Biodegradable plastics can be easily degraded by the micro-organisms, and are thus gaining immense popularity in the global market. By the end of the forecast period of 2018-2026, the global bio-degradable plastics market is expected to witness a CAGR of 11.49%
The global bio-degradable plastics market is segmented on the basis of applications and the type of bioplastics. The bio-degradable plastics market finds its application in packaging, fibres, agriculture, injection moulding and other applications. The market by type of bio-plastics can be divided into Starch Blends, PLA, PCL, PBS, Regenerated Cellulose, PHA and others.
North America, Europe, Asia-Pacific and rest of the world are the regions on the basis of which the global bio-degradable plastic market is geographically segmented. The Asia-Pacific market is expected to race ahead in terms of CAGR over the forecast period. Favourable government policies are helping the expansion of this market. However, at present, the European market leads this region. The “EU Action Plan for a circular economy” has set a long-term goal to recycle all plastic packaging by 2030.
The competing players in this market are Biome Bioplastics Limited, Basf Se, Bio-On S.P.A, Danimer Scientific Llc, Corbion N.V. (Purac), Dow Chemical Company (Merger With Dupont), Futerro Sa, Mitsubishi Chemical Corporation, Fkur Kunststoff Gmbh, Natureworks Llc, Sigma-Aldrich (Acquisition By Merck), Plantic Technologies (Acquisition By Kuraray America, Inc,), Synbra Holding Bv, Tianan Biologic Material Co. Ltd and Zhejiang Hisun Biomaterials Co. Ltd.