The Bio-Degradable Plastics Market refers to the market for plastics that can degrade naturally and do not harm the environment. These plastics are made from renewable resources such as corn starch, vegetable fats and oils, and pea starch.
The global bio-degradable plastics market size was valued at USD 4.14 billion in 2020 and is expected to reach US$ 11.99 billion by 2028, growing at a CAGR of 13.7% from 2021 to 2028, according to a report by Persistence Market Research. The market growth can be attributed to the increasing awareness among consumers about environmental issues, strict government regulations on the use of plastics, and the growing demand for sustainable and eco-friendly products.
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The market can be segmented based on type, application, and geography. By type, the market can be divided into starch-based, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and others. Starch-based plastics are expected to dominate the market due to their low cost and high availability. By application, the market can be segmented into packaging, agriculture, consumer goods, and others. Packaging is expected to dominate the market due to the increasing demand for eco-friendly packaging solutions.
Geographically, the market can be segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Europe is expected to be the largest market for bio-degradable plastics due to strict government regulations and the growing demand for sustainable products.
The key players operating in the bio-degradable plastics market include NatureWorks LLC, BASF SE, Braskem, Biome Technologies PLC, and Mitsubishi Chemical Corporation. These companies are focusing on product innovation, strategic partnerships and collaborations, and expansion of their production facilities to meet the growing demand for bio-degradable plastics.
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