According to the new market research report "Biodegradable Plastics Market by Type (PLA, Starch Blends, Biodegradable Polyesters, PHA), End Use Industry (Packaging & Bags, Consumer Goods, Agriculture & Horticulture), and Region (APAC, Europe, North America, Rest of the World) - Global Forecast to 2023", published by MarketsandMarkets™, the Biodegradable Plastics Market is projected to grow from USD 3.02 billion in 2018 to USD 6.12 billion by 2023, at a CAGR of 15.1%. The growth of the market is attributed to the increasing demand for biodegradable plastics in various end-use industries in emerging economies such as India, China, and Brazil. The increasing adoption of strategies such as new product launches and mergers, acquisitions & partnerships by the key players is also fueling the market.
Packaging & Bag: The largest end-use industry of biodegradable plastics
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.
PLA: The largest type segment of the Biodegradable Plastics Market
PLA is the largest type segment of the Biodegradable Plastics Market, as it is used in various end-use industries such as packaging & bags and consumer goods. PLA is made from renewable resources, and it is compostable as well as biodegradable. It is derived from corn starch (in the US and Canada), tapioca roots, chips, or starch (mostly in Asia), or sugarcane (in RoW). This makes PLA non-toxic and an environmentally friendly material. Plastic products may take up to thousand years to degrade while PLA products biodegrade within 3-6 months in an industrial composting system. The key applications of PLA are thermoformed products, namely, drink cups, takeaway food trays, containers, and planter boxes. It has good rigidity and allows for replacement of polystyrene and PET in such applications. PLA is being adopted rapidly as it is more economical to manufacture PLA as compared with the synthesis of other biodegradable plastics.
APAC: The fastest-growing Biodegradable Plastics Market
APAC is expected to be the fastest-growing Biodegradable Plastics Market during the forecast period. The growing packaging & bags industry in APAC has offered significant opportunities for the growth of the Biodegradable Plastics Market in the region. The increasing use of biodegradable plastics in various end-use industries, such as packaging & bags, consumer goods, agriculture & horticulture, and textile, is driving the Biodegradable Plastics Market in APAC.
Major players such as NatureWorks (US), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Corporation (Japan), and Biome Bioplastics (UK) have adopted development strategies such as expansions, mergers, acquisitions & partnerships, and new product launches to achieve growth in the Biodegradable Plastics Market.
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