(EMAILWIRE.COM, July 14, 2022 ) The report "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe, North America & RoW) - Global Forecast to 2026" The global biodegradable plastics market size is projected to grow from USD 7.7 billion in 2021 to USD 23.3 billion by 2026, at a CAGR of 24.9% between 2021 and 2026.

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In terms of value, the packaging segment is projected to account for the largest share of the biodegradable plastics market, by end-use industry, during the forecast period.

Packaging is one of the end-use industries that dominates the biodegradable plastics market. Biodegradable plastics, have increasing demand to replace conventional plastics to address environmental concerns. 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. The use of biodegradable plastics is increasing in applications such as bottles, films, clamshell cartons, waste collection bags, carrier bags, mulch films, and food service ware.

Europe is estimated to be the fastest-growing market for biodegradable plastics between 2021 and 2026.

Europe is estimated to be the fastest-growing market for biodegradable plastics between 2021 and 2026. The political and economic conditions have driven the market penetration of biodegradable plastics. The strict government norms and economic conditions have also driven the biodegradable plastics market. These factors have been responsible for the development of biodegradable plastics with collaborative research in the region.

The key players in this market are BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), and Fkur Kunstsoff (Germany).

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153 - Market Data Tables

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BASF is one of the leading market players. The functional materials & solutions segment produces biodegradable plastics for various applications such as automotive manufacturing, packaging, sports & leisure, medical technology, construction, solar thermal energy, and photovoltaics. The company produces a fully synthetic biodegradable polyester. In addition, the company currently produces Ecoflex (PBAT), which is a synthetic biodegradable polyester. The company blends PLA with Ecoflex to produce Ecovio. It has adopted joint ventures as a key strategy to retain its competitiveness in the global market.

Novamont is one of the key players in the biodegradable plastics market. The company provides blends of starch, PCL, and others, including polyesters and oils. It has a dominant patent portfolio and produces PBS, PBSA, and PCL. Also, the company has additional offices and networks in Germany, France, Benelux, Scandinavia, Denmark, the UK, the US, China, Japan, Australia, and New Zealand. 

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