The GlobalBiodegradable Plastics Marketaccounted for 7,679.8 Millionin 2021.
Biodegradation refers to a process that can convert the material into water, CO2, and biomass through the reaction of microorganisms like bacteria and fungi. Biodegradable plastic is materials that are degraded by living organisms mainly microbes into CO2, biomass, and water under some specific conditions. Biodegradable plastics are manufactured with micro-organisms, petrochemicals, renewable raw materials. Due to their environmentally friendly nature, biodegradable plastics have a wide range of applications and are used highly in packaging.
Increasing utilization of biodegradable plastics in food packaging coupled with the fact that biodegradable polyesters are the best alternatives to plastics are major factors driving the market growth. Additionally, the rise in usage of packaging, disposable tableware coupled with government support for such biodegradable materials with strict regulations on the usage of plastics is some other factor anticipated to drive the market growth.
The COVID-19 pandemic had an adverse impact on global biodegradable plastics manufacturing due to disturbance in supply chains as well as production services globally. In addition, during the pandemic, a huge population had single use of plastic materials such as masks, gloves, sanitizer bottles and created huge plastic waste. Today some of the big leaders in the market are focusing on growth strategies like partnerships and joint ventures to gain a higher market share in the industry.
New technological advancements in biodegradable plastics manufacturing are estimated to create ample investment opportunities for the market in the future years. For example, there has been the incorporation of antimicrobial technology in biodegradable materials manufacturing to develop materials with longer shelf life and to extend the preservation of packaged products, especially food items. Also, antimicrobial packaging is used to prevent deterioration and ensure microbiological & chemical food safety by averting microbial growth.
Asia Pacific is expected to grow at the fastest CAGR owing to increasing consumer adoption and implementation of various regulations on plastic usage from economies such as China and India in order to minimize plastic pollution. Additionally, several manufacturers in the region are coming up with sustainable packaging solutions which is further fuelling the market growth.
Some of the prominent players operating in the globalbiodegradable plastics market include - BASF SE, NatureWorks LLC, Novamont, Total Corbion, Biome Plastics, Danimer Scientific, Fkur Kunstsoff, Plantic Technologies, Toray Industries, Akro Plastics, Green Dot Plastics, Mitsubishi Chemical Corporation, Carbion, and Biome Technologies plc.