The report issued by Crystal Market Research, the market size for the Biodegradable Plastics was worth USD 7.67 billion in 2014 and is expected to reach approximately USD 17.82 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 9.82% during the forecast period.
The biodegradable plastics market is acquiring impetus owing to the budding technologies invented by the market players. The prime highpoint of the market during the coming years is the adequate level of competition. The novel kind of plastic along with adapting to the guidelines, it also is environmental-friendly in several, ways. Therefore, on a global level the conventional plastic is slowly being substituted by biodegradable plastics, which eventually will increase the global market.
Polylactic-acid based products are leading the overall segment of this market – Polylactic-acid based plastics are primarily used in agricultural and packaging applications. Bio-based feedstock like maize and corn starch is fermented to fabricate such plastics, and they showcase superior mechanical strength, reduced level of toxins and higher esthetic value.
Europe is anticipated to dominate the region-wise market of this industry during the forecast period – The reason for Europe to lead is the mounting pressure on the government to decrease the landfills and carbon emissions; and escalated use of biodegradable plastics in this region. Moreover, robust prevalence of market players is also predicted to impel this region’s growth in the global market. It has been anticipated that North America will follow Europe during the forecast years, since it aims on lessening the carbon emissions.
The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry. These players constantly present inventive and technologically enhanced products in the market to guarantee a competitive advantage over the other market players. Some other players operating in this industry are Corbion, BASF, Mitsubishi Chemical Corporation, Bio-On SpA, Plantic, Biome Bioplastics, FKuR and NatureWorks.