Automotive Parts Industry Driving the Biodegradable Plastic Market

According to a newly compiled market research report by Industry, the global biodegradable plastic market revenue was $17 billion in 2017 and is estimated to increment at a CAGR of 21% till during the forecast period of 2018 to 2022 to reach $44 billion by 2022. The report is titled “Biodegradable Plastic Market: by types (PLA, PBS, PHAs, PCL, PET and others); by feedstock; by end-user (food & beverages, pharmaceuticals, sports & leisure, consumer goods and others);by geography (North America, Europe, APAC And RoW) – Forecast (2018-2023).”

The demands of biodegradable plastics have increased exponentially in recent years owing to the hazardous traits of conventional plastic. The recycled biodegradable plastic offers advantages such as reduced carbon footprints and additional waste management techniques. 

Biodegradable plastics have found many applications in end-user industries such as packaging bags, consumer goods, food packing, and textile in developed countries as well as emerging economies in Asia-Pacific. These biodegradable plastics are a result of biopolymers. They can be categorized as bio-based, biodegradable fossil-based.      

The conventional plastics takes more than 100 years to decompose. The spreading awareness of the harmful effects of this plastic is making the paradigm shift towards biodegradable plastic. Universally, the conventional plastic is getting banned because of the ill-effects it has on the environment. This plastic leaves behind a significant amount of carbon footprints, which is affecting the earth adversely. To reduce this, governments have imposed many regulations to stop environmental degradation. Especially Europe and North America have completely banned the use of plastic, which is reflecting as an influencer to the growth of the biodegradable plastic market in that demography.

The biodegradable plastic is replacing the conventional plastic in the 3D printing industry as well. The 3D printing industry is gaining traction from its numerous applications in the end-user industry such as automotive, electronics, packaging and textiles. The automotive industry is using biodegradable plastic to manufacture essential automotive parts of a vehicle. With biodegradable plastics’ promise to preserve the nature, the uptake is expected to flourish in the near future.

The food and beverage industry is also playing an important role in the biodegradable plastic market. Owing to governmental emphasis, most of the packaging goods for F&B industry comes in the form biodegradable plastic nowadays. Various types of utensils are also being manufactured from these renewable plastics as they possess the use and throw and rapid decomposing properties.  

The awareness among people to save the environment from the harmful effects of plastic is driving the biodegradable plastic market. The regulations imposed on the usage of conventional plastic by different governments is further fueling the demand. Advancement in the industry is leading to the development of innovative renewable plastic products which are also useful for the textile and automotive industry.

Biodegradable Packaging Market: By Type (Paper & Cardboard, Corn Starch, Bubble Wrap, Biodegradable Plastic, Others) By Application (Food & Beverage, Pharmaceutical, Biomedical, Home Care Packaging, Cosmetics, Others) By Geography - Forecast(2018 - 2023)