Compostable plastic is a type of plastic that endures degradation through biological processes during composting to yield carbon dioxide (CO2), biomass, inorganic compounds, and water at a rate consistent with other recognized compostable materials and that leaves no visible, distinguishable, or toxic residue. Compostable plastic is a subset of biodegradable plastic. These plastics usually break down under the harsh control of environmental considerations, such as higher temperatures, pressure, and nutrient concentration distinct to biodegradable plastics. These plastics can be decomposed through the aerobic and anaerobic processes of decomposition in a duration of three to six months. The increasing number of government initiatives to ban the usage of single-use plastics across developed & developing countries, along with the rise in demand for compostable plastic in food packaging applications are few other factors responsible for the market growth over the forecast period. For instance, in June 2019, the government of Canada announced a ban on the usage of single-use plastic as early as 2021 to reduce ocean waste. Only, 10% or less plastic in Canada gets recycled. Similarly, in 2020, a Member of the European Parliament voted for the ban of single-use plastics as a part of comprehensive law opposed to plastic waste that pollutes oceans and plunders beaches. The regulation comes into force by 2021. Therefore, such type of government initiative regarding single-use plastic is expected to accelerate the demand for Compostable Plastic around the world. However, the high cost of compostable plastic is one of the major factors impeding the market growth over the forecast period of 2020-2027.
Global Compostable Plastic Market is valued approximately at USD 991 million in 2019 and is anticipated to grow with a healthy growth rate of more than 15.4% over the forecast period 2020-2027.
The regional analysis of the global Compostable Plastic market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the government initiatives to avoid the usage of single-use plastics, along with the presence of a significant number of manufacturers in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rapid growth of the packaged food industry and favorable government policies towards bioplastic would create lucrative growth prospects for the compostable plastic market across the Asia-Pacific region.
Major market players included in this report are BASF SE, Biome Technologies Plc, Corbion N.V., Danimer Scientific, Dow Inc., Eastman Chemical Company, Kuraray Co., Ltd., Mitsubishi Chemical Holdings Corporation,
Novamont S.p.A., PTT Global Chemical Public Co., Ltd.
The detailed segments and sub-segment of the market are explained below:
By Type: Home Compostable Plastic, BioPBS FD92, BWC BF 90A, Ecopond Flex 162, Others
By Application: Compostable cutlery, Compostable bag, Compostable straw, Compostable gloves, Compostable cup (cold cup), Compostable tray/dish
By Region: North America, Europe Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Compostable Plastic Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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