Bio-Based Biodegradable Plastics Market to Witness Significant Revenue Growth on Back of Augmenting Demand

Bio-based biodegradable plastic is produced from renewable resources such as vegetable oil, wheat, sugarcane, soy, rice, potatoes, corn, etc. For example, bio-based polyethylene is a bio-based biodegradable plastic that is produced by using sugar cane, polyhydroxybutyrate is produced from microbial synthesis, and polylactic acid is derived from starch. Moreover, bio-based biodegradable plastics help reduce dependence on non-renewable materials such as petroleum-based products. It also helps in reducing greenhouse gases by 35%. Bio-based biodegradable plastics have shown significant growth after replacing traditional plastics due to improved functionality, environmentally friendly nature, and suitability for new applications in various industries.

This is why bio-based biodegradable plastics are being used in various end-use industries such as electronics, construction, automotive, packaging, etc. The increasing demand for bio-based biodegradable plastics from the various end-use industries is expected to drive the bio-based biodegradable plastics market growth. Plastic pollution has become a major environmental concern globally. The United States is the No. 1 generator of plastic waste in the world and as high as the No. 3 generators of ocean plastic waste. Plastic waste affects environmental quality and ecosystem health. According to the U.S. Environmental Protection Agency (EPA), around 75.4% of plastic waste is landfilled, 15.3% is incinerated, and 9.3% is recycled. In 2018, the U.S. generated around 35.7 million tons of plastic.

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Moreover, the government initiatives to reduce greenhouse emissions is expected to foster the bio-based biodegradable plastics market growth. For instance, the government of India planned to decrease the greenhouse gas emissions intensity by 33-35% of its 2005 levels by 2030. Moreover, in 2019, the United Kingdom became the country in the world to pass laws to end its contribution to global warming by 2050. The U.K. will cut down all greenhouse emissions to net-zero by 2050. Such initiatives are expected to propel the market growth. However, the lack of availability of raw materials and the high cost of manufacturing is expected to hamper the bio-based biodegradable plastics market growth.

In terms of geography, the bio-based biodegradable plastics market is divided into six regions, such as North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Key players active in the market are focused on launching novel bio-based plastic products in the market, which is also expected to fuel the growth of the market. For instance, in 2019, Neste and LyondellBasell announced the production of bio-based polypropylene and bio-based low-density polyethylene at a commercial scale. Moreover, increasing demand for bio-based biodegradable plastic in the food and beverage industry for packaging food products is expected to create significant growth opportunities for the market.

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Competitive Section:

Players active in the market are Natureworks, BASF SE, Mitsubishi Chemical Corporation, Biome Bioplastics., Toray Industries, Total Corbion PLA, Plantic Technologies, Danimer Scientific, Bio-On, and Novamont S.P.A.

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This release was published on openPR.