According to the report, the global biodegradable plastic industry was pegged at $1.6 billion in 2019, and is projected to reach $4.2 billion by 2027, growing at a CAGR of 13.3% from 2020 to 2027.
Major drivers of the market growth
Eco-Friendly nature and rise in consumer adoption of biodegradable plastics, high demand of biodegradable plastic in food packaging application, and favorable government policies toward bio-plastic drive the growth of the global biodegradable plastic market. However, high cost of biodegradable plastic hampers the market growth. On the contrary, rise in CSR activities and decreasing dependence on petroleum resource is expected to create lucrative opportunities for market players in the future.
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- The usage of compostable plastic for making masks, PPEs, and other shielding products during Covid-19 has been increased. This has also increased the concern regarding the impacts of plastic. In order to minimize the alarming situation, the usage of biodegradable plastic is anticipated to increase during and post pandemic.
- Owing to the excess use of compostable plastic, and concern regarding pollution and planet, the demand for biodegradable plastic is anticipated to increase during and post-pandemic.
The Polylactic acid (PLA) segment to portray highest CAGR through 2027
By type, the PLA segment is expected to register the highest CAGR of 13.9% during the forecast period, owing to increasing application in food packaging as a sustainable source. However, the starch blend segment dominated the global biodegradable plastic market in 2019, accounting for nearly two-fifths of the market. This is attributed to its demand in flexible packaging and agricultural sector. Also, the starch blends are widely used to decrease the carbon footprint of conventional resins, thus enhancing the segment growth.
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The packaging segment held lion’s share
By application, the packaging segment held the largest share in 2019, accounting for more than two-thirds of the global biodegradable plastic market. This is attributed to the shifting trend of consumers from synthetic to bio-based products in response to the growing environmental awareness. However, the agriculture segment is expected to manifest the highest CAGR of 14.1% during the study period, owing to growing application of biodegradable mulch films in agriculture.
Europe, followed by North America, dominated the market
By region, the market across Europe, followed by North America, held the largest share in 2019, contributing to more than half of the market. This is attributed to European legal framework and strategies that will foster the extensive use of bio-based plastic products. However, the global biodegradable plastic market across LAMEA is expected to portray the highest CAGR of 15.5% from 2020 to 2027, owing to the large presence of sugarcane feedstock, which can be utilized for production of bio-plastics.
Major Market Players
- Biome Technologies plc
- Mitsubishi Chemical Holdings
- Eastman Chemical Company
- Danimer Scientific
- BASF SE
- Dow Inc.
- Novamont S.p.A.
- Corbion N.V.
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