Biodegradable Plastics Market worth $23.3 billion by 2026
The global biodegradable plastics market size is projected to reach USD 23.3 billion by 2026 growing at a CAGR of 24.9% from 2021 to 2026. The increasing demand for biodegradable plastics in various end-use segments coupled with stringent regulatory and sustainability mandates concerning healthcare safety is driving the market for biodegradable plastics.
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The increase in demand for biodegradable plastics and the growing industrial development in the emerging economies, such as APAC and South America, are driving the market. 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). These players have adopted various strategies such as investment & expansion, merger & acquisition, partnership & agreement, and new product launch in order to strengthen their market position.
For instance, in April 2021, NatureWorks announced a new strategic partnership with IMA Coffee, which is a market leader in coffee handling processing and packaging. This partnership aims at increasing the market reach for high-performing compostable K-cup in North America.
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BASF is one of the leading market players. The functional materials & solutions segment produces biodegradable plastics for various applications such as automotive manufacturing, packaging, sports & leisure, medical technology, construction, solar thermal energy, and photovoltaics. The company produces a fully synthetic biodegradable polyester. In addition, the company currently produces Ecoflex (PBAT), which is a synthetic biodegradable polyester. The company blends PLA with Ecoflex to produce Ecovio. It has adopted joint ventures as a key strategy to retain its competitiveness in the global market.
Novamont is one of the key players in the biodegradable plastics market. The company provides blends of starch, PCL, and others, including polyesters and oils. It has a dominant patent portfolio and produces PBS, PBSA, and PCL. Also, the company has additional offices and networks in Germany, France, Benelux, Scandinavia, Denmark, the UK, the US, China, Japan, Australia, and New Zealand.
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