Press release
Biodegradable Plastics Market Size is Estimated to Reach US$ 20,840.29 million by 2028 with 19.0% CAGR
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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. Additionally, the biodegradable plastic industry has involved in the research and development of novel materials with improved properties, which has helped the companies to enhance their production efficiency and reduce environmental footprints. The supportive government policies for biodegradable plastics have further propelled the use of these plastics. For instance, the ASTM D6400 is the North American standard specifying that all the plastic products falling under the category of biodegradable or compostable should completely decompose in a composting setting in a specified time frame and should leave no harmful residues afterwards.
Segmental Coverage
By Type:
PLA
PHA
starch blends
PBS
PBAT
Others
End user:
Packaging and Bags
Agriculture and Horticulture
Consumer Goods
Others
Regional and Country Coverage:
North America (US, Canada, Mexico)
Europe (UK, Germany, France, Russia, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, Australia, Rest of APAC)
South / South & Central America (Brazil, Argentina, Rest of South/South & Central America)
Middle East & Africa (South Africa, Saudi Arabia, UAE, Rest of MEA)
Market Leaders and Key Company Profiles:
• BASF SE
• Novamont SpA
• NatureWorks LLC
• Mitsubishi Chemical Corporation
• Total Corbion PLA
• Plantic Technologies Limited
• Kingfa Sci. & Tech. Co., Ltd
• Green Dot Bioplastics
• FKuR Kunststoff GmbH
Other key companies
Furthermore, the government of Saudi Arabia introduced new regulatory requirement form December 2017, majorly affecting the packaging material. According to the regulations of the responsible Saudi organization (SASO), plastic products must be made of an approved oxo-biodegradable material. Such government measures have fuelled the growth of the biodegradable plastics market. The jurisdictions globally have been successful in instituting bans and fees on different types of plastics like carryout containers, bags, straws and polystyrene. In 2021, Maine became the first US state to introduce a revolutionary law to put the responsibility of packaging waste on companies. The Extended Producer Responsibility program aims to shift cardboard, plastic containers, and non-recyclable packaging recycling and disposal costs to the manufacturers. Thus, such initiatives bans on the use of plastics that has resulted in an upsurge for the consumption of biodegradable plastic.
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Key Questions Addressed in the Biodegradable Plastics Market Research Include:
• What are present Biodegradable Plastics market values, and what can be expected in the upcoming decade?
• What are the key segments in the Biodegradable Plastics market?
• What is the regional distribution of the Biodegradable Plastics market report?
• What are the key players and their recent strategies?
• What are the key factors driving Biodegradable Plastics market growth?
• What are regulatory concerns and requirements businesses have to compel?
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
Sr. Vice President - Research
E-mail: sales@theinsightpartners.com
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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