According to the new market research report "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe, North America & RoW) - Global Forecast to 2026", The global biodegradable plastics market size is projected to grow from USD 7.7 billion in 2021 to USD 23.3 billion by 2026, at a CAGR of 24.9% between 2021 and 2026. Biodegradable plastics are defined as plastics that undergo biodegradation (a process in which the degradation results from the action of naturally occurring micro-organisms such as bacteria, fungi, and algae). The biodegradable plastics market includes both bio-based biodegradable plastics and synthetic/petrochemical-based biodegradable plastics. The market is witnessing significant growth across the world due to the increasing awareness and stringent government regulations about the use of non-biodegradable plastics. Biodegradable plastics are used in packaging, consumer goods, textiles and agriculture & horticulture among other end-use industries.
The key players in this market are BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), and Fkur Kunstsoff (Germany)
