Saudi Arabia Biodegradable Plastics Market on a Upward Growth Trajectory: Projected to Grow at a CAGR of 16.2% by 2027
Published | 22 November 2021
As a result of increased pollution, bioplastics and eco-friendly plastics have emerged as viable alternatives to regular plastics, which in turn is driving the Saudi Arabia biodegradable plastics market…
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Saudi Arabia biodegradable plastics market is likely to grow at a CAGR of 16.2% during the forecast period (2021-2027). Various types of packaging have expanded dramatically over time and will likely continue to do so in the future. Bioplastics and eco-friendly plastics are emerging as viable alternatives to regular plastics in response to increased environmental pollution. These plastic varieties are recyclable, which helps reduce the amount of pollution created by plastic. As a result, the biodegradable plastic market is predicted to increase rapidly during the forecast period.
The Expansion of the Oxo-Biodegradable Plastic Packaging Market in Saudi Arabia is Creating Immense Opportunities for Market Growth
Several countries are promoting the use of Oxo-biodegradable polymers as a more environmentally friendly alternative to traditional plastic packaging. This has aided in the growth of the oxo-biodegradable plastic packaging market. For instance, countries such as the United Arab Emirates and Saudi Arabia have made the use of oxo-biodegradable plastics mandatory. Consequently, trading enterprises that operate in the United Arab Emirates and Saudi Arabia are switching to oxo-biodegradable plastic packaging solutions. Thus, the market for oxo-biodegradable plastic packaging has seen significant expansion.
Saudi Arabia Biodegradable Plastics Market: By Type
Based on types, the Saudi Arabia biodegradable plastics market is categorized into polylactic acid (PLA), starch blends, polyhydroxyalkanoates (PHA), and others. Among these, the Starch Blends category held a significant market share in 2020 and is likely to dominate the segment during the forecast period. The growth of this sector is attributable to an increase in the demand for adaptable packaging and horticulture. Starch blends help cut carbon emissions while also helping organizations reduce their carbon footprint. Additionally, starch-based plastic is biodegradable and has fewer drawbacks. Due to its versatility, the packaging sector is one of the most common end-users of starch-blends.
Impact of COVID-19
Various industries and businesses worldwide have been affected by COVID-19 outbreaks. The market for biodegradable plastic is no different. The stringent lockdown restrictions and the shutdown of manufacturing facilities significantly impacted the demand and supply of biodegradable. The problems were further aggravated due to border restrictions.
Nevertheless, the relaxation of lockdown restrictions and the gradual opening of manufacturing facilities and production units are likely to be a relief for the players in the biodegradable plastics market. Post-lockdown, the market can expect growth with the help of government regulations. For instance, recently, the SASO (Saudi Standards, Metrology, and Quality Organization) began enforcing its Technical Regulation (SASO TR) on degradable plastic items. The SASO TR stipulates that disposable plastic goods are composed of polypropylene and polyethylene with a film thickness of less than or equal to 250 microns commonly used for packagings, such as carrier bags and wraps and other similar applications, must be oxo-biodegradable. Furthermore, as a finished product, all degradable plastic items imported or domestically manufactured in Saudi Arabia must have the SASO "Oxo-biodegradable" logo.
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Competitive Landscape
The Saudi Arabia biodegradable plastics market is highly fragmented due to the numerous players involved in the market. Companies that engage in new product development, expansion, and acquisition can stay competitive in the market. Additionally, some of the leading players are taking measure to fortify their market position by acquiring overseas producers. Some key players in the Saudi Arabia biodegradable plastics market are Symphony Environmental Ltd, Napco National, EnerPlastics, EPI Environmental Technologies Inc., Licton Industrial Corp., and other Prominent Players.
In May 2021, Wells Plastics Limited announced that its SASO Quality Mark had been successfully renewed for another three years. According to SASO (Saudi Standards, Metrology, and Quality Organisation) regulations, all plastic items stated in the regulations must be prepared with certified oxo-biodegradable additives, whether produced in Saudi Arabia or exported there.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia biodegradable plastics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia biodegradable plastics market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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