Biodegradable Plastics Market: Introduction
Transparency Market Research delivers key insights on the global biodegradable plastics market. In terms of revenue, the global biodegradable plastics market is estimated to expand at a CAGR of 6.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global biodegradable plastics market.
Biodegradable plastics are being increasingly used to manufacture single-use packaging materials such as shopping bags, disposable cutlery, and consumer goods. Increase in applications of biodegradable plastics in packaging and textiles sectors is propelling the global biodegradable plastics market.
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Biodegradable Plastics Market: Dynamics
The demand for biodegradable plastic products has been rising across the globe due to the prominent role of these products in developing a sustainable and circular bio-economy. Europe plays a key role in the global biodegradable plastics market.
The availability of cost-effective bio-based raw materials for the production of biodegradable plastics is generating opportunities for the biodegradable plastics market. The increase in the production of feedstock such as sugarcane and cornstarch, which are used to produce biodegradable plastics, positively affects the bioplastics market, thereby positively impacting the global biodegradable plastics market.
The demand for biodegradable plastics has been increasing across the globe due to rise in awareness about environmental protection among consumers and manufacturers. The increase in awareness regarding harmful effects of non-degradable plastics on the environment is estimated to boost the spending on sustainable products. This is anticipated to create a positive effect on the demand for bioplastics. High demand for biodegradable plastics in food packaging, consumer goods, agriculture, and horticulture industries; and government support across the globe for the usage of biodegradable plastics are boosting the global biodegradable plastics market.
Environmental awareness across the globe for not using non-biodegradable plastic is also augmenting the biodegradable plastics market. Europe holds key share of the global biodegradable plastics market. China, Japan, and India are leading countries of the biodegradable plastics market in Asia Pacific. The trend of using biodegradable plastics is increasing in countries such as the U.S., the U.K., Canada, and Germany. This is creating lucrative opportunities for the global biodegradable plastics market in the countries mentioned above.
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Biodegradable Plastics Market: Prominent Regions
Europe held major share of the global biodegradable plastics market in 2020. The biodegradable plastics market in the region is expected to expand at a significant pace during the forecast period. The high awareness among people about plastic waste coupled with the European Union’s ban on single-use plastics is estimated to propel the biodegradable plastics market in Europe during the forecast period.
The biodegradable plastics market in Asia Pacific is expected to expand at a significant pace during the forecast period. Rise in disposable income of the people and improvement in the standard of living in developing countries such as China and India are anticipated to augment the biodegradable plastics market in the region in the near future.
Biodegradable Plastics Market: Key Players
The global biodegradable plastics market is fragmented with the presence of a large number of players. Key players operating in the global biodegradable plastics market are BASF SE, Total Corbion, Mitsubishi Chemical Corporation, Biome Bioplastics Ltd., Plantic Technologies, Toray Industries Inc., Novamont S.p.A., and Bioplastics International.
Global Biodegradable Plastics Market: Segmentation
Biodegradable Plastics Market, by Type
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Starch-based
- Others (including PBAT)
Biodegradable Plastics Market, by Application
- Packaging
- Textiles
- Consumer Goods
- Building & Construction
- Others (Automotive & Transportation, Electrical & Electronics, and Coatings & Adhesives)
Exciting Bioplastic Innovations Triggering Market Growth
New bioplastics innovations and supportive public policies are contributing to the growth of the global biodegradable plastics market biodegradable plastics market. It has been found that Japan switched to plant-derived bioplastic wrappers for all rice ball offerings since July 2019. On the other hand, Germany has supported the use of certified bio-based and compostable biowaste plastic bags since 2015.
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Exciting bioplastic innovations such as bioplastic containers made from rice starch with a high degree of thermal resistance and mechanical strength are grabbing the attention of consumers and companies alike. Manufacturers in the biodegradable plastics market are increasing production for edible food wrappers made from corn and shellfish byproducts. Lego kits are coming into the fore for containing sugarcane-derived bioplastics.
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