Biodegradable Plastic Bags and Sacks Market: Dynamics, Forecast Analysis

Posted by Kishor on April 22nd, 2019

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.

Key Highlights of the Report

• According to the TMR, the biodegradable plastic bags and sacks market stood at US.4075 in 2017. The market is expected to expand with a CAGR of 6.9% over the forecast period of 2017 from 2022 to reach the valuation of US.052 bn by the end of 2022.
• 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 US0.8 mn by the end of 2022.

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Key Growth Drivers

• 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.
• 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.

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