MARKET OVERVIEW:
The global Plastarch Material (PSM) market size was valued at USD 897 million in 2023 and is projected to reach USD 1,313.53 million by 2030, growing at a CAGR of 5.60% during the forecast period.
North America accounted for USD 233.73 million in 2023, with an anticipated CAGR of 4.80% from 2024 to 2030. The increasing demand for biodegradable plastics, stringent government policies, and rising consumer awareness regarding sustainable materials are key factors driving market expansion.
MARKET INSIGHT & GROWTH DRIVERS:
2024 CAGR 2032
The market growth is driven by increasing environmental regulations against single-use plastics and rising consumer demand for sustainable materials. . USD 897 million USD 1,313.53 million 5.60%
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MARKET DYNAMICS
Stringent Environmental Regulations
Accelerate Demand for Sustainable Packaging Solutions
Environmental Concerns: Growing environmental awareness and the push to reduce plastic waste are key drivers for PSM adoption.
Regulatory Support: Governments worldwide are implementing stringent regulations promoting biodegradable plastics.
Consumer Preference: Increasing consumer inclination towards sustainable packaging solutions fuels market demand.
Technological Advancements: Innovations in biodegradable polymer blends enhance PSM performance, making it suitable for diverse applications.
MARKET OPPORTUNITIES
Growing Packaging Industry: Increased demand for sustainable packaging solutions in food, beverages, and ecommerce presents new growth avenues.
R&D Investments: Ongoing research into enhanced PSM formulations offers opportunities for improved performance and broader applications. Corporate Sustainability Initiatives: Businesses are incorporating biodegradable materials to meet sustainability targets and improve brand perception.
COMPANY MISSION
Boron neutron capture therapy (BNCT) is emerging as a promising cancer treatment modality, particularly for difficult-to-treat tumors like glioblastoma. Japan has led clinical adoption with over 200 patients treated since 2020, while China and Europe are ramping up clinical trials. The precision targeting capability of boron-10, when irradiated with low-energy neutrons, minimizes damage to healthy tissues - a significant advantage over conventional radiotherapy. Pharmaceutical companies are investing in boron-containing drug development, with several boron-10 based compounds currently in Phase II/III trials for various oncology indications.
REGIONAL MARKET OUTLOOK
North America
The PHBHHx market in North America is witnessing steady growth, primarily driven by stringent regulations on single-use plastics and increasing consumer demand for sustainable alternatives. The United States, being the largest market, has seen substantial investments in biodegradable polymers, with companies like Danimer Scientific leading production efforts.
Europe
Europe represents one of the most advanced markets for PHBHHx, propelled by the EU's Circular Economy Action Plan and strict directives on reducing plastic waste. Countries like Germany and France are at the forefront, with active R&D in bio-based polymers for packaging and biomedical applications.
COMPETITIVE LANDSCAPE
• NatureWorks LLC
• Novamont S.p.A
• Plantic Technologies Ltd. –
• Biomer
These companies represent some of the major key players driving innovation and growth in the market, contributing significantly to global supply and competitive dynamics.
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