Global Biodegradable Paper & Plastic Market: Overview
Biodegradable paper and plastics are widely being adopted in the packaging industry due to their biodegradability, which makes them eco-friendly. Due to increasing focus on biodegradable and eco-friendly materials, customers are shifting their preference toward biodegradable products from synthetic and non-biodegradable ones. The packaging industry is one of the major consumers of plastics and paper. These conventional packaging materials, on disposal, take a long time to degrade. They are harmful to the environment, as they cause pollution. Biobased or biodegradable materials, on the other hand, are easy to degrade and are much less polluting compared to their conventional counterparts. A number of initiatives are being taken in several countries to promote sustainability by using biodegradable materials. This is likely to drive the biodegradable paper & plastic market in the next few years.
Global Biodegradable Paper & Plastic Market: Key Segments
The biodegradable paper & plastic market can be segmented based on type, application, and end-use industry. In terms of type, the biodegradable paper & plastic market can be classified into polylactic acid (PLA), starch, polyhydroxyalkanoate (PHA), polycaprolactone (PCL), polybutylene succinate (PBS), and others. Polylactic acid and polyhydroxyalkanoate are the most widely used types of biodegradable paper and plastic. Based on application, the biodegradable paper & plastic market can be divided into corrugated board, box board, flexible paper, and others. In terms of end-use industry, the biodegradable paper & plastic market can be segregated into personal & home care packaging, food packaging, beverage packaging, pharmaceuticals packaging, and others. Food packaging is estimated to be the leading end-use industry segment of the biodegradable paper & plastic market in the next few years.
Global Biodegradable Paper & Plastic Market: Regional Outlook
Geographically, the global biodegradable paper & plastic market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is the leading biodegradable paper & plastic market across the world. The region is expected to be the rapidly expanding biodegradable paper & plastic market during the forecast period, due to growth of end-user industries in the region, such as automotive, which utilize biodegradable paper and plastics. The packaging industry in India, China, and South Korea is estimated to witness rapid growth in the near future. This would promote the growth of biodegradable paper & plastic market in the region. North America is the second-largest consumer of biodegradable paper and plastics market across the world. Europe is also a significant consumer of biodegradable paper and plastics. Latin America and Middle East & Africa are likely to offer lucrative opportunities to the biodegradable paper & plastic market during the forecast period.
Global Biodegradable Paper & Plastic Market: Key Players
Some of the key players operating in the global biodegradable paper & plastic market are International Paper (the U.S.), BASF SE (Germany), Mondi Group (the U.K.), Stora Enso (Finland), Smurfit Kappa Group (Ireland), RockTenn (the U.S.), Georgia Pacific (the U.S.), and WestRock Company (the U.S.).