LONDON, May 17, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the biodegradable plastics market, growing concerns for the environment are expected to increase the growth of the biodegradable plastics market. The major growing concerns for the environment are plastics. The increase in the use of plastics is a growing concern for the environment. In January 2021, according to the data published by the European environment agency, the COVID-19 pandemic had made changes in the consumption, waste, and production of plastics. A recent BCG survey involving 3,000 people across eight countries found that in the wake of the pandemic, people were now more concerned about addressing environmental challenges and were committed to changing their own behavior to advance sustainability. Almost 40% of respondents said they plan to engage in more sustainable behavior in the future. Therefore, growing concerns for the environment are expected to drive the biodegradable plastics market.
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The global biodegradable plastics market size is expected to grow from $3.74 billion in 2021 to $4.21 billion in 2022 at a compound annual growth rate (CAGR) of 12.6%. The global biodegradable plastic market share is expected to grow to $7.16 billion in 2026 at a CAGR of 14.2%.
Product innovations are a key trend gaining popularity in the biodegradable plastics market. Many organizations are launching innovative products in biodegradable plastics, which are cost-effective and sustainable in nature. For example, in July 2021, the Defense Research and Development Organization (DRDO) based in India launched biodegradable packaging products that are manufactured from biodegradable plant-based food-grade materials. They are available in a water-resistant form and can be degraded in three months. These packaging bags are an ocean-safe alternative to single-use plastics and are cost-effective and sustainable.
Major players in the biodegradable plastics market are BASF, NatureWorks, BIOME TECHNOLOGIES PLC., Novamont S.p.A., Mitsubishi, Biome Bioplastics, Plantic, BIO-ON, Danimer Scientific, Novamont S.p.A, TORAY INDUSTRIES, INC, Kruger Inc., Total Corbion PLA, Perstorp, K.D. FEDDERSEN, UrthPact, LLC, BIoTec Pvt. Ltd., BioGreen, CLONDALKIN GROUP, Plantic Technologies Limited, Amcor Limited, and Mondi Group.
The global biodegradable plastic market analysis report is segmented by type into Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), PHA (Polyhydroxyalkanoates), starch blends, others; by end-user into packaging, agriculture, consumer goods, others.
As per TBRC’s biodegradable plastic market outlook, North America was the largest region in the market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global biodegradable plastics market during the forecast period. The regions covered in the global biodegradable plastic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Biodegradable Plastics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide biodegradable plastic market overviews, biodegradable plastic market analyze and forecast market size and growth for the whole market, biodegradable plastic market segments and geographies, biodegradable plastic market trends, biodegradable plastic market drivers, biodegradable plastic market restraints, biodegradable plastic market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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