The plastics which can decompose naturally in the environment are termed as biodegradable plastics. These are manufactured from petrochemicals as well as from natural sources such as orange peel, corn starch, and plants. Out of total plastics produced in the world only a small fraction (<10%) of which is biodegradable.
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The biodegradable plastics market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped us in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
Key Market Insights
Biodegradable plastics are widely utilized in various applications like packaging, agriculture, consumer goods, and others. The manufacturers are focusing towards innovation to capture more of the market share. The demand for biodegradable plastics is increasing owing to the increased awareness about environment and reducing the plastic waste.
The increasing awareness across the globe, especially developed regions along with increasing environmental protection efforts from the governments is pushing the growth of biodegradable plastics. On the other hand, growing economies and increasing per capita income along with technological innovations to bring down the prices are making biodegradable plastics more and more affordable & efficient. The evolution of new enzymes to degrade commodity polymers and upgrade of older biodegradable plastic with enhanced properties is expanding the application areas providing additional growth opportunities to the market.
Europe dominates the market currently and is also expected to grow during the forecast period due to intense demand. Asia Pacific is expected to accelerate in the market during the forecast period. Some of the prominent key players in the biodegradable plastics market are Arkema, BASF, Corbion, DowDuPont, and Cargill.
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