Biodegradable Plastic Market is expected to grow US$ 10,086.2 Mn by 2027: BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics, Novamont S.p.A., Kingfa Sci. & Tech. Co

The "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 scope of study involves understanding on the factors responsible for this growth of Biodegradable Plastic market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant Biodegradable Plastic players in the market and their key developments.

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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. Europe holds the largest share in the global biodegradable plastic market. The market share of the European region is primarily attributed to high pressure by governments regarding usage of biodegradable plastics to control disposable of conventional plastics, which leads to deterioration of the quality of the soil. Growing packed food products market, along with increasing consumer goods industry, in the European countries such as Germany, France, and Italy is anticipated to drive the biodegradable plastics market in the coming years. Moreover, growing awareness among people toward plastic waste, coupled with the ban on the single-use plastics in the European Union is likely to propel the biodegradable plastic market growth in Europe over the forecast period.

Also, the biodegradable plastic market in Europe is characterized by the strong presence of players such as API S.p.A., BASF SE, FKuR Kunststoff GmbH, Novamont S.p.A, Kingfa Sci. & Tech. Co., Ltd., and Mitsubishi Chemical Corporation.

The biodegradable plastic market on the basis of the end user is categorized into packaging and bags, agriculture & horticulture, consumer goods, and others. In 2018, the packaging and bags segment dominated the market by accounting 48.9% of the total market share. 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 plastic is 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.

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The global biodegradable plastic market by geography is segmented into five regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America. The Europe region is expected to account for the largest share of the global biodegradable plastic market in 2018, followed by North America and Asia Pacific. In addition the Germany in the Europe region is expected to significantly drive the biodegradable plastic market and also expected to continue its dominance in terms of CAGR throughout the forecast period from 2019 to 2027.

Some of the major players in the biodegradable plastic market include 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, and Total Corbion PLA, among others.

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o Highlights key business priorities in order to assist companies to realign their business strategies.
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o Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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