Biodegradable Plastics Market Worth $12.4 Billion By 2027 | At A CAGR of 15.1%

The biodegradable plastics market is expected to grow from USD 3.02 billion in 2018 to reach USD 6.12 billion by 2023, at a CAGR of 15.1% between 2018 and 2023. In this report, 2017 is considered as the base year and the forecast period is between 2018 and 2023.

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Based on Types:

• PLA
• Starch Blends
• Biodegradable Polyesters
• PHA
• Others (Cellulose Derivatives and Regenerated Cellulose)

Based on Application:

• Packaging & Bags
• Consumer Goods
• Agriculture & Horticulture
• Textile
• Others (Automotive and Building & Construction)

The increasing use of biodegradable plastics in end-use industries including packaging & bags, consumer goods and agriculture & horticulture is driving the biodegradable plastics market in APAC.

APAC is expected to be the fastest-growing biodegradable plastics market during the forecast period. The growing packaging & bags industry in APAC has offered significant opportunities for the growth of the biodegradable plastics market in the region. The increasing use of biodegradable plastics in various end-use industries, such as packaging & bags, consumer goods, agriculture & horticulture, and textile, is driving the biodegradable plastics market in APAC.

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Major Players:

• NatureWorks (US)
• BASF (Germany)
• Total Corbion PLA (Netherlands)
• Mitsubishi Chemical (Japan)
• Biome Bioplastics (UK)
• Plantic Technologies (Australia)
• Bio-On (Italy)
• Danimer Scientific (Georgia)
• Novamont S.p.A (Italy)
• Toray Industries (Japan)

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