Biodegradable Plastic Market to Account to US$ 10,086.2 Mn by 2027: Top Key Players are BASF SE, FKuR Kunststoff, Green Dot Bioplastics, Mitsubishi Chemical Corporation, Plantic Technologies Limited and Total Corbion
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Under the application segment, the packaging and bags segment accounted for the largest share in the global biodegradable plastic market. Packaging products made from biodegradable plastics are mainly used in the packaging of fresh food, bakery goods, water and juice bottles, dried snacks and candies, and meat trays. Biodegradable plastics are also used as coatings for beverages cups, and films and card stock. These are used in both rigid and flexible packaging. The replacement of conventional plastics by biodegradable plastics in food packaging entities, such as boxes, wraps, cups, and plates, is gaining momentum, which is projected to support the growth of the biodegradable plastics market over the forecast period.
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. 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.
The market for global biodegradable plastic is concentrated with some very well-established players. Some of the key players in the global biodegradable plastic market include:
1. API S.p.A.
2. BASF SE
3. FKuR Kunststoff GmbH
4. Green Dot Bioplastics
5. Novamont S.p.A.
6. Kingfa Sci. & Tech. Co., Ltd.
7. GuangDong Huazhilu Biological Material Co
8. Mitsubishi Chemical Corporation
9. Plantic Technologies Limited
10. Total Corbion PLA
The Report Segments The Global Biodegradable Plastic Market As Follows:
Global Biodegradable Plastic Market – By Type
• Starch Blends
Global Biodegradable Plastic Market – By End User
• Packaging and Bags
• Agriculture & Horticulture
• Consumer Goods
Global Biodegradable Plastic Market 2027 features an in-depth study of the chemicals and materials sector with a particular focus on market trend analysis across the globe. The report covers forecast estimates for five major regions, covering around 18 countries for current trends and opportunities prevailing in each area. The report includes an exhaustive PEST analysis affecting the Global Biodegradable Plastic Market in each of these regions.
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