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Biodegradable Plastic Market to Hit $10.0 Billion by 2030 at CAGR of 9.7%: Grand View Research, Inc.

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The global biodegradable plastic market size is anticipated to reach USD 10.0 billion by 2030, as per a new report by Grand View Research, Inc., advancing at a steady CAGR of 9.7% during the forecast period. Biodegradable plastics can be decomposed, via actions of microbes as well as other living organisms, into carbon dioxide, water, and biomass. As the number of companies looking to have ‘Green’ credentials grows substantially, the production and demand for this type of plastic is expected to progress at a fast rate. Governments across the globe have been implementing strict regulations regarding the use of conventional plastics, while consumers in several developed and developing economies have become aware of the environmental harms of this product. Subsequently, various initiatives and projects to support sustainability have been established in recent years, which is a positive factor driving market growth.

Key Industry Insights & Findings from the report:

  • Biodegradable plastics, prepared from renewable raw materials, undergo environmental decomposition within a reasonable time period. These plastics generally require the presence of biodegradable additives for enhancing the decomposition process, with some also requiring a specific environment for disintegration.

  • As per the UN Environment Programme, 400 million tons of plastic waste is produced annually. The production of conventional plastics is done mainly using fossil fuels, and GHG emissions due to the production, usage, and disposal of such plastics are poised to rise to 19% of the worldwide carbon budget by 2040. This has given an urgency to eco-friendly alternatives, driving the growth of the biodegradable plastics industry.

  • In terms of product, starch-based biodegradable plastics accounted for over 40% of revenue share in 2021, as it is inexpensive and is being used widely in areas such as agriculture, packaging, and automobiles.

  • Based on application, the agriculture segment accounts for a substantial share of the market revenue, as biodegradable mulch films offer benefits such as water conservation in soil, minimizing weed growth, and enabling faster development of crops by maintaining optimal soil temperature.

  • The United States is a notable revenue generator in the biodegradable plastic market. The food and consumer goods sectors have massively aided in driving the demand for biodegradable packaging and product in the region. Furthermore, the passage of laws to phase out single-use plastics has also played a part in market growth. For instance, lawmakers in California passed a law in June 2022 to phase out the usage of such products in the state.

  • Key companies are banking on research & development activities, partnerships, and capacity expansions to drive sales and enhance growth. For instance, in November 2022, TotalEnergies Corbion and Be Good Friends (BGF) announced a long-term collaboration to develop and supply Luminy PLA in Korea.

Read 102-page market research report, “Biodegradable Plastic Market Size, Share & Trends Analysis Report By Product (Starch Based, PLA, PHA, PBAT, PBS), By Application (Packaging, Consumer Goods, Agriculture), And Segment Forecasts, 2022 – 2030“, published by Grand View Research.

Biodegradable Plastic Market Growth & Trends

Single-use plastics have been extensively used in food packaging, as well as in manufacturing straws, water bottles, and carry bags. However, they are generally disposed off haphazardly, and their accumulation leads to environmental degradation. According to EARTHDAY.ORG, human beings use 1.2 million plastic bottles every minute; additionally, around 50% of the annual worldwide plastic production is done keeping single-use products in mind, while 91% of the plastic used is not recycled. As a result, the promotion of biodegradable plastics in place of conventional ones has been going on at full swing across many leading nations, with eco-conscious consumers willing to pay a higher amount for these products. Biodegradable plastics can be prepared from a variety of raw materials that include starch, polyhydroxyalkanoates (PHA), polybutylene adipate terephthalate (PBAT), polylactic acid (PLA), and polybutylene succinate (PBS), among others. Plastics made from these products are used extensively across packaging and consumer goods applications.

Conventional plastic has become a nuisance for land and marine ecosystems, as its decomposition takes hundreds of years, which has resulted in the swift banning of products predominantly in North America and Europe. For instance, the European Commission implemented restrictions on the use of certain single-use plastic items, beginning on the 3rd of July, 2021. These include cutlery, balloon sticks, plastic plates, and straws, as well as food and beverage containers prepared from EPS (expanded polystyrene). In tune with these regulations, notable industry players have been making significant investments in R&D activities to enhance product quality and improve its decomposition properties. However, the industry is also facing a notable challenge in the form of difficulties in the decomposition process due to issues in segregation from conventional plastics, as they have no distinct differences. Moreover, certain biodegradable plastics can only decompose in a specific environment, while some products, during decomposition, release greenhouse gases.

