Rising government initiatives to ban conventional plastics and related products is projected to escalate the biodegradable plastic market at a CAGR of 14.5%
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. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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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.
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.
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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