According to the new market research report “Biodegradable Plastics Market”, the Biodegradable Plastics Market is projected to grow from USD 3.02 billion in 2018 to USD 6.12 billion by 2023, at a CAGR of 15.1%.
The growth of the market is attributed to the increasing demand for biodegradable plastics in various end-use industries in emerging economies such as India, China, and Brazil. The increasing adoption of strategies such as new product launches and mergers, acquisitions and partnerships by the key players is also fuelling the market.
Packaging and bags is the largest end-use industry of biodegradable plastics. 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.
Packaging products made from these plastics are mainly used in the packaging of fresh food, dried snacks & candy, bakery goods, water and juice bottles, and meat trays. Biodegradable plastics are also used as coatings for beverages cups and films and card stock.
PLA is the largest type segment of the Biodegradable Plastics Market, as it is used in various end-use industries such as packaging 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). It makes PLA non-toxic and an environmentally friendly material.
Plastic products may take up to thousand years to degrade while PLA products biodegrade within 3-6 months in an industrial composting system. The key applications of PLA are thermoformed products, namely, drink cups, takeaway food trays, containers, and planter boxes.
PLA 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 PLA as compared with the synthesis of other biodegradable plastics.
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