Oxo-Biodegradable Plastic Packaging Market Trends and Competitive Landscape Outlook to 2024
Oxo-biodegradable plastic is manufactured through extrusion process by blending a pro-degrading additive (to break down the molecular structure of plastic when exposed to heat or sunlight) in the plastic. Oxo-biodegradable plastic is known as degradable plastic. Oxo-biodegradable plastic is digested by microorganisms as it does not require a biological process to degrade. Oxo-biodegradable plastics are generally used for lightweight carrier bags, disposable bags, and packaging films. Oxo-biodegradable plastic offer following benefits such as potentially widely biodegradable, permeable, heat resistant, better strength and long shelf life. Owing to enhanced impact resistance and tensile strength, the PLA (Polylactic Acid or Polylactide) segment is expected to dominate the global oxo-biodegradable plastic packaging market. Food & beverage industry segment is projected to dominate among end user industry segment on account of increasing usage. The global oxo-biodegradable plastics packaging market is expected to register healthy CAGR during the forecast period.
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Global Oxo-Biodegradable Plastic Packaging Market: Drivers, Restraints, and Trends
Raising consumer awareness towards eco-friendly products, growing environmental concerns, and changing consumer preference towards cleaner and eco-friendly substitutes from synthetic products is anticipated to drive demand for oxo-biodegradable plastics. Furthermore, growing food & beverage industry, and pharmaceutical industries are boosting the demand for oxo-biodegradable plastics.
However, higher costs involved with oxo-biodegradable plastics is the limiting factor for the growth of the global oxo-biodegradable plastic packaging market.
The key trend observed in the market ring processes along with strong R&D, and implementing growth strategies such as collaborations and agreements.
Global Oxo-Biodegradable Plastic Packaging Market: Segmentation
The global oxo-biodegradable plastic packaging market is segmented on the basis of material type and end user industry.
On the basis of material type, the global oxo-biodegradable plastic packaging market is segmented into:
•PLA (Polylactic Acid or Polylactide)
On the basis of end user industry, the global oxo-biodegradable plastic packaging market is segmented into:
•Food and Beverage Industry
•Agriculture and Composting Industry
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Global Oxo Biodegradable Plastic Packaging Market: Regional Outlook
Based on the geographies, the global oxo-biodegradable plastic packaging market is segmented into five key regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. global oxo-biodegradable plastic packaging market, this is owing to increasing environment consciousness and spending population. Owing to the implementation of strict guidelines and regulations regarding environment safety, and tax imposition on the use of petroleum-based plastics in Ireland and Germany, Europe is anticipated to exhibit lucrative growth during the forecast period. Owing to changing lifestyle pattern coupled with increasing demand for packaged food products in AsiaPacific is expected to drive the demand for oxo-biodegradable plastics. Latin America is expected to show favorable growth on account of an advanced manufacturing process and technological advancements in the value chain. Owing to growing oil and gas industries in MEA is anticipated to grow at modest growth rate over the forecast period.
Global Oxo-Biodegradable Plastic Packaging Market: Key Players
Some of the major players identified in the global oxo-biodegradable plastic packaging market include
•Smurfit Kappa Group
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