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Biodegradable Plastics Market Worth $12.4 Billion By 2027 | Latest Updates:

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Abhijeet W
Biodegradable Plastics Market Worth $12.4 Billion By 2027 | Latest Updates:

The biodegradable plastics market is expected to grow from USD 3.02 billion in 2018 to reach USD 6.12 billion by 2023, at a CAGR of 15.1% between 2018 and 2023. In this report, 2017 is considered as the base year and the forecast period is between 2018 and 2023.

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Companies such as NatureWorks (US), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Corporation (Japan), and Biome Bioplastics (UK) are the major players operating in the global biodegradable plastics market. These companies focus on strengthening their market position through increased R&D activities and technological advancements. They also focus on adopting various organic and inorganic growth strategies, such as expansions, mergers, acquisitions & partnerships, and new product launches, to increase their market share.

Based on Application:

  • Packaging & Bags
  • Consumer Goods
  • Agriculture & Horticulture
  • Textile
  • Others (Automotive and Building & Construction)

Key Target Audience:

  • Biodegradable plastics manufacturing companies
  • Traders, distributors, and retailers
  • Raw material suppliers
  • Commercial R&D institutes
  • Research institutes, trade associations, and government agencies
  • Consulting companies/consultants in the chemical and material sectors 

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On the basis of end-use industry, the packaging & bag segment is estimated to lead the biodegradable plastics market during the forecast period.

Packaging & bags is the largest end-use industry of biodegradable plastics. Thermoset plastics (soy polyurethanes and unsaturated polyester resins) and thermoplastics (PLA, starch blends, PBS, PHA, and cellulose) are the two types of biodegradable plastics mainly used in the packaging industry. Packaging products made from these plastics are mainly used in the packaging of fresh food, dried snacks & candy, bakery goods, water & juice bottles, and meat trays. Biodegradable plastics are also used as coatings for beverages cups and films & card stock.

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Abhijeet W
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