The global biodegradable plastics market revenue is expected to expand at a significant CAGR over the forecast period. Biodegradable plastic is a type of material that can be easily decomposed by living organisms such as bacteria. Biodegradable plastic is made from petrochemical material. Biodegradable petrochemical additives are added to the plastic for fast decomposition process. It is eco-friendly material that comes without any harmful pollutant.
Rising demand for various types of eco-friendly packaging products and growing environmental awareness among individuals are the major factors anticipated to boost the demand of biodegradable plastic and dives the growth of the global biodegradable plastics market over the forecast period. However, the high cost of biodegradable plastic and availability of other less costly ecofriendly packaging products may hamper the growth of the global target market.
The global biodegradable plastics market report has been segmented on the basis of product type, application, and region. On the basis of product type, the market is segmented into polylactide (PLA), regenerated cellulose, poly-epsilon- caprolactone (pcl), polyhydroxyalkanoates (PHA), starch blends, and polybutylene succinate (PBS). Polylactide (PLA) segment expected to dominate the global market in the near future. On the basis of application, the market is segmented into agriculture, textile, packaging, medical, and biodegradable electronics. Packaging segment dominates the global market in terms of revenue and expected to maintain its position in the near future, owing rising environmental concerns with non-degradable packaging.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, the Europe dominates the global market in terms of revenue and expected to maintain its position over the forecast period, owing to presence of key product manufacturers in this region. The North America is expected to witness moderate growth in the near future, due to rising preference for ecofriendly packaging among consumers. The Asia Pacific market is expected to witness a lucrative growth in the near future, owing to the rising demand for biodegradable packaging material in the region.
Key players operating in the global biodegradable plastics market include Metabolix Inc., BASF SE, Corbion N.V., Natureworks LLC, Biome Technologies plc, Mitsubishi Chemical Corporation, Plantic Technologies Limited, FKuR Kunststoff GmbH, Natur-Tec India Private Limited, and Bio-On SpA.