Canada compostable plastic market is
anticipated to grow at an impressive rate in the projected period. Composite
plastic is degradable plastic that decomposes in a specific environment.
Compostable plastics are made from renewable resources or materials such as
starch of tapioca, corn, potato, cellulose, soya protein, and lactic acid.
Unlike conventical plastic, these types of plastic are not harmful and quickly
break down into carbon dioxide, water, and another biomass. In the modern
world, plastic is a significant issue in health. Compostable plastic is
polymers with an enclosed molecular structure that does not allow penetration
between their bonds. Due to this nature, conventional plastic does not allow
anything to grow or pass through them and takes a long time to degrade. Plastic
is responsible for diseases like cancer, deficiency, endocrine disruption, and
other issues. According to the government of Canada, almost three million tons
of plastic waste are thrown in landfills and water bodies by Canadian every
year. Only 9% of the total plastic waste is recycled, and to reduce the amount
of plastic waste, the government and people are supporting the usage of
Canada is the 10th most significant
world economy per nominal GDP. Automobiles, construction, aerospace, woodwork,
and petroleum are the primary growth sector of the Canadian economy. All these
sectors need plastic material for packaging, and safer transportation and
compostable plastic is the best option. Therefore, the demand for Compostable
Plastic in the market is expected to grow in the projected year.
Growing Awareness about the Plastic
Waste is Driving the Growth
Compostable plastic has similar
characteristics to conventional plastic, but it can degrade into the soil in
particular situations. Canada has one of the highest immigrants in the country,
as per Statista. Every year, four hundred thousand people move to Canada for
different purposes. According to the Chamber of Commerce in Canada, more than
45% of the plastic waste in Canada was generated by the packaging sector in
2016. Eighty-seven percent of plastic waste is dumped into landfills and the
ocean. The data mentioned above shows Canada's population is growing due to
increasing immigrants and the average birth rate. A vast number of plastics are
still disposed into landfills. Thus, to solve the pollution problem, demand for
compostable plastic will increase as it is one of the best alternatives to
conventional plastic. Plastic pollution can be found in microplastic and
microplastic forms inside the waterbodies, soils, and air. Plastic is used at
such an extensive scale that it harms both humans and animals inside their
bodies. Due to this, there is an increase in concern about plastic pollution's
adverse environmental effects. Governments and individuals are trying to find
the best alternatives, as the plastic ban can hugely affect global economies.
Thus, the demand for compostable plastic is expected to increase in the
projected year to fulfill the need.
Additionally, Government initiatives
like FTA (Free Trade Agreement) & traffic elimination are helping
industrialists lower the cost of the product and the final cost of the goods.
Other initiatives, such as Canadian Environmental Protection Act 1999, Ocean
Plastic Charter, and strategy on zero plastic waste, are measures that address
plastic waste and regulations to prevent pollution and help the compostable
plastic market. Furthermore, growing packaging, Construction infrastructure,
automotive, aerospace, and other industries will impact the growth of the
compostable plastic market. All the factors mentioned above led to the growing
demand for Compostable Plastic Market products in the market and are expected
to drive the market share development in the region.
Fluctuation in the Cost of Raw Material
is Restraint for Market
The Continuous change in the price of
petroleum led to volatility in the cost of the raw material of composite
plastic. Apart from this, the manufacturing cost of composite plastic material
is 80-20% costlier than conventical plastic. Thus, the economic viability of
the substitute product is affecting the market growth of the compostable
plastic market. Ongoing R&D is developing the alternative, which is going
to Restraint for Market. Apart from these, regional disputes are another factor
that disrupts the supply chain and creates a market problem.
and Collaboration are Propelling the Market Growth
As the market and the problem are
growing, the market player and governments are collaborating with different
organizations for better results. From these collaborations, marketers will be
able to offer the best product and hold the largest market share.
In April 2021, the Department of Natural
Resources of Canada announced the investment of 1 million USD in BOSK
Bioproducts Inc for the development of compostable bioplastic. This funding
will allow BOSK bioproducts Inc for product formulation and better compatibility
with existing equipment manufacturers.
In March 2018, Fortress Global
Enterprises Inc. announced the acquisition of S2G Biochemicals Inc. This
acquisition will help Fortress Global Enterprises Inc. to extend its product
line and use the expertise of both organizations to develop a better product.
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Plastic market is segmented based on type, and by end user industry. Based
on type, market is segmented into PLA, starch blends, PHA, PBAT, and
others. Based on end-user industries, market is divides into
consumer goods, textiles, and others. By company.
BOSK Bioproducts Inc., TerraVerdae
Bioworks Inc., S2G Biochemicals Inc., Good Natured Products, Inc., Be-Up Biotechnology
Inc are the leading companies
operating in the Canada compostable plastics market.
2017 – 2020
2023 – 2027
Revenue in USD
Million, and CAGR for 2017-2021 and 2022-2027
Revenue and Volume
forecast, company share, competitive landscape, growth factors, and trends
By End User Industry
Ontario, Quebec, Alberta,
British Columbia, Saskatchewan & Manitoba.
Bioproducts Inc., TerraVerdae Bioworks Inc., S2G Biochemicals Inc., Good
Natured Products, Inc., Be-Up Biotechnology Inc
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in this report, Canada Compostable
Plastic Market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Canada Compostable
Plastic Market, by type:
- Starch Blends
Canada Compostable Plastic Market, by end user industry:
- Consumer Goods
- Canada Compostable Plastic Market, by region
o Saskatchewan & Manitoba
Company Profiles: Detailed analysis of the major
companies present in Canada Compostable Plastic Market.
the given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
Canada Compostable Plastic Market
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market players (up to five).