The Global Biodegradable Plastics market is valued at $1.8 billion in 2014 and is expected to reach $4.2 billion by 2022 growing at a CAGR of 11.2% during the forecast period. The market is growing at a rapid pace with continuous R&D activities undertaken by the market players, while the high costs acts as a major restraining factor for the market growth. Experts believe that the supportive government policies and favorable R&D efforts may reduce the cost in the near future.
Polylactic Acid (PLA) is expected to be the largest segment, in terms of volume, with a market share around 50% of the global market. PLA is also expected to be the second fastest growing segment driven by its advanced mechanical properties and ease of processability. However, in terms of value, starch blends are projected to account for the largest share in the market due to the comparative high cost of starch blends to PLA. The packaging application segment is anticipated to be the largest segment, both in terms of market revenue and volume, with a market share of around 58% of the total market. The injection molding application is expected to register the highest CAGR during the forecast period. Biodegradable plastics are used to manufacture single use packaging materials such as shopping bags and disposable cutlery.
Europe is estimated to be the largest consumer of biodegradable plastics holding more than 35% of the global market share. The high growth in this region is due to strict implementation of environmental regulations which prohibits the use of petroleum based plastics. Rising environmental awareness among the general population is the major driver for the market growth in Europe. The growth is also augmented by the stringent policies and regulations implemented by government in the region. Italy has prohibited the use of plastic bags based on petroleum, whereas there is a tax levied on use of plastic bags based on petroleum in countries such as Ireland, Germany, and others. In Asia, the biodegradable polymers growth is seen due to the restricted usage of plastic bags by the government. However, biodegradable polymers consumption by Asia has not improved as much as predicted.
The key players in the Biodegradable Plastics market include Amcor, Mitsubishi Chemical Corporation, Plantic Technologies Ltd., BASF SE, Biome Technologies PLC, Corbion N.V., NatureWorks LLC, Metabolix Inc., Biopac, and Meredian Inc.
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o New Zealand
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o Middle East
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