According to the forecasts of Research and Markets, by 2027 the global market for biodegradable plastics will reach $ 7.6 billion, annually growing in monetary terms by an average of 9.4%.
Increased use of biodegradable plastics is driven by strict government laws prohibiting the use of disposable plastics. The growing public awareness of environmental protection measures also impacts.
The starch-based segment leads the market for biodegradable plastics because it is used in various fields such as packaging, consumer electronics, agriculture, automotive and textiles. Polylactic acid (PLA) is also one of the most consumed materials and is used in 3D printing, mulching film and packaging.
The ban on the use of plastics by the European Commission is expected to stimulate the growth of the packaging segment over the forecast period. In addition, the new use of biodegradable products in the medical sector for the encapsulation of drugs and medical operations is increasingly being practiced.
The polyhydroxyalkanoate (PHA) segment is projected to grow annually in revenue by 10%, due to the increased use of PHA in medicine.
Packaging is the largest end-use segment, followed by the agricultural sector, thanks to the replacement of conventional plastics in food packaging, such as boxes, wrappers, cups, plates.
Europe is the largest region in terms of both revenue and sales. However, the Asia-Pacific region is expected to become the fastest growing region.
Major players in the biodegradable plastics industry are BASF SE, NatureWorks LLC, Mitsubishi Chemical Corporation, Carbion and Biome Technologies plc.