According to Facts and Factors Market research, the global Biodegradable Plastics market in 2019 was approximately USD 3.4 billion. The market is expected to grow at a CAGR of 13% and is anticipated to reach around USD 8 billion by 2026.
Increasing environmental problems caused by plastic use, consisting of toxic pollutants that are harmful to crops, animals, and humans, are driving the use of biodegradable plastics. Floating plastic waste that can withstand thousands of years in water will lead to growth in the market. L The demand for this sector is driven by strict rules by a number of federal and government bodies to eliminate plastic waste and encourage the use of biodegradable plastics. The Green Packaging Regulations are that the packaging industry and the various FMCG companies need to accept biodegradable packaging in order to meet the requirements of this sector, which are in effect driving their growth.
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Top Market Players
- Nature Works
- Total Corbion PLA
- Mitsubishi Chemical
- Biome Bioplastics
- Plantic Technologies
- Danimer Scientific
- Toray Industries.
The market for biodegradable plastics is expected to show strong growth due to the increasing consumer demand for eco-friendly products. Technological innovation, advanced production processes and improved integration have made it possible for customers to have biodegradable packaging.
PLA is the largest class of the biodegradable plastics industry as it is used in many end-use industries, such as packaging & bags and consumer products. PLA is organic and biodegradable, that It makes PLA non-toxic and environmentally friendly. Degradation of plastic products may take up to 1,000 years, while PLA materials may biodegrade in industrial composting within 3–6 months. It has excellent rigidity and makes it possible to replace polystyrene and PET in these applications. PLA is quickly adopted as the production of PLA is cheaper than the synthesis of other biodegradable plastics that drives the market growth.
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The report study further includes an in-depth analysis of industry players’ market shares and provides an overview of leading players’ market position in the Biodegradable Plastics sector. Key strategic developments in the Biodegradable Plastics market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Biodegradable Plastics market are appropriately highlighted in the report.
The use of biodegradable plastics is motivated by growing environmental problems caused by the use of plastics consisting of toxic pollutants that are harmful to crops, animals, and humans. Floating plastic waste that can withstand water for thousands of years can contribute to the growth of the market. The demands of this sector are driven by strict regulations on plastic waste management and biodegradable plastics by a number of federal and government agencies. In order to meet the requirements of this sector, which in turn drives production, the Green Packaging Regulations stipulate that the packaging industry and the various FMCG companies must adopt biodegradable packaging.
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The Biodegradable Plastics market research report delivers an acute valuation and taxonomy of the Biodegradable Plastics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the Biodegradable Plastics industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the Biodegradable Plastics industry is provided for the leading economies of the world.
APAC is projected to be the fastest-growing market for biodegradable plastics in the forecast period. The growing packaging and bag sector of APAC has provided significant opportunities to expand the market for biodegradable plastics in the country. APAC’s demand for biodegradable plastics is driven by the growing use of biodegradable plastics in a number of end-use industries, including packaging, consumer products, agriculture & horticulture, and textiles.
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This report segments the biodegradable plastics market as follows:
Global Biodegradable Plastics Market: By Type Segmentation Analysis
- Starch Based
Global Biodegradable Plastics Market: By Application Segmentation Analysis
- Consumer goods
Global Biodegradable Plastics Market: By End User Segmentation Analysis
- Food & beverage
- Home & personal care
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