Biodegradable Plastics Market Size, Global Forecast 2021-2027

Biodegradable Plastics Market

Biodegradable Plastics Market

Report Description and Highlights The recent years have exploded environment friendly alternatives globally. Preferably, biodegradable plastics are one set of materials that have become a popular replacement for conventional plastics as consumers demand green options to align with the environment.

Biodegradable plastic degrades under biological (mainly microbial) action with a bleak chance of hampering the natural environment. Moreover, the awareness of conventional plastic's harmful impact on the environment has also supported the global market for biodegradable plastics. According to the report by Renub Research, Global Biodegradable Plastics Market is expected to reach US$ 7.1 Billion by 2027.

Biodegradable Plastics Market

Biodegradable Plastics Market COVID-19 Impact on Global Biodegradable Plastics Market: Biodegradable plastics confirm to be an outstanding option to conventional plastics, which are in enhanced demand owing to the increase in food, pharma, and PPE packaging amidst the pandemic booming of the market strength globally. Remarkably, the need for food packaging and single-use plastic has increased in the COVID-19 pandemic. Companies have endeavoured biodegradable alternatives for food packaging and single-use cutlery, driving the market growth.

Worldwide Biodegradable Plastic Market Size was US$ 4.3 Billion in 2021 Numerous biodegradable and compostable plastics are bioplastics produced from plants rather than fossil fuels. There are many options, such as packaging, agriculture, and consumer goods depending on their application. Wherein biodegradable plastics can be split down by microbes, crushed up and converted into biomass, water and carbon dioxide (or in the nonexistence of oxygen, methane rather than CO2).

Biodegradable Plastics Market

Biodegradable Plastics Market Global Biodegradable Plastics Market 2021 -2027

Biodegradable Plastics Market

Biodegradable Plastics Market The positive impacts of biodegradable plastic are being regulated while society is transitioning towards a circular economy. Legislation is the most critical driver for biodegradable plastics globally.

For example, bans or taxes on the use of non-biodegradable shopping bags in Italy, France, or coastal cities have led to a substantial surge in the consumption of biodegradable plastics.

By Application, Packaging is currently Gaining Traction in the Global Biodegradable Plastic Market:

By Applications, Packaging, Agriculture and Consumer Goods, Packaging is the chief use for biodegradable plastics. Wherein flexible packaging uses biodegradable plastics, large multinationals in the consumer-packaged goods, retailers, and foodservice sectors have also made progress or declared intentions to scale biodegradable plastic usage dramatically. Consequently, drive the demand for biodegradable packaging for fresh produce and food cutlery and compostable bags across the globe. In addition, several e-commerce giants have also prompted a switch to biodegradable packaging, encouraging the biodegradable demand in online goods and food delivery.

Biodegradable Plastics Market

Biodegradable Plastics Market Similarly, agriculture also uses biodegradable plastics. The agricultural mulching film is used to improve crop yield in many countries. The traditional mulching film is difficult to collect from the field and can lead to severe plastic pollution in the soil. The biodegradable mulching film has, therefore, been tested and developed to be an alternative. Though its soil biodegradability and consequences are not fully understood, many countries have applied it to a larger scale.

Global Biodegradable Plastic Industry will grow with a CAGR of 8.72% during 2020-2027 Across the realms of the global biodegradable plastic market, by material type, Polybutylene adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polylactic Acid (PLA), Polyhydroxyalkanoate (PHA), and Starch Blends are most renowned. Amongst the variants, starch blends emerge as the global leader in market share in the worldwide market.

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Biodegradable Plastics Market Moreover, the commercial development of starch blends has gone through several phases.

Starch blend being inexpensive and readily available compared to other natural polymers with additional biodegradability makes it a popular material to expand biodegradable plastics.

Exceptionally, starch-bends are used in end-use industries such as packaging, automobiles, and agriculture.

