Biodegradable plastic is made using raw materials or petrochemicals and can be decomposed by living organisms such as bacteria. Biodegradable plastic takes less time to break down as it is made up of eco-friendly material and requires less energy for production. The global Biodegradable Plastic Market is facing challenges due to the COVID-19 pandemic as the manufacturing facilities and supply chain of many organizations is at a halt. The increasing use in food packaging & compostable bags applications, a shift in consumer preference toward eco-friendly plastic products, and the focus of governments on green procurement policies are the few factors responsible for the growth of the market over the forecast period. Furthermore, the introduction of products and services along with other strategic alliances on the market players will create a lucrative demand for the market. For instance: on 26th March 2019, NatureWorks launched Ingeo 3D450, a new Polylactic acid (PLA) Formulation for 3D Printing Break-Away Support on Dual Extrusion Printers. However, the higher cost of biodegradable plastics than that of conventional plastics is the major factor restraining the growth of the global Biodegradable Plastics market during the forecast period.
The global Biodegradable plastics Market is valued at approximately USD 3.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 15.1 % over the forecast period 2020-2027 and is estimated to reach USD 10.7 billion by 2027.
The regional analysis of the global Biodegradable Plastics 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 high awareness among people toward plastic waste. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027.
Major market players included in this report are Natureworks, BASF SE, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Plantic Technologies, Bio-On, Danimer Scientific, Novamont S.P.A., and Toray Industries
The detailed segments and sub-segment of the market are explained below:
By Type: Polylactic acid (PLA), Starch Blends, Biodegradable Polyesters, Polyhydroxyalkanoates (PHA), Others
By Application: Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, Others
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