Biodegradable Plastic Market to Grow With 14.5% CAGR Through 2027

SELBYVILLE, Del., December 1, 2019 (Newswire.com) - ​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 $2,989.8 million in 2018 and is estimated to grow with a CAGR of 14.5% during the period of 2019-2027, hence reaching US $10,086.2 million 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.

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Growing environmental concern among consumers and surging demand for eco-friendly products, coupled with favorable federal reforms towards reducing use of plastics are the major factors driving the growth of the biodegradable plastic market. 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.

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Question and Answers: Global Biodegradable Plastic Market

Question 1: Why is the biodegradable plastic market witnessing continuous growth?

Answer: Growing environmental concern among consumers and surging demand for eco-friendly products, coupled with favorable federal reforms towards reducing use of plastics are the major factors driving the growth of the biodegradable plastic market. 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. 

Question 2: Which factor may hinder the growth of the biodegradable market in the upcoming years?

Answer: The growth of the biodegradable market may be hindered since the price of biodegradable plastic is relatively higher than that of conventional plastic.

Question 3: What segmentations are impacting the biodegradable market trends?

Answer: In terms of product type, the 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.

Question 4: How is the competitive landscape of the global biodegradable market defined?

Answer: 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.

Related Report:

​Transparent Plastic Market Research Report 2019-2026

The global transparent plastic market size is estimated to reach USD 177.43 billion by 2026, growing at a CAGR of 6.8% during the forecast period, according to a new study. The report "Transparent Plastic Market Share, Size, Trends, & Industry Analysis Report, By Type (Rigid Transparent Plastic, Flexible Transparent Plastic), By Polymer Type (Polycarbonate, Polyvinyl Chloride, Polystyrene, Polypropylene, Polyethylene Terephthalate), By End-User, By Region]: Segment Forecast, 2019 - 2026" provides an extensive analysis of present market dynamics and predicted future trends.

In 2018, the packaging segment dominated the global transparent plastic industry, in terms of revenue. Asia-Pacific is expected to be the leading contributor to global market revenue during the forecast period. The diverse applications of transparent plastic in industries such as healthcare, construction, packaging, automotive, and consumer goods, among others, is expected to support market growth.

The demand for transparent plastic has improved significantly over the past few years, owing to features such as improved shelf-life of packaged food products and ease of customization. Other factors driving the transparent plastic industry include the growing adoption of electric vehicles, the development of bio-based transparent plastics, and rising demand from the food & beverages industry for packaging solutions.​

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