Compostable Plastic Market Size, Share | Global Industry Analysis Report 2035

NEW YORK - Nov. 25, 2021 - PRLog -- According to ChemAnalyst report, "Compostable Plastic Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035", The compostable plastic market has witnessed significant growth as its demand reached 2.45 million tonnes in 2020 and is expected to achieve an impressive CAGR of 7.50% by 2035. Rapidly increasing demand for high-quality biodegradable plastic by various end-user industries, including consumer goods, agriculture, and horticulture, medical, automotive, electronics, and others, is likely to boost the Compostable plastic market across the globe over the next ten years. Rising demand from the packaging industry coupled with the ascending consumption of packed food and beverages will further propel the Compostable plastic market in the future. The expensive cost of Compostable plastic can somehow hinder the market growth in the forecast period.

Compostable Plastics, also known as bioplastics, hold the potential to reduce dependence on fossil fuels and petroleum-based products, foster the development of more sustainable products, and increase the diversion of food waste from landfills. These plastics are derived from natural and renewable resources like corn, potato, cellulose, lactic acid, etc., rather than from petrochemicals. Compostable plastic is non-toxic in nature and can be decomposed into carbon dioxide, water, and biomass when composted. However, bioplastics also present challenges and create uncertainty for several stakeholders in the market. Compostable plastic comprises less than 1% of the plastics in use today, but the plastic industry's aim to reduce its dependency on fossil fuels and petroleum-based products, combined with consumers' increasing demand for environmentally kind disposable products, are expected to boost growth in the production of bioplastics. As compostable plastics surge in the marketplace, effective end-of-life management has become increasingly important. Compostable plastic is usually defined by the standards association ASTM International (ASTM) as "a plastic that undergoes degradation by biological processes during composting to yield inorganic compounds, carbon dioxide, water, and biomass at a rate consistent with other is known as compostable plastic. Compostable plastic or Bioplastic leaves no visible, distinguishable, or toxic residue.

Read Full Report Here: https://www.chemanalyst.com/industry-report/compostable-plastic-market-659

Some of the major players operating in Compostable plastic market include BASF SE, Mitsubishi Chemical Holdings, Novamont S.p.A., Dow Inc., Natureworks LLC, Biome Technologies plc, Corbion N.V., Eastman Chemical Company, Danimer Scientific, Plantic, and Others.