The Future for Biodegradable Plastics
Global Biodegradable Plastic Industry will grow with a CAGR of 8.72% during 2020-2027
Across the realms of the global biodegradable plastic market, by material type, Polybutylene adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polylactic Acid (PLA), Polyhydroxyalkanoate (PHA), and Starch Blends are most renowned. Amongst the variants, starch blends emerge as the global leader in market share in the worldwide market.
PBAT-a environment friendly material
On the other hand, PHA is majorly employed in medical applications such as drug encapsulation and medical implants. Other medical uses comprise tissue engineering, bone marrow scaffolds, and bone plates. Additionally, PHA is also used to produce compost bags, agriculture foil and films, packaging for food and beverages, and consumer goods, thereby feeding the growth of PHA globally.
Demand for biodegradable plastic has been rising due to environmental concerns regarding the use of non-renewable materials. As per our analysis, global market predictions are more ambitious, with an estimation of global biodegradable plastics demand reaching 2,066.99 Thousand Tonnes by 2027. The prevailing instances, like in China legislation relating to single-use plastic, are driving the need for biodegradable plastics. Moreover, according to Greenpeace China, has planned or constructed new biodegradable plastic projects with 36 companies.
The North American market is a crucial hub as it is the leading region in the research & development and consumption of biodegradable plastic. Consumer goods are added vertical that shall fuel the market growth in North America owing to the raised living standards of the people, which prefer quality products instead of cheaper products.
By Region, Global Biodegradable Plastic Market has been segmented into North America, Europe, Asia Pacific, The Middle East and Africa and Latin America
Currently, Europe has the most extensive production capabilities and regional development. The robust automotive industry and the increasing demand for bio-plastic-based packaging products by various manufacturers in Europe expect to favour the market's demand. The expanding packaging industry in the region shall further bolster regional growth due to the expanding market for lightweight automobile parts and electronic goods.
In addition, the growth of the biodegradable plastics market in Asia-Pacific is attributed to the apparent availability of raw materials utilised to produce biodegradable plastics. However, the future development of biodegradable plastics in Asia-Pacific is highly attributable to the awareness about biodegradable plastics as a viable option to conventional plastics and price reduction.
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