Japan Biodegradable Plastics Market Size, Share, Forecast 2022-2028
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that Japan biodegradable plastics market is estimated to grow at a CAGR of 20.2% during the forecast period (2021-2027). Increased demand for the market can be attributed to government efforts to eradicate single-use plastic and a stringent regulatory approach against using traditional plastic products. In addition, industry trends are shifting towards biobased products in order to reduce reliance on conventional plastics. Furthermore, government laws have forced many companies in industries like packaging, textiles, and agriculture to switch to biobased plastic. Such considerations have a significant impact on the growth of the biodegradable plastic industry.
The Emergence of New Raw Materials is Creating Immense Opportunities for the Market
In many parts of the world, raw materials derived from non-food items or waste residues can be used to manufacture biodegradable plastics. This is owing to the rising demand for cereals, including maize, wheat, barley, and other grains for food, animal feed, and biofuels. Additionally, the use of non-food raw resources, such as organic waste, biomass, and dead plants is predicted to improve waste management. Japan is concerned about using food crops as raw materials, and PHA uses waste residues, which will lead to increased domestic bio-plastic production. Thus, biodegradable plastics manufacturers have a huge opportunity to develop raw materials from agricultural waste and other waste streams instead of directly relying on food sources.
Japan Biodegradable Plastics Market: By Type
Japan biodegradable plastics market is categorized into polylactic acid (PLA), starch blends, polyhydroxyalkanoates (PHA), and others. Among these, PHA has witnessed the highest CAGR during the forecast period. The increased demand for polyhydroxyalkanoate (PHA) in industries such as packaging and food services, biomedical, agricultural, and others is driving the market. Consumer awareness of the toxicity of petroleum-based plastics and the demand for sustainable, environmentally friendly bioplastics is likely to push the demand for polyhydroxyalkanoate (PHA) during the forecast period.
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Impact of COVID-19 on Japan Biodegradable Plastics Market
According to analysts, the packaging business would obtain the most substantial market share in bio-plastics, particularly for food, beverage, and medicines. The buyers were pushed to the retail channel due to the restaurant industry's shutdown during COVID-19. Plastics are commonly used for packaging meals sold in retail outlets. As a result, the food, beverage, and pharmaceutical industries boosted their demand for plastics.
Numerous partnerships and agreements between PHA makers and the food packaging sectors indicate that the market is growing positively. However, due to a decline in oil prices in 2020, virgin plastic became less expensive than biodegradable polymers, posing a short-term market limitation. In light of the abovementioned considerations, the polyhydroxyalkanoate (PHA) market is predicted to have a neutral effect in 2020 and increase at a favorable rate during the forecast period.
Japan Biodegradable Plastics Market - Competitive Landscape
Japan biodegradable plastics market is highly fragmented due to the numerous Japanese players involved in the market. Companies active in new product development, expansion, and acquisition stay competitive in the market. Moreover, some of the leading players in Japan’s biodegradable plastics market are increasing their footprint by acquiring overseas producers. Some key players in the Japan biodegradable plastics market are Kaneka Corporation, Toppan Printing Co., GSI Creos Corp., Fukusuke Kogyo Co., Green Science Alliance Co., Ltd., and other prominent players.
In September 2021, Toppan, a Japanese global printing company specializing in communication, security, packaging, décor materials, and electronics solutions, created a novel barrier-coated paper with excellent flex resistance that is suited for a wide range of contents and packaging forms. Sample shipments of "GL-X-P" will begin in September to producers across a wide range of industries, including food and toiletries, with full-scale sales expected in spring 2022. Toppan claims GL-X-P could reduce carbon emissions by up to 35% compared to conventional plastic laminated packaging structures.
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