PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490300
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490300
Oxo-biodegradable Plastic Packaging Market size was valued at USD 2,618.2 Million in 2023, expanding at a CAGR of 6.00% from 2024 to 2032.
Oxo-biodegradable plastic packaging is a type of plastic packaging made with chemicals known as prodegradants. These chemicals allow the plastic to deteriorate and break down into smaller fragments when exposed to particular environmental conditions, such as heat and sunshine. Degradation normally comprises a succession of chemical processes that weaken and eventually fragment the plastic substance. The broken plastic will eventually biodegrade into natural elements such as carbon dioxide, water, and biomass under the action of microorganisms in the environment.
Oxo-biodegradable Plastic Packaging Market- Market Dynamics
Environmental Concerns Drive Oxo-biodegradable Plastic Packaging Market Growth
Growing environmental concerns, along with tight regulatory standards, have prompted plastic makers to create biodegradable plastic. Rising demand for sustainable packaging solutions in industries such as food and beverage and pharmaceuticals is driving demand for biodegradable plastic packaging, hence boosting the global Oxo-biodegradable plastic packaging market. Government laws that encourage the use of biodegradable plastic packaging contribute to the market's growth.
Oxo-biodegradable Plastic Packaging Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.00% over the forecast period (2024-2032)
Based on Type segmentation, Polyethylene Terephthalate (PET) was the leading type in 2023
Based on Packaging Type segmentation, Garbage bags is the majority shareholding segment in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Oxo-biodegradable Plastic Packaging Market is segmented on the basis of Type, Packaging Type, Application, and Region.
The market is divided into five categories based on Type: Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyvinylchloride (PVC), and Polyethylene Terephthalate (PET). Polyethylene Terephthalate (PET) is one of the dominant segments. PET is extensively used in packaging due to its fantastic homes like transparency, electricity, and recyclability. Its compatibility with oxo-biodegradable additives makes it a famous desire for environmentally friendly packaging answers. PET's versatility and sustainability make it a desired option inside the oxo-biodegradable plastic packaging marketplace, using its dominance in this region.
The market is divided into five categories based on Packaging Type: Bags and Sacks, Food Bags, Bin Liners, Garbage Bags, and Shopping Bags. Garbage bags preserve a major percentage. Garbage bags are widely utilized for waste disposal and storage, making them a critical component of the industry. As environmental concerns and policies expand, so does the need for environmentally friendly rubbish bags. Oxo-biodegradable trash bags provide a sustainable option for waste management, capitalizing on their market prominence as a major phase with a large share.
Oxo-biodegradable Plastic Packaging Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia-Pacific holds a dominant position because of its rapid economic growth, growing populace, and developing environmental cognizance using the demand for sustainable packaging solutions. China, India, and Japan are vast participants to the market, focusing heavily on sustainable practices. Furthermore, strict environmental policies and government efforts to inspire the usage of biodegradable materials also contribute to the boom of the marketplace inside the Asia-Pacific vicinity. Asia-Pacific sticks out as a frontrunner inside the oxo-biodegradable plastic packaging market due to its robust manufacturing competencies, technological progress, and growing use of green packaging alternatives inside the region.
North America is projected to acquire the highest compound annual growth rate (CAGR). This increase in growth is due to the region's increasing focus on sustainability, strict environmental regulations, and consumer demand for eco-friendly packaging options.
In the competitive landscape of the Oxo-biodegradable plastic packaging market, it is important to assess the key players, their market shares, strategies, strengths, weaknesses, and competitive factors such as sustainability trends and innovation. Comprehending those elements enables companies to make strategic choices to stand out in the ever-changing market. For organizations to succeed in the evolving oxo-biodegradable plastic packaging sector, it is crucial to adjust to shifting customer demands, environmental regulations, and technological advances.
In September 2023, Smurfit Kappa and WestRock, a corrugated packaging manufacturer headquartered in Sandy Springs, Georgia, decided to merge, becoming one of the world's leading paper and packaging makers.
GLOBAL OXO-BIODEGRADABLE PLASTIC PACKAGING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Smurfit Kappa
Mondi
BASF SE
WestRock Company
Georgia-Pacific
Metabolix
Cereplast.
NatureWorks LLC
Mitsubishi Chemical Corporation
Biome Bioplastics
Plantic
BIO-ON
Danimer Scientific
Novamont S.p.A.
TORAY INDUSTRIES, INC.
NatureWorks LLC
Total-Corbion
Perstorp
K.D. FEDDERSEN
UrthPact, LLC
Indochine Bio Plastiques (ICBP) Sdn. Bhd.
TianAn Biologic Materials Co. Ltd.
FKuR
swanbiotec.
Minima Global Ltd.
BioGreen
CLONDALKIN GROUP
Cargill, Incorporated
Others