Biodegradable plastics Market Market Witnessing Incremental USD 22.28 billion by Forecast to 2029

Global biodegradable plastics market was valued at USD 7.70 billion in 2021 and is expected to reach USD 22.28 billion by 2029, registering a CAGR of 14.20% during the forecast period of 2022-2029. Over the last few years, governments have increasingly focused on green procurement policies, which is also acting as a key determinant favoring the growth of the biodegradable plastics market. For instance, the German government announced in 2020 that from July 2021, single-use plastic products such as cutlery, straws, food containers, and other similar products will be prohibited from being sold in the country.

Moreover, the various advantages of biodegradable plastic over non-degradable and non-decomposable plastic as non-degradable plastic creates major waste management problems such as water and land air pollution, largely contributing to the expansion of biodegradable plastics market.

Biodegradable plastics are also known as the eco-friendly decomposable by the living organisms such as bacteria and microorganisms. These plastics are mainly formed with two methods either from renewable raw materials or petrochemicals inclusive of biodegradable additives resulting in a better biodegradation process

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Some of the major players operating in the Biodegradable Plastics market are:

BASF SE (Germany), NatureWorks LLC (U.S.), TT Global Chemical Public Company Limited (Thailand), Total Energies (Netherlands), Novamont S.p.a. (Italy), Fkur (Germany), Dupont (U.S.), Biome Bioplastics (U.K.), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries Inc., (Japan), Dow (U.S.), Plantic (Australia), TianAn Biologic Materials Co., Ltd. (China), Danimer Scientific (U.S.), Evonik Industries AG (Germany), Eastman Chemical Company (U.S.) DAIKIN (Japan) and SOLVAY (Belgium)

The Study Is Segmented By Following:

The biodegradable plastics market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.