According to IMARC Group’s latest report, “Biodegradable Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global biodegradable plastic market size reached US$ 4.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2027, exhibiting a growth rate (CAGR) of 9.43% during 2022-2027.
Industry Overview:
Biodegradable plastics are made utilizing petroleum-based sources and renewable raw materials, including corn, wheat, bamboo, sugarcane, etc. They are usually of various types, such as starch-based, polylactide (PLA), polybutylene succinate (PBS), etc. Biodegradable plastics are degraded by microorganisms, such as fungi and bacteria, into water, biomass, carbon dioxide (CO2), etc. As a result, they are used in numerous applications, from flexible packing materials for several food items to extruded, injection-molded in conventional machines. Presently, the excessive usage of disposable single-use plastics and their negative impact on the environment and human health are catalyzing the demand for biodegradable plastics across the globe.
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Market Trends:
The rising product utilization in the agriculture and horticulture sectors for manufacturing mulching films and plant pots is among the key factors stimulating the biodegradable plastic market. Additionally, the increasing usage of agricultural products in the expanding food and beverage (F&B) industry is acting as another significant growth-inducing factor.
Besides this, owing to inflating environmental concerns, the governing bodies of several countries are imposing bans on non-biodegradable plastics, which is also propelling the global market. Apart from this, the escalating awareness about the detrimental impact of plastics is further fueling the market growth. Moreover, the growing need for online food delivery applications and the rising sales of ready-to-eat (RTE) food items are also driving the global market.
Furthermore, the elevating focus among various leading companies on shifting their production facilities of biodegradable polymers to emerging countries, on account of affordable human resources and the convenience of feedstock acquisition, is expected to positively influence the biodegradable plastic market over the forecasted period.
Key Players Included in Global Biodegradable Plastic Market Research Report:
BASF SEBiome Technologies plcBio-on S.p.A.Corbion N.V.Danimer ScientificEastman Chemical CompanyMitsubishi Chemical CorporationNatureWorks LLC (Cargill Incorporated)Novamont S.p.A.Plantic Technologies Limited (KURARAY CO. LTD.)Toray Industries Inc.Total Corbion PLAKey Market Segmentation:
The report has segmented the global biodegradable plastic market report on the basis of type, End-use and country.
Breakup by Type:
Starch-basedPLAPBSPBATPHAOthersBreakup by End Use:
PackagingAgricultureConsumer GoodsOthersBreakup by Region:
North AmericaAsia-PacificEuropeLatin AmericaMiddle East and AfricaGet in Touch with our Expert Team for Inquire or Further Information: https://www.imarcgroup.com/request?type=report&id=4015&flag=C
Key Highlights of the Report:
Market Performance (2016-2021)Market Outlook (2022-2027)Market TrendsMarket Drivers and Success FactorsImpact of COVID-19Value Chain AnalysisComprehensive mapping of the competitive landscapeIf you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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