market Scope And Analysis

Biodegradable Plastics Market Report Scope

IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

The report provides a detailed overview of the global biodegradable plastics market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Industries such as packaging and bags, agriculture and horticulture, and consumer goods, and automotive  have been the major consumers of biodegradable plastics. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the shutdown of national and international boundaries. Moreover, lockdowns imposed by different countries hampered the ability of industries to maintain inventory levels in the same year. The pandemic also wreaked havoc on the automotive and consumer goods industry. The shortage of manpower resulted in the deceleration of biodegradable plastics production and distribution operations. Additionally, government restrictions and other COVID-19 precautions reduced the production capacities of biodegradable plastics manufacturers in the value chain. In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxations in social restrictions. Further, rising government bans for single use plastics, and expanding production capacities in the agriculture and food & beverage packaging industry in different regions of the world resulted in a rise in demand for biodegradable plastics in 2021.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Some of the key players operating in the biodegradable plastics market include, BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics Inc, Novamont SpA, Kingfa Science and Technology Co Ltd, NatureWorks LLC, Mitsubishi Chemical Holdings Corp, Plantic Technologies Ltd, TotalEnergies Corbion BV, and API SpA, among others.