Biodegradable Plastics Market Size Is Projected To Hit USD 20.84 Billion With CAGR Of 19.0% By 2028

Growing awareness among customers about adverse effects of conventional plastics, and supportive government policies for eco-friendly products and biodegradable plastics are some of the key driving factors for the biodegradable plastics market.

New York, March 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Biodegradable Plastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End User, and Geography," the biodegradable plastics market size is expected to grow from US$ 7.33 Billion in 2022 to US$ 20.84 Billion by 2028; it is estimated to record a CAGR of 19.0% from 2022 to 2028. The projected growth of the market is attributed to the growing awareness among customers about the adverse effects of conventional plastics and initiatives taken by the government.

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Global Biodegradable Plastics Market – Report Scope:

Biodegradable Plastics Market: Competition Landscape

API SpA.; BASF S.E.; FKuR Kunststoff GmbH; Green Dot Bioplastics; Novamont S.p.A.; Kingfa Sci. & Tech. Co., Ltd.; NatureWorks LLC.; Mitsubishi Chemical Corporation; Plantic Technologies Limited; and Total Corbion PLA are a few key players operating in the global biodegradable plastics market. Market players focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as research and development investments, new product launches, and production capacity expansion.

Key Developments

In 2021, Danimer Scientific acquired Novomer, a biodegradable polymer producer. This acquisition supported the production of PHA-based resins and other biodegradable materials.

In 2021, Novamont acquired BioBag Group, a leading Norway-based waste collection and packaging bag supplier. The acquisition allowed Novamont to expand further, strengthening its business in various other regions.