Global Biodegradable Plastics Market Size to grow USD 23.3

Pune, India, Sept. 23, 2022 (GLOBE NEWSWIRE) — The Global Market for Biodegradable Plastics estimated at US$ 7.7 Bn in the year 2021, is projected to reach a revised size of USD 23.3 Bn by 2030, growing at a CAGR of 16.4%. as per the latest research report published by Spherical Insights & Consulting.

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Agriculture is predicted to increase at the fastest rate due to the increasing use of biodegradable mulch films in agriculture. Biodegradable mulch film is gaining popularity over regular plastic films. This is attributable to a variety of variables, including increased soil decomposition, which indicates that the market for biodegradable mulch film is expanding. It is anticipated that 75-80% of the substance of mulch film is renewable, and its use is growing.

The stoppage of vehicle travel around the world is projected to disrupt the logistics of many companies, impacting market growth in the forecast timeframe. A complete shutdown of downstream processes results in substantial inventory costs. Furthermore, future project delays and investment cuts will have a detrimental influence on growth. The rapid expansion of single-use plastics in the mask and glove business will have an impact on the market for biodegradable plastics. Delays in important approvals, such as the resolution of a new facility due to a travel advisory, currency issues, and low demand in emerging markets, may stymie progress.

To construct sustainable eco systems, the chemical industry is turning away from synthetic chemicals and towards biobased products. Starch-based plastic is biobased and biodegradable, with low toxicity. Because of its varied nature, the packaging industry is a major consumer of stanch mixes. PLA is predicted to expand the fastest due to its increasing use as a sustainable source in food packaging.

The market in the United States is predicted to increase significantly during the forecast period due to rising demand for bio-based packaging in the food and consumer products sectors. Eco bags and bio-based plastics have stronger tensile strength, are more environmentally friendly, and are easier to use than conventional plastics. As a result, demand for biodegradable plastics is expected to rise more during the predicted period.

Browse key industry insights spread across 230 pages with 120 market data tables and figures & charts from the report Global Biodegradable Plastics Market Size, Share, and COVID-19 Impact Analysis, by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), By End-Use (Packaging, Consumer Goods, Textile, Agriculture & Horticulture): By Region (US, Canada, Mexico , Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030 in detail along with the table of contents

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