Compostable Plastic Market Size is to grow by USD 1,905.33 million from 2022 to 2027; the increasing awareness of environmental concerns regarding plastic usage to boost the market growth

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06 Jun, 2023, 01:15 ET

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NEW YORK, June 6, 2023 /PRNewswire/ -- The global compostable plastic market size is estimated to increase by USD 1,905.33 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 15.54% during the forecast period. The increasing awareness of environmental concerns regarding plastic usage notably drives market growth. The growing awareness makes consumers more likely to purchase eco-friendly goods; thus, compostable plastics are becoming more common. Furthermore, a brand-new line of compostable plastic-packaged coffee capsules was unveiled recently. These compostable capsules offer the chance to recover used coffee grounds, which allows for their processing at a facility where they can add valuable nutrients to the finished compost. This is made possible while addressing consumer concerns and keeping packaging out of landfills. Hence, factors like the rising awareness of environmental concerns regarding the use of plastic drive market growth during the forecast period. Discover some insights on the market size, historic period (2017 to 2021), and Forecast 2023-2027 before buying the full report -Request a sample report

Compostable plastic market – Vendor AnalysisVendor Landscape - The global compostable plastic market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer compostable plastic in the market are BASF SE, Biome Technologies plc, BioTec Bags India Pvt. Ltd., BOSK Bioproducts, Cargill Inc., Danimer Scientific Inc., Eastman Chemical Co., Fkur Kunststoff GmbH, Futerro SA, Green Dot Bioplastics Inc., Kaneka Corp., KURARAY Co. Ltd., Mitsubishi Chemical Corp., Neste Corp., Northern Technologies International Corp., Novamont S.p.A., SK Chemicals Co. Ltd., Toray Industries Inc., TotalEnergies SE, Trinseo PLC, and BEWI ASA and others.

What's New? -

Vendor Offerings -

Compostable Plastic Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on end-user (packaging, consumer goods, textiles, agriculture, and others), product (compostable bag, compostable cutlery, compostable gloves, compostable straw, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

Geography OverviewBy geography, the global compostable plastic market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global compostable plastic market.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Compostable Plastic Market – Market Dynamics

Key Trends -

The growing number of investments, collaborations, and agreements among vendors is an emerging trend influencing market growth. The global vendors attempt to concentrate on investments, partnerships, innovation, new product introductions, acquisitions, and growth. Such steps taken by vendors will help marketers offer the best product and hold the largest market share during the forecast period.

For instance, the development of compostable bioplastics was to be aided by a USD 1 million investment in BOSK Bioproducts Inc. from the Canadian Department of Natural Resources in April 2021. Due to this funding, BOSK Bioproducts Inc. will be able to develop products and enhance their compatibility with manufacturers of existing machinery during the forecast period.

Major challenges -

The high costs of compostable plastics compared with conventional plastics are a major challenge that may impede market growth. The price of compostable plastic ranges from USD 2.65 to USD 6.68 per kilogram, compared to only USD 1.65 for conventional plastics, currently.

In addition to that, factors such as the low demand for bioplastics include high production costs due to vendors' small-scale production, high R&D expenditures, and significant price differences between conventional petroleum-based plastics and bioplastics. Hence, such factors are expected to hinder the growth of the global market during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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Compostable Plastic Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 15.54%

Market growth 2023-2027

USD 1,905.33 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.37

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 40%

Key countries

US, China, Germany, UK, and France, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

BASF SE, Biome Technologies plc, BioTec Bags India Pvt. Ltd., BOSK Bioproducts, Cargill Inc., Danimer Scientific Inc., Eastman Chemical Co., Fkur Kunststoff GmbH, Futerro SA, Green Dot Bioplastics Inc., Kaneka Corp., KURARAY Co. Ltd., Mitsubishi Chemical Corp., Neste Corp., Northern Technologies International Corp., Novamont S.p.A., SK Chemicals Co. Ltd., Toray Industries Inc., TotalEnergies SE, Trinseo PLC, and BEWI ASA

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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