As per the report, the global biodegradable plastic industry was estimated at $1.29 billion in 2018, and is expected to hit $6.00 billion by 2026, registering a CAGR of 21.3% from 2019 to 2026.
Drivers, restraints, and opportunities:
Environmentally friendly nature & growing consumer adoption of biodegradable plastics, high demand for biodegradable plastic in food packaging application, and favorable government policy towards bioplastic are the major factors fueling the growth of the global biodegradable plastic market. On the other hand, high cost of biodegradable plastic curbs the growth to some extent. Nevertheless, growing CSR activities and decreasing dependence on petroleum resource are anticipated to create a number of opportunities for the key players in the industry.
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The starch blend segment to rule the roost:
Based on type, the starch blend segment accounted for two-fifths of the global biodegradable market share in 2018, and is expected to retain its dominance by the end of 2026. The fact that starch-based plastics can be modified to any desirable properties so that it can be used as per convenience has boosted the growth. The PLA segment, on the other hand, is projected to grow at the fastest CAGR of 22.0% from 2019 to 2026. This is attributed to the fact that PLA emerged as an alternative to traditional fossil-based plastic such as PET (polyethylene terephthalate) and to other plastic as well.
The packaging segment to lead the trail by 2026:
Based on application, the packaging segment held the major share in 2018, generating more than two-thirds of the global biodegradable market. Increasing strict regulation on the use of single use plastic and favorable government policies pertinent to the use of bio-based plastic is fueling the use of biodegradable plastic in the packaging industry. At the same time, the agriculture segment would cite the fastest CAGR of 22.2% during the study period. Rising popularity of biodegradable materials in agriculture has supplemented the growth.
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Europe, followed by North America, to dominate in terms of revenue:
Based on geography, Europe contributed to more than half of the global biodegradable market revenue in 2018 and is anticipated to dominate throughout the forecast period. European association is promoting government and environmental policies, regarding sustainability and bio-degradability, which is a significant factor that propels the growth of the biodegradable plastic market in the region. Simultaneously, the region across LAMEA would showcase the fastest CAGR of 23.4% throughout the estimated period. This is due to the fact that the region is developing potential and environment sustainable processes to manufacture plenty of bio-based products.
Frontrunners in the industry-
- DowDuPont Inc.
- Danimer Scientific
- Plantic, Eastman Chemical Company
- Natureworks, Corbion N.V.
- Biome Technologies plc
- BASF SE
- Novamont S.p.A.
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