Biodegradable Plastic Market is Projected to Reach $10,086.2 Mn, at a CAGR of 14.5% by 2027

Latest market study on “Global Biodegradable Plastic Market to 2027 – Analysis and Forecasts by Type (PLA, PHA, Starch Blends, PBS, PBAT, and Others), End User (Packaging and Bags, Agriculture & Horticulture, Consumer Goods, and Others), and Geography”, The global biodegradable plastic market is accounted to US$ 2,989.8 Mn in 2018 and is expected to grow at a CAGR of 14.5% during the forecast period 2019 – 2027, to account to US$ 10,086.2 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

Every year, around 8 million metric tons of plastic enter the oceans. The marine animals are harmed either by mechanical effects, such as entanglement in plastic objects, or through exposure to chemicals leached out of plastics that interfere with their physiology. Improper disposal of plastic wastes leads to a harmful effect on the surrounding environment. On burning, plastic waste emits hazardous gasses and high levels of VOCs in the air, while landfills hold them indefinitely as it cannot be decomposed naturally.

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Therefore, to reduce the production and use of plastics, the government in various countries have taken initiatives to ban the use of single-use plastics. For instance, Kenya banned the use of plastic bags from August 2017. As per the law, anyone found using, producing, or selling a plastic bag faces up to four years of imprisonment or is imposed a fine of US$ 38,000. In January 2018, the UK government announced a 25-year plan to “set the global gold standard” on eliminating plastic waste. In February, Taiwan announced a ban on plastic, restricting the use of single-use plastic bags, straws, utensils, and cups. In 2016, France announced a total ban on plastic cups, plates, and cutlery. Biodegradable plastic is used as an effective alternative to conventional single-use plastics. These plastics deliver similar technical characteristics and functionalities as that of conventional plastics, along with the reduction of greenhouse gas emissions.

Top Companies

1. Succinity GmbH
2. Perstorp Orgnr
3. KD FEDDERSEN
4. TianAn Biologic Materials Co., Ltd.
5. Tianjin GreenBio Materials Co., Ltd.
6. FKuR Kunststoff GmbH
7. Newlight Technologies, Inc.
8. Green Dot Bioplastics
9. API SpA
10. Carbiolice

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global biodegradable plastics market based on type, and end user. It also provides market size and forecast till 2027 for overall market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The biodegradable plastics market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 13 countries globally along with current trend and opportunities prevailing in the region.

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GLOBAL BIODEGRADABLE PLASTIC MARKET SEGMENTATION

By Type
• PLA
• PHA
• Starch Blends
• PBS
• PBAT
• Others

By End User
• Packaging and Bags
• Agriculture & Horticulture
• Consumer Goods
• Others

By Geography
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

Increasing awareness among customers about adverse effects of conventional plastics is expected to boost the demand for Biodegradable Plastic
The customers in developed and developing countries have become more aware of the ill effects of conventional plastics on their lifestyle and the environment. As a result, they demand more environmentally friendly products, which leads to a decrease in the use of crude oil and natural gas, thereby reducing carbon footprints. Biodegradable plastic is an alternative for nearly all conventional plastics used in a diverse range of applications. These plastics offer innovative solutions with enhanced properties, along with distinctive ability to reduce emissions as well as provide the same qualities and functionalities as that of conventional plastics. The biodegradable plastics are synthesized using renewable resources as well as fossil raw materials, such as cellulose ester, PLA, PHA, starch derivatives, and copolyesters (PBS, PBAT, etc.).

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