Biodegradable Plastics Market
By the end of 2023 , Europe is expected to have garnered a revenue of US $ 6.08 bn in revenue from biodegradable plastics . The governing bodies of this region are putting a lot of pressure on the use of biodegradable materials wherever possible to control the overwhelming amount of garbage that cannot naturally decompose . These regulations are expected to bolster the stand of biodegradable plastics manufacturers in the region , further boosted by government support and incentives .
A similar effect is visible in North America , while Asia Pacific is yet to make a significant demand for biodegradable plastics owing to its high production cost .
Government Support for Biodegradable Plastics Allows Players to Take Great Leaps “ The governments are playing a huge role in the promotion of biodegradable plastics manufacturers today . On one hand they are introducing stringent regulations regarding the use of plastics and their disposal , while on the other hand they are providing financial assistance to many prominent market players for biodegradable plastics ,” states a TMR analyst .
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Initiatives such as the directive taken by the European Parliament in 2015 pertaining to the growing use of lightweight plastic carrier bags , and the ban by the U . S . on plastic checkout bags in retail stores have added substantial weightage to the biodegradable plastics movement , thus improving the revenue generation of its manufacturers .
High Cost of Biodegradable Plastics Deters Large-scale Use Owing to several factors such as the volatile prices of raw materials and the complexity of their manufacturing process , biodegradable plastics are slow in being picked up by several key emerging economies . The manufacture of biodegradable plastics requires optimal conditions and the precise amount of microorganisms , while additionally requiring skilled labor . This deters several countries from adopting biodegradable plastics on a wider scale .
“ Researchers are working on the manufacturing of biodegradable plastics from bio-based materials . This could be the future of this market , as it can help remove the price volatility of the current raw materials that are derived from petrochemical products ,” adds the analyst .
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