The global biodegradable plastic market accounted for 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 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.).

The global biodegradable plastic market by end-use industry has been segmented into packaging and bags, agriculture & horticulture, consumer goods, and others. The biodegradable plastics market for consumer goods is projected to grow at the highest pace over the forecast period. The growth of this segment is mainly attributed to the growing demand and production of consumer goods in developed and developing regions, such as North America, Europe, and APAC. Moreover, the major consumer goods manufacturers are shifting their focus from traditional plastics to biodegradable plastics to reduce the negative impact on the environment. Biodegradable plastics are used for manufacturing a wide range of consumer goods such as loudspeakers, touch screen computer casings, mobile casing, and vacuum cleaners. These factors are projected to propel the growth of the biodegradable plastic market over the forecast period.

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Top Key Players:- API S.p.A., BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics, Novamont S.p.A., Kingfa Sci. & Tech. Co., Ltd., GuangDong Huazhilu Biological Material Co., Ltd., Mitsubishi Chemical Corporation, Plantic Technologies Limited, Total Corbion PLA

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Europe accounted for the largest share of the global biodegradable plastic market. The growth of the biodegradable plastic market in this region is primarily attributed to rising government focus and initiatives to decrease plastic production and consumption. For instance, the environment minister of Germany has expressed the country’s plan to enforce a ban on plastic bags used for shopping in 2019. Likewise, in Italy, as of 1 May 2018, all single-use plastics were banned, and the government imposes fine of up to EUR 500 for the use of plastic in the country. In September 2016, the French government decided to implement a ban on specific single-use plastic products; by 2020, most forms of single-use plastic will be banned countrywide. Therefore, due to growing government support and huge scope for the packaging, the biodegradable plastic market is forecast to grow in near future.

The packaging industry has been witnessing a significant shift of consumer preference toward sustainable packaging and increased use of biodegradable plastics to replace fossil-fuel-based plastics. Sustainable packaging is also known as green packaging that uses materials and manufacturing methods for the packaging of goods that has a low impact on both energy consumption and the environment. Currently, conventional plastic packaging is extensively used in a range of applications, such as FMCG, food & beverages, pharmaceutical, and consumer goods. This increased use of plastic in various applications is responsible for the rise in plastic pollution. Therefore, reuse and recycling of plastic and plastic products are becoming foremost important for innovation and sustainability. Furthermore, conventional plastic is expected to become more expensive in the future with diminishing raw material sources. These factors provide a huge market potential for the biodegradable plastic market players during the forecast period.

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Table of Contents:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Biodegradable Plastic Market Landscape

5. Biodegradable Plastic Market - Key Market Dynamics

6. Biodegradable Plastic Market - Global Market Analysis

7. Biodegradable Plastic Market - Revenue and Forecasts to 2027 - Product Type

8. Biodegradable Plastic Market - Revenue and Forecasts to 2027 - Application

9. Biodegradable Plastic Market - Revenue and Forecasts to 2027 - Compound

10. Biodegradable Plastic Market Revenue and Forecasts to 2027 - Geographical Analysis

11. Industry Landscape

12. Biodegradable Plastic Market, Key Company Profiles

13. Appendix

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