Biodegradable Plastic Market Segmentation

Grand View Research has segmented the global biodegradable plastic market based on product, application, and region

Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 – 2030)

  • Starch Based
  • PLA
  • PBS
  • PBAT
  • PHA
  • Polycaprolactone

Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)

  • Packaging
  • Agriculture
  • Consumer Goods
  • Others

Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Central & South America
    • Brazil
  • Middle East & Africa
    • Saudi Arabia

List of Key Players in the Biodegradable Plastic Market

  • Cargill Incorporated
  • PTT MCC Biochem Co., Ltd.
  • Biome Technologies plc
  • Plantic Technologies Limited
  • BASF SE
  • Total Corbion PLA
  • Synbra Technology BV
  • Futerro
  • Novamont SpA
  • NatureWorks LLC
  • Eastman Chemical Company
  • Trineso
  • Danimer Scientific
  • FKuR Kunststoff GmbH

Check out more related studies published by Grand View Research:

  • Edible Packaging Market – The global edible packaging market size is projected to reach USD 1.1 billion by 2025, exhibiting a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing innovation in food packaging coupled with rising concerns over the excessive use of plastics is among the key factors driving the growth of the global market.

  • Folding Carton Packaging Market – The global folding carton packaging market size is projected to reach USD 171.35 billion by 2025, according to a new report by Grand View Research, Inc. The steady expansion of various end-use industries including food & beverage, electronics, household, personal care & cosmetics, healthcare, and others has been attributing to the growth of the market from the past several years.

  • Plastic Market – The global plastic market size is anticipated to reach USD 811.57 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 3.7% between 2022 and 2030. The increasing automotive production and subsequent rise in plastic consumption in automotive component fabrication, because of regulatory policies regarding vehicular weight reduction and fuel efficiency, are expected to drive the market during the forecast period.

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Wego and Tourism Authority of Thailand Partner for The Fourth Consecutive Year, Showcasing the Beauty of Thailand

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DUBAI, UAE, April 25, 2024 /PRNewswire/ — Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), is thrilled to announce its continued partnership with the Tourism Authority of Thailand (TAT) for the fourth consecutive year, showcasing the unparalleled beauty and charm of Thailand as a premier travel destination.

 
 
Building upon the success of their previous collaborations, Wego and the Tourism Authority of Thailand are once again teaming up to promote Thailand’s diverse attractions, rich culture, and breathtaking landscapes to travelers worldwide. Through this strategic partnership, Wego aims to inspire travelers to explore the wonders of Thailand and experience its unique blend of tradition and modernity.
Over the past campaigns, Wego and the Tourism Authority of Thailand have successfully amplified Thailand’s appeal as a top travel destination, reaching millions of travelers and driving significant interest in visiting the country. From its pristine beaches and vibrant cities to its lush jungles and cultural heritage sites, Thailand offers an array of experiences that cater to every traveler’s preferences.
“We are delighted to continue our partnership with the Tourism Authority of Thailand for the fourth consecutive campaign,” said Mamoun Hmedan, Chief Business Officer, Wego. “Thailand is a beloved destination for travelers worldwide, and we are committed to showcasing its beauty and diversity through our platform. Together with the Thailand Tourism Board, we look forward to inspiring even more travelers to explore all that Thailand has to offer.”
The success of the previous campaigns underscores the effectiveness of Wego and the Thailand Tourism Board’s collaborative efforts in promoting Thailand as a must-visit destination. By leveraging Wego’s extensive reach and innovative marketing capabilities, the partnership aims to further elevate Thailand’s profile and attract more travelers to experience the magic of the Land of Smiles.
“We are thrilled to continue our partnership with Wego for the fourth campaign,” said Mr. Chaiwat Tamthai, Director of TAT Dubai office. “Thailand offers an unparalleled travel experience, from its stunning beaches and vibrant cities to its rich cultural heritage. Through our collaboration with Wego, we are excited to showcase the beauty of Thailand to travelers in the MENA region and invite them to discover the wonders of our country.”
As travelers seek unforgettable experiences and breathtaking landscapes, Wego and the Tourism Authority of Thailand are committed to showcasing Thailand’s unique charm and allure, inviting travelers to embark on an unforgettable journey to this enchanting destination.
About Wego
Wego provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
Wego was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
 
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Building Energy Management Systems Market Projected to Reach $67.69 billion by 2030 – Exclusive Report by 360iResearch

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PUNE, India, April 24, 2024 /PRNewswire/ — The report titled “Building Energy Management Systems Market by Component (Hardware, Services, Software), Type (Integrated Building Energy Management Systems, Standalone Building Energy Management Systems), Application, Deployment Mode, End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $34.52 billion in 2023 to reach $67.69 billion by 2030, at a CAGR of 10.09% over the forecast period.

