The biodegradable plastic bags and sacks market have consolidated landscape owing to increasing strategic business activities. The key players operating in the biodegradable plastic bags and sacks market are trying to provide improved and versatile products. The players are focusing to offer high quality and biodegradable additives so as to gain more shares than other rivals. In addition, several players are indulging in strategic business activities such as mergers and acquisitions to improve their global presence. Some of the players operating into biodegradable plastic bags and sacks market include Novolex, Shabra Group, Xtex Polythene Ltd., International Plastics Inc., and Ampac Holdings LLC.
According to the TMR, the biodegradable plastic bags and sacks market stood at the US$1.4075 in 2017. The market is expected to expand with a CAGR of 6.9% over the forecast period of 2017 from 2024 to reach the valuation of US$2.052 bn by the end of 2024. On the basis of type, PHA segment dominated the global market for biodegradable plastic bags and sacks by accounting for 35.9% of shares in 2017 and expected to grow with the CAGR of 6.9% over the forecast period. On the basis of region, Europe is dominating the global market and expected to dominate over the forecast period by expanding with CAGR of 7.1% to reach the valuation of US$660.8 mn by the end of 2024.
Stringent Regulation on Non-Degradable Plastic to Boost Uptake of Biodegradable Plastics
Disposal of non-recyclable plastic waste through the conventional process has resulted into hazardous effect on the environment. Rising awareness about the environmental safety is triggering adoption of the biodegradable plastics bags and sacks as its decomposition is easier and faster process. Biodegradable plastics are derived from materials of plants such as polyhydroxyalkanoates (PHAs), polylactic acids (PLAs), and corn which can be decomposed with the help of micro-organisms. The aforementioned factors are augmenting adoption of biodegradable plastics and which is propelling growth of the global market for biodegradable plastics bags and sacks.
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Additionally, the increasing stringent regulations on the use of non-degradable plastic are propelling uptake of the biodegradable plastic bags and sacks. Furthermore, the biodegradable plastic is a high-quality material which is less prone to tear and can be used in numerous applications such as storage and transportation. This factor is bolstering growth of the global biodegradable plastics bags and sacks market.
Inadequate Facilities of Disposal of Biodegradable Plastics to Hamper Growth
Despite presence of these growth influencers, the factors such as inadequate facilities of disposal of biodegradable plastics at the landfills along with other waste materials in numerous places and countries are hampering adoption of biodegradable plastics bags and sacks which is likely to limit the growth of the market. In addition, intense competition from other composite bags and sacks mainly made from clothes is also limit growth of the biodegradable plastics bags and sacks market. Nevertheless, adoption of material from retail, industrial, and institutional sectors owing to raising awareness for the environment and increasing pollution due to non-degradable plastics is creating growth opportunities for key players over the forecast period.
