Biodegradable
Plastics Market worth $23.3 billion by 2026

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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Browse in-depth TOC on "Biodegradable Plastics Market”

153 - Tables

44 - Figures

236 – Pages

Biodegradable plastics are defined as plastics that
undergo biodegradation (a process in which the degradation results from the
action of naturally occurring micro-organisms such as bacteria, fungi, and
algae). The biodegradable plastics market includes both bio-based biodegradable
plastics and synthetic/petrochemical-based biodegradable plastics. The market
is witnessing significant growth across the world due to the increasing
awareness and stringent government regulations about the use of non-biodegradable
plastics. Biodegradable plastics are used in packaging, consumer goods,
textiles and agriculture & horticulture among other end-use industries.

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PLA type will account for the major share of the market
in terms of value

PLA is the largest type of segment of the biodegradable
plastics market, as it is used in various end-use industries such as packaging
& bags and consumer goods. PLA is made from renewable resources, and it is
compostable as well as biodegradable. It is derived from corn starch (in the US
and Canada), tapioca roots, chips, or starch (mostly in Asia), or sugarcane (in
RoW). This makes PLA non-toxic and environmentally friendly material. The key
applications of PLA are thermoformed products, namely, drink cups, takeaway
food trays, containers, and planter boxes. It has good rigidity and allows for
replacement of polystyrene and PET in such applications. PLA is being adopted
rapidly as it is more economical to manufacture compared to other biodegradable
plastics.

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.

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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).

For More Insights on Biodegradable Plastics Market- https://www.prnewswire.com/news-releases/biodegradable-plastics-market-worth-23-3-billion-by-2026--exclusive-report-by-marketsandmarkets-301502789.html

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