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Biodegradable Plastics Global Market Report 2022

·3-min read

Major players in the biodegradable plastics market are BASF, NatureWorks, BIOME TECHNOLOGIES PLC. , Novamont S. p. A. , Mitsubishi, , Biome Bioplastics, Plantic, BIO-ON, Danimer Scientific, Novamont S. p. A, TORAY INDUSTRIES, INC, Kruger Inc.

New York, June 07, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Biodegradable Plastics Global Market Report 2022" -
, Total Corbion PLA, Perstorp, K.D. FEDDERSEN, UrthPact, LLC, Biotec Pvt. Ltd., BioGreen, CLONDALKIN GROUP, Plantic Technologies Limited , Amcor limited, and Mondi Group.

The global biodegradable plastics market is expected to grow from $3.74 billion in 2021 to $4.21 billion in 2022 at a compound annual growth rate (CAGR) of 12.6%. The market is expected to grow to $7.16 billion in 2026 at a compound annual growth rate (CAGR) of 14.2%.

The biodegradable plastics market consists of sales of biodegradable plastics by entities (organizations, proprietors, partnerships) that are used in the application of organic waste collection and diversion, food packaging, agricultural and horticultural sectors, and disposable tableware.Biodegradable plastics are obtained from petrochemicals that consist of biodegradable additives and are degraded by microorganisms into carbon dioxide, water, and biomass.

These can be used in packing materials, injection-molded and others.

The main types of biodegradable plastics market are polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), starch blends and other types.Polylactic Acid (PLA) is a thermoplastic biopolymer and its cross-linking of chains gives rise to biodegradable plastic sheets that serve as the basis for the production of numerous non-polluting plastic products.

Some of the main end users in the biodegradable plastics market include the packaging, agriculture, consumer goods, and other end-users.

North America was the largest region in the biodegradable plastics market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the biodegradable plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Growing concerns for the environment are expected to increase the growth of the biodegradable plastics market.The major growing concerns for the environment are plastics.

The increase in the usage of plastics is a growing concern of the environment.In January 2021, according to the data published by the European environment agency, the COVID-19 pandemic had made changes in the consumption, waste, and production of plastics.

A recent BCG survey involving 3,000 people across eight countries found that in the wake of the pandemic, people were now more concerned about addressing environmental challenges and are committed to changing their own behavior to advance sustainability.Nearly 40% of respondents said that they intend to adopt more sustainable behavior in the future.

Therefore, growing concerns for the environment is expected to drive the biodegradable plastics market.

Product innovations are a key trend gaining popularity in the biodegradable plastics market.Many organizations are launching innovative products in the biodegradable plastics, which are cost-effective and sustainable in nature.

For example, in July 2021, Defence Research and Development Organisation (DRDO) based in India had launched biodegradable packaging products that are manufactured from biodegradable plant-based food-grade materials.They are available in a water-resistant form and can be degraded in three months.

These packaging bags are an ocean-safe alternative to single-use plastics, cost-effective and sustainable.

In January 2021, Novamont, a Italy-based biodegradable bioplastics manufacturer acquired BioBag group for an undisclosed amount.With this acquisition, Novamont’s service capabilities marketing in the supply chain will be strengthened by BioBag’s and distribution expertise and also to create long-lasting alliances with retailers and to enhance the separate organic waste collection and composting systems.

BioBag group is a biodegradable bioplastics manufacturer based in Norway.

The countries covered in the Biodegradable Plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Read the full report:

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