In recent years, oxo-degradable plastic packaging, comprising carrier bags, are promoted as an answer for plastic pollution, claiming that these plastics, once they wind up in land or sea, degrade into safe deposits in a time frame extending from a couple of months to many years. On the other hand, some significant confirmation shows that oxo-degradable plastics basically part into little pieces, comprising microplastics, with the whole procedure of bio-degradation into naturally happening particles necessitating timescales frequently higher than of those asserted by their producers.
The global market for oxo-biodegradable plastics is likely to increase at a CAGR of 5.4% in value terms over the calculated period 2017-2026, chiefly driven by growing requirement for eco-friendly packaging solutions as well as encouraging government regulations regarding utilization of oxo-biodegradable plastics intended for packaging. The worldwide market accounted for an estimate of US$ 637.3 Million packaging and is expected to touch an estimate of more than US$ 1000 Million towards the end of the assessment year 2026.
The global market is analyzed across five prominent regions, namely MEA, APAC, EuropeNorth America and Latin America. Asia Pacific regional market is likely to remain an attractive region in the overall market. The regional market is moreover expected to expand at a high CAGR in value terms over the assessment period. On the other hand, MEA regional market is expected to come out as a productive market in the worldwide market.
In terms of the material type, the worldwide market includes Polypropylene (PP), Polyethylene (PE), Polyvinylchloride (PVC), Polystyrene (PS), Metal Salts and Polyethylene Terephthalate (PET). The Polyethylene material type category will be witnessing huge demand in the making of oxo-biodegradable plastics. Moreover, the polyethylene terephthalate category is gaining traction during the calculated period.
In terms of the packaging type, the global market includes shopping bags, garbage bags, bin liners, food bags and bag and sacks. The garbage bags category is likely to foresee maximum demand in the years to follow. The overall market is estimated to surpass US$360 Million towards the end of the calculated period.
In terms of the end use, the worldwide market includes food & beverages, pharmaceutical & healthcare, industrial and household & personal care. The pharmaceutical & healthcare category will be witnessing the maximum adoption of oxo-biodegradable plastic packaging over the recent years. This end-use category is anticipated to contribute majorly to the expansion of the worldwide market in the approaching years.
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Key Market Players
The major companies functional in the worldwide market are
EPI Environmental Technologies Inc.
Willow Ridge Plastics Inc.
Wells Plastics Ltd.
Symphony Polymers Pvt. Ltd.
Elif Plastik Ambalaj Sanayi Ve Ticaret Anonim Sirketi
Licton Industrial Corp.
Newtrans USA Company
Symphony Environmental Technologies PLC