The growing demand of the Biodegradable Plastics in the packaging sector and the increased application in agricultural applications will boost the Biodegradable Plastics market growth.
Market Size – USD 3.40 Billion in 2019, Market Growth – CAGR of 14.28%, Market Trends – High demand in the Packaging industry.
The global Biodegradable Plastics Market is forecast to reach USD 9.85 Billion by 2027, according to a new report by Reports and Data. The production of biodegradable plastics is generally using renewable raw materials. The Biodegradable Plastics market is being fueled by constant regulations imposed on single-use plastics, due to the environmental concerns such as the occupation of space in landfills forever. These wastes are consisting of mostly toxic materials. The burning of these materials breeds toxicity in the environment; such factors promote biodegradable plastic use and result in high demand.
The increasing awareness among the masses has resulted in the adoption of eco-friendly technology, rising awareness of ill-effects of conventional plastics bringing about a revolutionary demand from the end-user. The packaging sector has seen the most significant switch to biodegradable plastic. The packaging sector needs to comply with stringent governmental regulations, which has resulted in substantial changes in the manufacturing and raw material of the packaging industry.
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Key Manufacturers of the Biodegradable Plastics Market Studied in the Report are:
- BASF SE,
- Total Corbion PLA,
- Mitsubishi Chemical Corporation,
- Biome Bioplastics,
- Novamont S.P.A,
- Plantic Technologies,
- Danimer Scientific,
- and Toray Industries,
- among others.
Further key findings from the report suggest:
- Consumer goods will present itself to be a lucrative segment and will grow at a CAGR of 14.59%. The household appliances and electronic devices are increasingly adopting biodegradable plastics due to the strict government regulations in minimizing the piling up of e-waste, which is going to be a significant problem for the coming generations as it poses many health and environmental effects. Electronic devices such as circuit boards and casings use traditional forms of plastic.
- Starch-Based plastics are dominating the largest share in the Biodegradable Plastics market. It offers several benefits to the environment, such as reducing the carbon footprint in traditional resins; it provides high bio-degradability. They are increasingly being blended with biopolymers owing to low toxicity, biocompatibility, and mechanical properties. More than 75% of organic material on earth is in the for polysaccharides. In general, corn is considered the go-to source for starch production. Starch employs the wet-milling process as a production technique.
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Biodegradable Plastics Market Segmentation based on Product Types:
- Starch Blends
- Biodegradable Polyesters
Biodegradable Plastics Market Segmentation based on End-Use:
- Consumer Goods
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Regional Analysis of the Biodegradable Plastics Market Includes:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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