 
“Revolutionizing Energy Efficiency Globally With The Evolution of Building Energy Management Systems (BEMS)”
In an era where energy conservation and efficiency have become paramount, building energy management systems (BEMS) are at the forefront of this transformation, offering solutions that monitor, control, and optimize energy usage within buildings. These advanced systems, leveraging real-time data analytics, automate energy control, enhance energy savings, reduce costs, and contribute to a greener planet. Primarily utilized in commercial spaces, residential areas, and industrial sectors, BEMS has a broad application scope, covering HVAC, lighting, and security systems. Factors driving the expansion of the BEMS market include escalating energy expenses, heightened awareness of environmental impacts, and the increasing incorporation of Internet of Things (IoT) and cloud-based technologies, coupled with supportive government initiatives promoting energy-efficient infrastructures. Although challenges such as high initial costs and technology integration barriers exist, the advent of AI and IoT technologies within BEMS heralds a future of predictive energy management and remote operational capabilities, with a growing emphasis on integrating renewable energy sources. Regions such as the United States, Canada, the European Union, and emerging economies such as China and India are witnessing significant growth in BEMS adoption, spurred by regulatory policies and a shift towards sustainable building practices. This global movement toward BEMS signals a step toward reducing carbon footprints and highlights the collective effort to embrace technology for a sustainable future.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
“Harnessing Energy Management for Sustainability and Efficiency”
Data centers are pivotal infrastructures in the digital transformation era, consuming up to 50 times more energy than typical commercial spaces. This energy demand positions data centers as key contributors to the U.S.’s overall electricity consumption. Recognizing this, implementing building energy management systems (BEMS) is crucial in mitigating the environmental impact and operational costs associated with data centers. BEMS optimizes cooling systems to prevent equipment overheating, thereby enhancing energy efficiency by leveraging real-time data. Such systems reduce the power usage effectiveness (PUE) ratio, highlighting a move toward more sustainable consumption patterns and ensuring data centers’ operational continuity. Integrating seamlessly with existing infrastructure, BEMS offers a comprehensive approach to energy management, enabling more innovative cooling, efficient power usage, and predictive maintenance. This transition highlights a commitment to environmental responsibility and fosters operational efficiency, setting a new standard for data center operations worldwide.
“Revolutionizing Building Efficiency With Advanced Energy Management Systems Optimized Usage”
In push toward sustainability, building energy management systems (BEMS) stands at the forefront of innovation, integrating sophisticated hardware such as sensors, actuators, controllers, and more to manage and reduce energy consumption in buildings meticulously. These systems work in concert to monitor environmental conditions and adjust heating, ventilation, and air conditioning (HVAC) settings in real time, leading to significant energy savings. BEMS provides valuable data that helps identify savings opportunities, while networking tools ensure seamless communication between devices by precisely tracking energy flow through meters. Servers process vast amounts of data, enabling detailed analysis and actionable insights to refine energy use further. Additionally, comprehensive services, including customized consultations and dedicated support, ensure that each BEMS is tailored to a building’s unique needs, providing efficient operation and extended system longevity. BEMS exemplifies the strategic shift toward more sustainable and operationally excellent building management through the collaborative synergy of hardware, software, and expert services.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
“Schneider Electric SE at the Forefront of Building Energy Management Systems Market with a Strong 13.97% Market Share”
The key players in the Building Energy Management Systems Market include Schneider Electric SE, Honeywell International Inc., Azbil Corporation, Emerson Electric Co., Johnson Controls International PLC, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Building Energy Management Systems Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Building Energy Management Systems Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Building Energy Management Systems Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/building-energy-management-systems
“Dive into the Building Energy Management Systems Market Landscape: Explore 180 Pages of Insights, 566 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsBuilding Energy Management Systems Market, by ComponentBuilding Energy Management Systems Market, by TypeBuilding Energy Management Systems Market, by ApplicationBuilding Energy Management Systems Market, by Deployment ModeBuilding Energy Management Systems Market, by End-UseAmericas Building Energy Management Systems MarketAsia-Pacific Building Energy Management Systems MarketEurope, Middle East & Africa Building Energy Management Systems MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
Related Reports:
Home Energy Management System Market – Global Forecast 2024-2030Energy Management System Market – Global Forecast 2024-2030Intelligent Building Automation Technologies Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
To learn more, visit 360iresearch.com or follow us on LinkedIn, Twitter, and Facebook.
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Terra Drone, Unifly, and Aloft Launch UTM Development for AAM Targeting Global Markets

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TOKYO, April 25, 2024 /PRNewswire/ — Terra Drone Corporation, a leading drone and Advanced Air Mobility (AAM) technology provider headquartered in Japan, announced today the launch of joint development with its Group companies Unifly NV (“Unifly”) and Aloft Technologies Inc. (“Aloft”) focused on UAS Traffic Management (UTM) for AAMs targeting global markets. Terra Drone has been making strides in its pioneering UTM business via strategic investments in Unifly, a leading UTM technology provider based in Belgium, and Aloft, which has the top UTM market share in the U.S. This collaboration marks the world’s first-ever joint UTM development for AAMs by multiple companies with extensive track records in UTM implementation and operation.

The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf] 
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