The global biodegradable plastic market was valued at $2,989.8 million in 2018 and is expected to grow at a 14.5 percent compound annual growth rate (CAGR) during the forecast period from 2019 to 2027, reaching $10,086.2 million. This is according to the report Biodegradable Plastic Market to 2027 — Global Analysis and Forecasts by Type, End User, and Geography by Research and Markets. Currently, the plastics industry is facing a major environmental issue because of plastic waste and disposal issues around the world. Biodegradable plastics are now being used as effective and environmentally friendly alternatives to commercial plastics. Another major advantage to biodegradable plastics is a significant reduction in carbon emissions during the manufacturing process versus conventional plastics.
Biodegradable plastics take less time to break down and can be further recycled to create more plastic products. These advantages are expected to further propel growth in the market, but the high cost of biodegradable plastics compared to conventional plastics is projected to hamper growth in the market as well.
The demand for biodegradable plastics in developed and developing countries is growing because customers in these countries have become more aware of the ill effects of conventional plastics on their lifestyle and the environment. This leads to increased demand for environmentally friendly products and a decrease in the use of crude oil and natural gas, reducing carbon footprints. In concert with growing consumer demand, various organizations are working toward changing the handling of plastics through strategic planning, communication, consumer awareness campaigns, documentary films, education, cleanup campaigns, raising business awareness, scientific research, entrepreneurial innovation, legislation, and sustainability. For more info and to purchase a copy of the report for $4,550, visit www.researchandmarkets.com.