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Biodegradable Plastic Market Size to Surpass USD 10,086.2 Mn by 2027

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Biodegradable Plastic Market Size to Surpass USD 10,086.2 Mn by 2027

November 19
21:13 2021
Biodegradable Plastic Market Size to Surpass USD 10,086.2 Mn by 2027
Rest of Middle East and Africa Biodegradable Plastic Market by End-User
Biodegradable plastic market to grow at a CAGR of 14.5% during 2019-2027. Europe accounted for the largest share of the global market.

Latest market study on “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 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.

Strategic Insights

Report Coverage

Details

Market Size Value in

US$ 2,989.8 Million in 2018

Market Size Value by

US$ 10,086.2 Million by 2027

Growth rate

CAGR of 14.5% from 2019-2027

Forecast Period

2019-2027

Base Year

2019

No. of Pages

164

No. Tables

56

No. of Charts & Figures

70

Historical data available

Yes

Segments covered

Type , End User , and Geography

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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Every year, around 8 million metric tons of plastic enter the oceans. The marine animals are harmed either by mechanical effects, such as entanglement in plastic objects, or through exposure to chemicals leached out of plastics that interfere with their physiology. Improper disposal of plastic wastes leads to a harmful effect on the surrounding environment. On burning, plastic waste emits hazardous gasses and high levels of VOCs in the air, while landfills hold them indefinitely as it cannot be decomposed naturally. Therefore, to reduce the production and use of plastics, the government in various countries have taken initiatives to ban the use of single-use plastics. For instance, Kenya banned the use of plastic bags from August 2017. As per the law, anyone found using, producing, or selling a plastic bag faces up to four years of imprisonment or is imposed a fine of US$ 38,000. In January 2018, the UK government announced a 25-year plan to “set the global gold standard” on eliminating plastic waste. In February, Taiwan announced a ban on plastic, restricting the use of single-use plastic bags, straws, utensils, and cups. In 2016, France announced a total ban on plastic cups, plates, and cutlery. 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.

Rising government initiatives to ban conventional plastics and related products is projected to escalate the biodegradable plastic market at a CAGR of 14.5%

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.

The COVID-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Biodegradable Plastic Market’ provides the analysis on impact on COVID-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2027, factoring the impact of COVID -19 Situation.

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Biodegradable Plastic Market: Application

Under the application segment, the packaging and bags segment accounted for the largest share in the global biodegradable plastic market. 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 plastics are 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.

Biodegradable Plastic Market: Competitive Landscape and Key Developments

The market for global biodegradable plastic is concentrated with some very well-established players. Some of the key players in the global 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, Total Corbion PLA, and among others.

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2019:

Total Corbion PLA opened its bio plastics plant in Rayong, Thailand. It has the production capacity of 75,000 tons/year.

2018:

Sealed Air Corporation signed an agreement with Kuraray Group (Parent company of Plantic Technologies Limited), to start offering packaged food items in Canada, Mexico, and U.S. The packaging food items were made up of bio degradable plastic materials of Plantic Technologies Limited.

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