According to the latest report by IMARC Group, titled "Biodegradable Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global biodegradable plastic market reached a value of US$ 4.4 Billion in 2021. Biodegradable plastic refers to an eco-friendly product variant that is generally manufactured using plants or biological materials. It includes renewable raw materials and petroleum-based sources, including bamboo, wheat, sugarcane, and corn. These products are usually degraded naturally in base compounds, such as water, carbon dioxide (CO2), and biomass, by the action of various micro-organisms. It consumes less energy during the manufacturing process, which results in the reduction of emission of greenhouse gases (GHGs), carbon footprint and waste production. As a result, it is widely utilized in the manufacturing of cutlery, crockery, food containers and packaging materials.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biodegradable Plastic Market Trends:
The global market is primarily driven by the increasing awareness regarding the detrimental effects of utilizing non-biodegradable plastic products. Along with this, rising government initiatives of numerous countries to impose bans on the usage of non-biodegradable plastic products are creating a positive outlook for the market across the globe. Moreover, the increasing environmental concerns among individuals have provided a boost to the demand for eco-friendly alternatives, including biodegradable plastic products, on the global level. The market is further driven by the widespread adoption of biodegradable plastic packaging solutions across varied sectors, such as food and beverages, personal care and cosmetics, and fashion. Some of the other factors contributing to the market growth include continual technological advancements, rising investments by public and private firms in the deployment of advanced machinery for the production process and extensive research and development (R&D) activities conducted by key players to introduce improved product variants in the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 9.43% during 2022-2027.
- On the basis of the type, the market has been classified into starch-based, PLA, PBS, PBAT, PHA and others.
- Based on the end use, the market has been segregated into packaging, agriculture, consumer goods and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include BASF SE, Biome Technologies plc, Bio-On S.p.A., Corbion N.V., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC (Cargill Incorporated), Novamont S.p.A., Plantic Technologies Limited (KURARAY CO. LTD.), Toray Industries Inc. and Total Corbion PLA.
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