Biodegradable Plastics Market Size, Share | Industry Report 2022 by BASF SE, Corbion, Biome Technologies PLC, Mitsubishi Chemical Corporation, NatureWorks LLC, BIO-ON, FKuR Kunststoff GmbH, Cardia Bioplastics Limited, Cereplast, Plantic Technologies

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In December 2017- Mitsubishi Chemical Corporation, a leading supplier of different types of plastic and Mazda assemble mutually settled another scope of Durabio bio-inferred polycarbonate building plastic material which locate its usage in automobile parts. Due to their excellent durability they find extensive use in interior and exterior parts of the car.

In November 2017- European company Novamont S.p.A announced that the company will double the production of its Origo-Bi-brand biopolyester by early 2018. With this expansion the company will increase its production capacity for Origo-Bi from 50000 to 100000 tonnes per year.

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In September 2017- Bio-on company started construction of a new plant for the production of PHAs biopolymer, which will utilized in cosmetic industry.

In March 2017- PepsiCo, Inc. made an agreement with Danimer Scientific a biotechnology leader to develop Danimer Scientific biodegradable film resin to meet the packaging requirement for PepsiCo's gobal business. With this agreement Danimer Scientific will scale up its biodegradable resin production

In December 2016- Evonik Industries expanded its production capacity of biodegradable polymer at its manufacturing facilities in Birmingham (U.S.) and Darmstadt (Germany). With this expansion the company will serve the growing demand for biodegradable plastic

Biodegradable Plastic Market - Regional Analysis

Geographically, Europe region accounted for the largest market share in the Global Biodegradable Plastic and is estimated to dominate over the forecast period on account of growing awareness, stringent regulation regarding the use of non-biodegradable material, greater adoption rate, and high penetration of end user industries in the region. Moreover, Europe accounted for the largest market share followed by North America in terms of value and volume. In the past few years, increasing in research & development as well as high adoption rate from end use industries has given a new momentum for the market growth. In addition to this, increasing automobile production and sales along with rising usage of Biodegradable Plastic is predicted to fuel the demand for Biodegradable Plastic over the assessment period.

Competitive Landscape

The report analyses the degree of competition among the industry players as well as industry growth and market scenario. The global market for Biodegradable Plastic is at a growing stage, which represents moderate stats in terms of market value and overall volume. Over the past few years, Biodegradable Plastic Market has witnessed strong demand on account of increasing per capita disposable income which has stoked sales of packaging material. However, the degree of competition among the market players is still less due to limited prominent manufacturers worldwide. Worldwide the market for Biodegradable Plastic is segmented and it is moving towards growth expansion by specifically adopting partnership, expansion and joint-venture strategies and product launch strategies.

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Biodegradable Plastic Market – Overview

Biodegradable Plastic is classified as those plastic which decompose to carbon dioxide and water under the actions of microorganism. Biodegradable Plastic is manufactured by the fermentation of sugar or canola oil to produce polyhydroxyalkanoates (PHA) or polylactic acid (PLA) which is converted into biodegradable plastics. Polybutylene Succinate (PBS), Polycaprolactone (PCL), Polyhydroxyalkanoates (PHA), Polylactic Acid (PLA), Poly (Butylene Adipate-Co-Terephthalate) (PBAT) are some of the types of biodegradable plastic. Biodegradable Plastic is widely used in various end use industries such as textile, automobile, and packaging on account of their environmental degradable nature.

As per MRFR analysis, the Biodegradable Plastic Market across the globe has witnessed a tremendous growth, the growth will remain continue in the upcoming years. The market growth is attributed due to the continuously growth of the application segment such as agriculture, packaging, and textile. Moreover, increasing awareness regarding the benefits associated with Biodegradable Plastic along with continuous growth of packaging industry in the developed and developing region worldwide is estimated to drive the market growth. Furthermore, increasing good quality food demand along with the rising need of Biodegradable Mulch Films in agricultural sector to increase yield is expected to drive the market growth. However, high cost associated with the manufacturing of Biodegradable Plastic as compared to conventional plastic might hinder the market growth.

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