Biodegradation is process that can convert a material partially or completely into CO2, water, and biomass through the reaction of microorganisms like bacteria and fungi. Biodegradable or compostable plastic are the materials degraded by living organisms especially microbes into CO2 or methane, biomass, and water under specific conditions. Biodegradable plastics are generally manufactured with petrochemicals, micro-organisms, and renewable raw materials. Due their environmentally friendly nature, biodegradable plastics are widely used in several applications especially packaging.
The Global Biodegradable Plastics Market is accounted for $8.62 billion in 2021 and is expected to reach $36.31 billion by 2028 growing at a CAGR of 22.8% during the forecast period. Improving consumer awareness regarding sustainable plastic solutions and increasing efforts to eliminate the use of non-biodegradable conventional plastics contribute to the market growth of biodegradable plastics. Traditionally used petroleum-based plastics take decades to break down or degrade and lay in the landfills for a long period. Biodegradable plastics break down faster when they are discarded and are absorbed back into the natural system. In addition, the rate of decomposition of biodegradable plastics by the activities of microorganisms is much faster than that of traditional plastics.
The manufacturers are investing heavily in R&D activities for the use of biodegradable plastics in various applications in the medical industry, such as stitching materials, screws, and implants. Biodegradable plastics such as PLA and bio-PBS are used for manufacturing medical devices & equipment. Biodegradable plastics are used in tires with starch-based materials in the automotive industry to reduce fuel consumption. They are also used for making electrical equipment more efficient and cost-effective.
Europe is projected to have the highest CAGR in the market. Strong regulations implemented by the European Union on fossil fuel-based plastics to reduce carbon footprint in the environment are estimated to propel the market growth in the review time.
Some of the key players profiled in the Biodegradable Plastics Market include BASF SE, Biome Technologies plc, BIO-ON, Cardia Bioplastics Limited, Cereplast Inc, Danimer Scientific, Dow, Eastman Chemical Company, FKuR Kunststoff GmbH, Mitsubishi Chemical Holdings Corporation, NatureWorks LLC, Novamont SpA, Plantic Technologies Ltd, TORAY INDUSTRIES, INC., and Total Corbion.