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Biodegradable plastic market to grow 14.5% yearly through 2027
Source：Plastics News Asia
Date Published：12/2/2019 08:12:38 PM
Growing environmental concern to spur biodegradable plastic market's growth up to 2027
Rising environmental concern among consumers, surging demand for eco-friendly products, coupled with favorable federal reforms towards reducing use of plastics are the major factors driving the growth of biodegradable plastic market.
According to the research report titled "Biodegradable Plastic Market to 2027 - Global 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" available at MarketStudyReport.com, the global biodegradable plastic market was worth US$2.99 bilion in 2018 and is estimated to grow with a CAGR of 14.5% during the period of 2019-2027, hence reaching US$10 billion by the year 2027.
For the record, biodegradable plastic can be recycled easily and takes less time to decompose as compared to commercial plastic. It decomposes into biomass, water, and carbon dioxide by the action of microbes, hence biodegradable plastic is an environment-friendly substitute for conventional plastic.
The advantage of recycling this plastic to produce other plastic products, along with rising efforts towards reducing carbon emissions in manufacturing processes, and development of innovative biodegradable products are further impelling the market growth.
Improving awareness regarding the ill-effects of conventional plastic is encouraging consumers to opt for biodegradable plastics, hence diminishing the overall carbon footprint. However, the high price of the product as compared to conventional plastic will impede market growth to some extent.
In terms of product type, biodegradable plastic is categorized into PHA, PLA, starch blends, PBAT, PBS and others. Based on the end-user spectrum, the market is classified into agriculture & horticulture, packaging & bags, consumer goods, and others.
Considering the geographical landscape, the global biodegradable plastic market is divided into regions, namely, North America, South America, Europe, Middle East & Africa and Asia-Pacific.
The prominent companies operating in the biodegradable plastic market are BASF S.E., API SpA, Green dot Bioplastics, FKur Kunststoff GmbH, Novamont S.p.A, GuangDong Huazhilu Biological Material Co., Kingfa Sci. & Tech. Co. Ltd., Mitsubishi Chemical Corp., Total Corbion PLA and Plantic Technologies Ltd.