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North America Biodegradable Plastic Market Size, Share & Trends Analysis Report By Product (Starch-based, PLA, PBS, PBAT, PHA, Polycaprolactone), By Application (Packaging, Agriculture), By Country, And Segment Forecasts, -
New York, Dec. 15, (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Biodegradable Plastic Market Size, Share & Trends Analysis Report By Product, By Application, By Country And Segment Forecasts, - " - https://www.reportlinker.com/p/?utm_source=GNW
North America Biodegradable Plastic Market Growth & Trends
The North America biodegradable plastic market size is expected to reach USD 2,333.1 million by , registering a CAGR of 9.6% during the forecast period. With rising concerns about the use of plastics, an increase in demand for alternatives used for plastics has been observed in the market. With the pace of innovation and new product development, manufacturers in the market are shifting their focus toward the development of biodegradable plastics. Companies are continuously developing product lines using biodegradable and recycled materials to address the concerns regarding the toxic effects of plastic waste. A large number of small and medium-scale businesses have committed to using recycled or sustainably sourced materials by a specific time frame.
This shift has further gained pace since the outbreak of the coronavirus as it has severely affected consumer buying behavior and their preference when choosing products and services.Consumers are now more conscious of the environmental impact, recyclability, and decomposition time in landfills of the products.
This is likely to compel customers to buy products made from biodegradable plastics over those made from conventional plastics.
Even though biodegradable plastics are gaining popularity all over the world, their high cost as compared to conventional plastics is the major factor restraining the market growth.Currently, low prices of conventional plastics are making biodegradable plastics difficult to achieve competitive pricing.
Apart from the cost, the lack of infrastructures such as waste collection and composting is an uphill challenge. The average price of biodegradable plastics ranges between USD 3.35 and USD 4.69 per kg, which is slightly costlier than that of other conventional polymers.
Although biodegradable plastics have several advantages over conventional plastics, they cannot be used to completely replace petroleum-based plastics owing to the low durability of biodegradable plastics.The cost of machinery and molds needed for the production of biodegradable plastics products is high.
The manufacturing of biodegradable plastics products requires advanced technology with highly skilled labor to handle the same. The high initial investment is projected to challenge the market growth during the forecast period.
North America Biodegradable Plastic Market Report Highlights
&#; In terms of revenue, the polybutylene adipate Terephthalate (PBAT) type accounted for a prominent share of the market in and is further expected to witness prominent growth during the forecast period owing to its excellent toughness and high flexibility compared to its counterparts are paving way for its use in industries such as packaging, medical, and agriculture
&#; Consumer goods application is one of the key segments of the biodegradable plastics market in North America. The key consumer goods considered under this segment are electronic devices, household appliances, and others. Several products such as vacuum cleaners, loudspeakers, touchscreen computer casings, and mobile casings are also developed from the biodegradable plastics
&#; As of , theU.S. accounted for more than 80.0% of the market share in terms of revenue. The U.S. biodegradable plastics market has been witnessing a significant rise in demand owing to the increasing usage of biodegradable plastics for medical applications. Biodegradable plastics such as PLA are being increasingly used for manufacturing personal protection equipment such as masks, face shields, and other medical equipment
&#; The North America biodegradable plastics market is fragmented with the presence of various major players along with some small and medium-sized regional players. The North American players face intense competition from each other as well as from regional players having a well-established supply chain network and are aware of the regulations and suppliers across markets
&#; Companies in the market compete based on the quality of products offered and the technology used for the production of biodegradable plastics. Major players are involved in mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investment in the research & development facilities, and seeking opportunities to vertically integrate their operations across the value chain.
Read the full report: https://www.reportlinker.com/p/?utm_source=GNW
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