On the other hand, PHA is majorly employed in medical applications such as drug encapsulation and medical implants. Other medical uses comprise tissue engineering, bone marrow scaffolds, and bone plates. Additionally, PHA is also used to produce compost bags, agriculture foil and films, packaging for food and beverages, and consumer goods, thereby feeding the growth of PHA globally.

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Biodegradable Plastics Market Currently, Europe has the most extensive production capabilities and regional development. The robust automotive industry and the increasing demand for bio-plastic-based packaging products by various manufacturers in Europe expect to favour the market's demand. The expanding packaging industry in the region shall further bolster regional growth due to the expanding market for lightweight automobile parts and electronic goods.

In addition, the growth of the biodegradable plastics market in Asia-Pacific is attributed to the apparent availability of raw materials utilised to produce biodegradable plastics. However, the future development of biodegradable plastics in Asia-Pacific is highly attributable to the awareness about biodegradable plastics as a viable option to conventional plastics and price reduction.

Biodegradable Plastics Market

Biodegradable Plastics Market Key Companies Insights: The global competition among the players exists in the market due to many players present across the regions. Moreover, the demand for biodegradable plastic is poised to increase in both developed and developing economies. Hence, the key market players are spending in research and development to include biodegradable plastic products, which are strong and readily degradable in the natural environment. Major players in the industry include Total Corbion (Netherlands), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Biome Bioplastics (UK) and GREEN DOT BIOPLASTICS Renub Research latest report “Biodegradable Plastic Market, Global Forecast By Material Type (Polybutylene adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polylactic Acid (PLA), Polyhydroxyalkanoate (PHA), and Starch Blends), Applications (Packaging, Agriculture and Consumer Goods), Region (North America, Europe, Asia Pacific, The Middle East and Africa and Latin America), Companies (Total Corbion (Netherlands), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Biome Bioplastics (UK) and GREEN DOT BIOPLASTICS)” provides a detailed analysis of Global Biodegradable Plastic Industry.

Biodegradable Plastics Market

Biodegradable Plastics Market Material Type – Global Biodegradable Plastic Market & Volume have been covered from 6 viewpoints: 1.

2.

3.

4.

5.

6.

Polybutylene adipate Terephthalate (PBAT) Polybutylene Succinate (PBS) Polylactic Acid (PLA) Polyhydroxyalkanoate (PHA) Starch Blends Others

Applications – Global Biodegradable Plastic Market have been covered from 4 viewpoints: 1.

3.

Packaging 2.

Consumer Goods 4.

Agriculture Others

Biodegradable Plastics Market

Biodegradable Plastics Market Global Forecast For Biodegradable Plastics Market Share (%) - by Region (2021 - 2027)

Source: Renub Research Analysis

Note: These are dummy figures; actual data given in the report

Biodegradable Plastics Market

Biodegradable Plastics Market Regions – Global Biodegradable Plastic Market have been covered from all the 5 regions: 1.

3.

5.

North America Asia Pacific Latin America

2.

4.

Europe The Middle East & Africa

Company Insights: • •

Overview • Sales Analysis

Recent Developments

Companies Covered: 1.

3.

5.

Total Corbion (Netherlands) Toray Industries (Japan) 4.

GREEN DOT BIOPLASTICS

2. Mitsubishi Chemical Holding Corporation (Japan) Biome Bioplastics (UK)

Biodegradable Plastics Market

Biodegradable Plastics Market Industry Related Opportunity: Enzymes Industry to be progressing at a CAGR of 6.20% through the forecast period 202 0-2026 Asia-Pacific Automotive Paint Market will grow with a CAGR of 5.67 % during 2021-2027 Industrial Enzymes Industry will likely grow at a CAGR of 7.34% from 2020-2027 Global Water Soluble Polymer Industry will grow with a CAGR of 5.16% during (2020-2027 ) United States Biodegradable Plastics Market is expected to grow with double-digit CAGR and reach US$ 1.5 Billion by 2026

Biodegradable Plastics Market

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Biodegradable Plastics Market