Biodegradable Plastics Market [CAGR of 8%] Share, Size, Trends and Growth Rate From 2022 To 2028
Global Biodegradable Plastics Market Overview
Global Biodegradable Plastics Market was valued at USD 3.78 billion in 2021 and is expected to reach USD 6.48 billion by the year 2028, at a CAGR of 8%.
The ability of a substance to totally decompose into water, carbon dioxide, and biomass through the action of microorganisms like fungi and bacteria is known as biodegradation. By entering the microbial food chain, biodegradable polymers can be broken down by environmental microbes. By the action of living things, common microorganisms, carbon dioxide released into the water, and biomass, biodegradable polymers can be broken down. Petrochemicals, renewable raw resources, and microorganisms are used to make biodegradable polymers. Furthermore, the potential of biodegradable plastics has long been recognised, particularly that of polymers made from renewable resources like polysaccharides (such as starch).Nevertheless, these biodegradable plastics have been extensively utilized in some and have not found massive applications in the packaging industries to put back conventional plastic materials, although they could be an interesting way to reduce the limitation of the petrochemical resources in the future. Furthermore, fossil fuel and gas could be partially replaced by greener agricultural sources, which should add to the reduction of CO2 emissions. Bio-based and biodegradable plastics can form the basis for environmentally acceptable, sustainable substitutes to current materials based exclusively on petroleum feedstocks.
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Players Covered in Biodegradable Plastics market are:
· BASF SE
· Dow Inc.
· Novamont S.p.A.
· Plantic
· Natureworks
· Corbion N.V.
· Biome Technologies plc
· Mitsubishi Chemical Holdings
· Eastman Chemical Company
· Danimer Scientific and other major players.
Market Segmentation
Biodegradable Plastics Market Segment by Product Types, Estimates, and Forecast by 2028
Polylactic Acid [PLA], Polybutylene Adipate Terephthalate [PBAT], Polybutylene Succinate [PBS], Polyhydroxyalkanoates [PHA], Starch Blends
Biodegradable Plastics Market Segment by Applications, Estimates, and Forecast by 2028
Packaging, Agriculture, Consumer Durable, Textile
Regional Analysis for COVID-19 Outbreak-Global Biodegradable Plastics Market:
APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
North America (U.S., Canada, and Mexico)
South America (Brazil, Chile, Argentina, Rest of South America)
· MEA (Saudi Arabia, UAE, South Africa)
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Key Industry Developments in the Biodegradable Plastics Market:
· In February 2020, BASF and Fabbri Group (Italy) formed a partnership to produce a sustainable solution for cling film used in fresh-food packaging. The film will be utilized in wrapping meat, seafood, and fresh fruits & vegetables. It will be developed by the Fabbri group with BASF's Ecovio bioplastic and will enhance the demand for biodegradable plastics in packaging applications.
· In September 2020, Danimer Scientific, a top designer and producer of biodegradable materials, and Plastic Suppliers, Inc. (PSI), a global producer of biopolymer EarthFirst PLA hurdle and non-barrier sealant films, on this day declared that they will develop bio-based, home compostable films. PSI will use material supplied by Danimer Scientific to create packaging films that will reliably degrade without leaving behind harmful microplastics.
· In April 2021, NatureWorks declared a new strategic collaboration with IMA Coffee, which is a market leader in coffee handling processing and packaging. This collaboration focuses on growing the market reach for high-performing compostable K-cup in North America.
· In October 2021, Biodegradable Future has joined forces with Ocean Plastics Charter of Canada, the Canadian Government, and Biodegradable Future are executed to taking strong actions that dispose with a greener future and share similar goals & objectives. Making a difference in the sustainability arena is of the highest significance and this collaborate will ensure a positive sustainable impact in the fight against plastic pollution.
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