30 September 2019 - Global Degradable
Materials Market is anticipated
to grow significantly in the forecast period due to increase in demand from end
users for sustainable packaging materials. Degradable materials comprise
biological or chemical waste, including heavy metals. They are degraded either
through natural degradation process (takes hundred years) or broken down
purposely. Some materials are added with the chemicals that help the break down
at a faster rate under specific condition.
The
growth of degradable material market is influenced by government initiatives
for degradable packaging materials, rise in spending power of consumers, and
government initiatives for the promotion of degradable materials. Old plastics
do not degrade early, which results in landfilling. Hence, retailers are
increasingly encouraging consumers to purchase bio-based packaging materials.
Growing consumer awareness for the use of sustainable packaging materials is
impacting the market growth.
Moreover,
increasing government initiatives from European Union for the use of green
packaging and producing eco-friendly solutions is also driving the degradable
material market. Furthermore, regulatory bodies are continuously focusing on
the use of eco-friendly packaging materials. Increasing threats caused by the
piling of plastic wastes and increase in health hazards by plastic dumping
strengthens the enforcement of strict regulations. .
Increase
in demand for degradable materials from various end use industries and
cost-effective biodegradable plastic packaging is trending in the market. This
can be attributed to the eco-friendly approach by the population and high
demand for sustainable solutions.
Degradable
materials market is categorized on the basis of packaging type, application,
and geography. On the basis of packaging type, market is divided into reusable
packaging, recycled content packaging, and degradable packaging. Reusable
packaging is further divided into plastic, paper, glass, metal, and others.
Recycles content packaging is further classified into plastic container, drum,
and others. Recycled content packaging accounts for the significant share of
the market owing to high demand from the food and beverages industry and rise
in number of restaurants, cafes, etc.
In
terms of application, degradable materials market is bifurcated into electronics
packaging, food packaging, personal care packaging, pharmaceutical packaging,
and others. Food packaging segment is expected to lead the market in the coming
years due to wide applications of green packaging in the food and beverage
industry. Pharmaceutical segment is also predicted to contribute significantly
since the packaging solutions are increasingly used as carrier for all types of
medical products. Additionally, growing investments in the segment is also
driving the market.
Geographically,
degradable materials market is segmented as North America, South America,
Europe, Asia Pacific, and Middle East & Africa. Asia Pacific and Europe are
expected to dominate the market in the forthcoming years due to increase in
applications in several end use industries, high demand from the increasing
consumer base and growing focus on implementing eco-friendly solutions.
Furthermore, North America is expected to lead the market due to rising
prominence of food service sector.
The
key players profiled in degradable materials market report include Mondi, BASF,
International Paper Company, Green Day, Smurfit Kappa, Stora Enso, Bofa, Jai
Corp, Amkay Products, Adsum Solutions, Bakeys Foods, Fidelio, Green Industries,
Georgia-Pacific, Biopac, Hood Packaging, Holmen, Kruger, NatureWorks,
MeadWestvaco, Mayr-Melnhof Karton, Novamont, Rocktenn, Oji Paper Company, and
Achyut Polymers.
Market Segment:
Leading players of Degradable Materials
including:
•
BASF
•
International Paper Company
•
Mondi
•
Smurfit Kappa
•
Stora Enso
•
Green Day
•
Jai Corp
•
Amkay Products
•
Bakeys Foods
•
Green Industries
•
Fidelio
•
Achyut Polymers
•
Bofa
•
Adsum Solutions
Market split by Type, can be divided
into:
•
Photodegradable Materials
•
Biodegradable Materials
•
Environmentally Degradable Materials
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